LONDON, July 12. 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the advanced analytics market, the increasing use of analytics solutions is likely to propel the growth of the advanced analytics market. Analytical solutions are increasingly being used in various industries such as retail, agriculture, banking, etc. for demand forecasting, trade promotion optimization and behavioral analysis. Analytical solutions provide solutions to a problem that has already occurred. However, advanced analytics predict future instances based on past trends. These two elements are interdependent and, when combined, provide solutions and predictions.
For example, according to AIM, a technology magazine based in India, in 2019, the banking, financial services and insurance (BFSI) sectors account for approximately 13.9% of the entire analytics market, which also includes IT/ITES and consulting organizations. Additionally, investment in big data analytics by the BFSI industry is estimated to have increased by 11.5% in 2021. In 2021, the analytics market accounted for 23.4% of the entire IT industry /ITES. By 2026, this percentage is expected to rise to 41.5% of the Indian IT industry. This growing demand and investment in analytics solutions are some of the promising drivers for the advanced analytics market.
The global advanced analytics market size is expected to grow from $27.75 billion in 2021 to $33.42 billion in 2022 at a compound annual growth rate (CAGR) of 20.4%. The Advanced Analytics Technology Market Size is Expected to Reach $74.39 billion in 2026 at CAGR of 22.1%.
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Technological advancement is a key trend that is gaining popularity in the advanced analytics market. The introduction of new technologies or technological advancements will contribute to the rapid growth of the advanced analytics market and provide an improved product to the customers. For example, in August 2021, CROSSMARK, a sales and marketing services agency, announced the national launch of Accelerator, a state-of-the-art data analytics platform for the sales and marketing activities of GIC. The product uses Big Data technology to combine the CPG industry’s largest datasets with best-in-class analytical power to provide intuitive visualization of critical analytical tasks for smarter selling and faster growth. Using machine learning (AI) capabilities and integrating new data sources, the platform is designed to grow over time.
Key Players of Advanced Analytics Market are IBM Corporation, Oracle Corporation, Dell Technologies Inc., Microsoft Corporation, RapidMiner Inc., Altair Engineering Inc., Fair Isaac Corporation, KNIME AG., Statsoft, Teletrac Navman Ltd, Procon Analytics , IMS Software Inc and CloudMade.
The global advanced analytics market is segmented by type into big data analytics, predictive analytics; by component in solution, services; by mode of deployment in the cloud, on premises; by size of organization into large enterprises, small and medium-sized enterprises (SMEs); by vertical in banking, financial services and insurance (BFSI), IT and telecommunications, retail and consumer goods, healthcare and life sciences, transportation and logistics, government and defense, manufacturing, media and entertainment, etc.
North America accounts for the the biggest advanced analytics market share. Asia Pacific should be the fastest growing region in the forecast period. Regions covered in the Advanced Analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Global Advanced Analytics Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide insights into the Advanced Analytics market, analyze Advanced Analytics Market and forecast market size and growth for the overall market, Advanced Analytics Market segments and geographies, Advanced Analytics Market trends, Advanced Analytics Market drivers advanced, advanced analytics market constraints, revenues, profiles and market shares of leading advanced analytics market competitors in 1000+ industry reports, covering 2500+ market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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