The global advanced analytics market is highly consolidated, with a few large companies accounting for significant revenue shares of the market
PORTLAND, PORTLAND, OR, USA, Nov. 2, 2022 /EINPresswire.com/ — Rising demand for work from home and remote work policies and increased demand for global advanced analytics have stimulated the growth of the global advanced analytics market. However, challenges related to privacy and data sharing are hampering the growth of the market. On the other hand, the integration of advanced tools including machine learning and data analytics would open new opportunities in the future.
According to the report, the global advanced analytics industry was estimated at $29.5 billion in 2021 and is expected to reach $184.4 billion by 2031, growing at a CAGR of 20.2% 2022 to 2031. The report offers a detailed analysis of changing market trends. , major segments, key investment pockets, value chain, regional landscapes and competitive scenarios.
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• The Covid-19 pandemic has had a positive impact on the market due to a sudden surge in demand for analytics tools and services as businesses need to improve their services and online offering.
• Additionally, the global adoption of work-from-home and remote work policies has fueled the demand for advanced analytics tools.
• During the pandemic, companies have tried to capitalize on their customers’ increased online presence, which has increased the demand for analytics tools.
By offer, the services segment is expected to register the highest CAGR of 21.4% from 2021, driven by the growing amount of data in the modern business world that requires third-party services for its processing. However, the software segment held the largest share in 2021, contributing more than two-thirds of the global advanced analytics market, owing to the growing need for analytics software solutions in modern business enterprises.
By deployment mode, the cloud segment is expected to show the highest CAGR of 21.1% during the forecast period, due to easier deployment and scalability of advanced analytics solutions. However, the on-premises segment held the largest share in 2021, contributing nearly three-fifths of the global advanced analytics market, owing to the security and privacy standards of many organizations.
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By type, the predictive analytics segment captured the lion’s share in 2021, accounting for more than a quarter of the global advanced analytics market. Furthermore, the segment is estimated to register the highest CAGR of 22.2% during the forecast period, owing to the growing need for predictive analytics techniques in the modern business world.
By application, the supply chain segment held the largest share in 2021, contributing more than a third of the global advanced analytics market, driven by the growing need for supply chain management and optimization. supply after the outbreak of the COVID-19 pandemic. However, the financial segment is expected to show the highest CAGR of 22.8% during the forecast period, owing to the feasibility and risk management applications of analytics solutions in the financial industry.
By enterprise size, the SME segment is expected to register the highest CAGR of 22.1% during the forecast period, owing to the increasing adoption of innovative technologies by modern SMEs. However, the large enterprise segment held the largest share in 2021, accounting for more than two-thirds of the global advanced analytics market, owing to its ability to handle large-scale data and analytical needs of large enterprises.
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By region, the global advanced analytics market in North America captured the lion’s share in 2021, accounting for more than two-fifths of the market, owing to the complex presence of leading analytics solution providers in the region. However, the Asia-Pacific market is estimated to register the highest CAGR of 23.4% during the forecast period, owing to the ongoing digital and economic transformation of the region.
Key players profiled in the Advanced Analytics Market analysis are Adobe, AWS, Absolutedata, Altair Engineering Inc, Databricks, Dataiko, IBM Corporation, KNIME, Microsoft Corporation, Moody’s Analytics, Oracle Corporation, QlikTech International AB, All, Rapid Miner, SAS Institute, SAP SE, Salesforce and Teradata. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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