The global advanced analytics market size is projected to touch USD 59.1 billion by 2027, as per a new report by Million Insights. The market is anticipated to register a CAGR of 25.3% over the forecast period. The growing use of advanced analytics in various industries such as BFSI, government, manufacturing and others is proliferating the demand for the market. In addition, the agriculture sector is witnessing the increased use of advanced analytics as it helps farmers to make the decision about plant harvesting and optimizing crop yield. Further, growing information technologies in emerging countries such as Brazil, India, Egypt and Argentina is also bolstering the demand for advanced analytics.
The emergence of industry 4.0 has led to automation across industries such as pharmaceuticals, automotive and manufacturing. These industries are increasingly adopting big data analytics to increase the efficiency of their businesses, thereby augmenting the market growth. Additionally, the market growth is attributed to the rising demand for predictive solutions across industry verticals. Technologies such as Augmented Reality (AR), Mixed Reality (MR) and Virtual Reality (VR) has resulted in the generation of the high volume of data. The correct analysis of these data using advanced analytics help organizations in making data-driven decisions.
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North America held the largest share in the market in 2019, primarily because of the high adoption of technologies and better infrastructure to support the technology adoption. While Asia Pacific is projected to grow at the highest CAGR over the forecast period owing to increasing demand for advanced analytics from BFSI sectors. Increasing fraudulent activities has led to the adoption of advanced analytics in the BFSI sector.
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Further key findings from the report suggest:
• The risk analytics category is anticipated to grow at the fastest CAGR over the forecast duration owing to its growing adoption in IT& Telecom and BFSI sectors.
• Cloud bases analytics is witnessing increasing demand as the majority of business data like procurement data, customer data and transactions are being stored over cloud.
• APAC is anticipated to witness the highest growth rate owing to rising telecom and e-commerce industry.
• Major players in the advanced analytics market are Altair Engineering, Oracle Corporation, Microsoft Corporation, RapidMiner, Inc., SAP SE and IBM Corporation among others.
Million Insights has segmented the global advanced analytics market based on type, deployment, enterprise size, end use, and region:
Advanced Analytics Type Outlook (Revenue, USD Million, 2016 – 2027)
• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
Advanced Analytics Deployment Outlook (Revenue, USD Million, 2016 – 2027)
Advanced Analytics Enterprise Size Outlook (Revenue, USD Million, 2016 – 2027)
• Large Enterprises
• Small & Medium Enterprises (SMEs)
Advanced Analytics End-use Outlook (Revenue, USD Million, 2016 – 2027)
• IT & Telecom
• Military & Defense
Advanced Analytics Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
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