The introduction of machine learning and Artificial Intelligence (AI) to give individualized consumer experiences, the rising online shopping, and the expanding of social networking platforms are the primary drivers driving the market’s growth.
JERSEY CITY, N.J., July 13, 2022 /PRNewswire/ — Verified Market Research recently published a report, “Advanced Analytics Market” By Type (Big Data Analytics, Business Analytics), By Enterprise Size (Large Enterprise, Small & Medium Enterprise), By Deployment (On-premise, Cloud), By End-Use (BFSI, Government), and By Geography. According to Verified Market Research, the Advanced Analytics Market size was valued at USD 27.82 Billion in 2021 and is projected to reach USD 214.35 Billion by 2030, growing at a CAGR of 21.1% from 2022 to 2030.
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202 – Pages
126 – Tables
37 – Figures
Global Advanced Analytics Market Overview
The introduction of machine learning and artificial intelligence (AI) to provide tailored customer experiences, as well as the increased requirement to prevent fraudulent actions during the pandemic, are two important reasons driving the advanced analytics market. Because companies are using Software-as-a-Service (SaaS) to supply cloud-based solutions, cloud adoption is claimed to have surged recently. Business users are constantly on the search for the most effective yet cost-effective solutions. Outsourcing operational IT tasks to another organization are possible with cloud-based solutions.
The advanced analytics market’s overall expansion may be hampered by a complicated data environment that leads to data breaches and security difficulties, as well as a lack of sophisticated analytical understanding among the workforce. Furthermore, advancements in the sector of big data have aided in the improvement of data science experts’ assessment abilities. Enterprises can improve critical business functions, processes, and goals by embracing big data analytics. As a result of turning data into intelligence, firms may meet stakeholder needs, manage data volumes, manage risks, strengthen process controls, and boost administrative performance.
- In February 2021, RapidMiner, Inc. announced a partnership with Hivecell, an Edge-as-a-Service company. The collaboration is aimed at allowing users to rapidly create and operate models with streaming data from the edge. Hivecell users will be able to employ models created with the RapidMiner platform to enable AI-optimized decision-making wherever it is needed as a result of the integration.
The major players in the market are Altair Engineering, Inc., Fair Isaac Corporation, International Business Machines Corp., Knime, Microsoft Corporation, Oracle Corporation, RapidMiner Inc, Sap SE, Trianz, SAS Institute Inc.
Verified Market Research has segmented the Global Advanced Analytics Market On the basis of Type, Enterprise Size, Deployment, End-Use, and Geography.
- Advanced Analytics Market, By Type
- Big Data Analytics
- Business Analytics
- Customer Analytics
- Risk Analytics
- Statistical Analytics
- Advanced Analytics Market, By Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
- Advanced Analytics Market, By Deployment
- Advanced Analytics Market, By End-Use
- IT & Telecom
- Military & defence
- Advanced Analytics Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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