IMARC Group, a leading market research company, has recently releases report titled “Advanced Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global advanced analytics market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Advanced Analytics Market

Advanced analytics refers to a data analysis technique that goes beyond conventional methods, enabling organizations to extract deeper insights and uncover hidden patterns within their data. It involves the application of complex algorithms and statistical models to process large and diverse datasets. It facilitates businesses in gain a more comprehensive understanding of their operations, customer behavior, market trends, and predictive forecasting. It empowers them to make data-driven decisions, optimize processes, and identify new opportunities for growth and innovation. Advanced analytics can be instrumental in risk management, fraud detection, and improving overall efficiency across various industries, including finance, healthcare, marketing, and supply chain management.

How Big is the Advanced Analytics Market?

The global advanced analytics market size reached US$ 18.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 58.8 Billion by 2028, exhibiting a growth rate (CAGR) of 20.8% during 2023-2028.

What Are the Growth Prospects and Trends in the Advanced Analytics Industry?

The integration of artificial intelligence (AI) and machine learning (ML) technologies is accelerating the capabilities of advanced analytics, enabling more pattern recognition, accurate predictions, and automation of analytical processes. Moreover, the increasing volume, variety, and velocity of data generated by organizations is stimulating the growth of the market. The adoption of cloud computing for advanced analytics is also facilitating scalability, cost-efficiency, and accessibility, thereby allowing businesses to leverage sophisticated analytics capabilities without substantial upfront investments. Furthermore, organizations worldwide are shifting towards predictive and prescriptive analytics to proactively anticipate future outcomes and receive actionable recommendations, thereby enabling better decision-making and strategic planning.

What is included in market segmentation?

The report has segmented the market into the following categories:

Component Insights:

• Software
• Service
  • Professional Service
  • Managed Service

Type Insights:

• Big Data Analytics
• Business Analytics
• Customer Analytics
• Statistical Analytics
• Risk Analytics
• Others

Deployment Mode Insights:

• On-premises
• Cloud-based

Business Function Insights:

• Supply Chain
• Sales and Marketing
• Finance
• Human Resource (HR)
• Others

Enterprise Size Insights:

• Large Enterprise
• Small and Medium-sized Enterprise

Industrial Vertical Insights:

• BFSI
• Healthcare
• Government
• IT and Telecom
• Military and Defense
• Others

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including: 

• Absolutdata Technologies Inc. (Infogain Corporation)
• Adobe Inc.
• Altair Engineering Inc.
• Alteryx Inc.
• Amazon Web Services Inc. (Amazon.com Inc.)
• Fair Isaac Corporation (FICO)
• Hewlett Packard Enterprise Company
• International Business Machines Corporation
• Microsoft Corporation
• Moody's Analytics Inc. (Moody's Corporation)
• SAS Institute Inc.
• TIBCO Software Inc.