According to a research report "Advanced Analytics Market by Offering (Solutions & Services), Business Function (Sales & Marketing, Operations & Supply Chain), Type (Big Data Analytics, Risk Analytics), Vertical (BFSI, Telecom) and Region - Global Forecast to 2028" published by MarketsandMarkets, the advanced analytics market is projected to grow from USD 64.3 billion in 2023 to USD 226.2 billion by 2028, at a compound annual growth rate (CAGR) of 28.6% during the forecast period. The advanced analytics market is expected to grow significantly during the forecast period, owing to various business drivers like the rising adoption of big data and other related technologies to leverage real-time data processing and the growing demand for cloud-based analytics solutions for better accessibility and cost-effectiveness.
By offering, services to register for the highest CAGR during the forecast period
The scope of the services segment comprises training and consulting, system integration and implementation, and support and maintenance. The services segment of the advanced analytics market is growing rapidly. These services play a vital role in properly functioning advanced analytics solutions. Advanced analytics vendors require technical support and consulting services to deploy their solutions quickly and smoothly in the market.
By type, big data analytics to register for the highest market size during the forecast period
Big data analytics are frequently leveraged by financial services organizations looking to mine massive amounts of stock market data to identify and capitalize off previously unknown trends. Public health organizations are also increasingly leveraging huge amounts of population health data to develop better policies, treatment, and healthcare practices. Big data has changed and revolutionized the way businesses and organizations work. A lot of enterprises from different industries benefit from big data techniques and processing methods.
By region, Asia Pacific to account for highest growth rate during forecast period
Asia Pacific is witnessing significant technological innovation in advanced analytics. Several Asian countries, such as Japan, China, and India, are leveraging information-intensive technologies, and advanced analytics is one of the leading technology trends. With new growth opportunities declining in conventional, strong markets such as North America and Europe, several vendors are showing an interest in Asia Pacific. China, Japan, and India are technology-driven countries and present major opportunities in terms of investments and revenues.
Some major players in the advanced analytics market include IBM (US), Oracle (US), Google (US), SAP (Germany), Microsoft (US), SAS Institute (US), KNIME (Switzerland), FICO (US), Altair (US), AWS (US), Salesforce (US), TIBCO Software (US), Alteryx (US), Teradata (US), Adobe (US), Absolutdata Analytics (US), Moody’s Analytics (US), Qlik (US), Databricks (US), Dataiku (US), Kinetica (US), MathWorks (US), Anaconda (US), H2O.ai (US), Domino Data Lab (US), DataRobot (US), DataChat (US), Imply (US), Promethium (US), Siren (Ireland), Tellius (US), SOTA Solutions (Germany), and Vanti Analytics (Israel).
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