SAN FRANCISCO, March 23, 2020 / PRNewswire / – The World advanced analytics market the size should reach $ 59.1 billion by 2027, by registering a 25.3% CAGR from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. Extensive use of advanced analytics in database management tools is expected to be a key factor influencing market growth. Additionally, in agriculture, farmers are exploring the use of advanced analytical solutions to better understand when to plant, how to optimize crop yields, and when to harvest. In addition, the growth of the IT sector in emerging economies such as Argentina, Brazil, Egypt, and Philippines has led to the growing demand for workflow optimization, which is expected to further fuel the need for advanced analytical solutions.
Main suggestions from the report:
- Risk Analysis segment is expected to experience a high CAGR during the forecast period due to the increase in data security breaches in industries such as BFSI and IT and Telecom
- As most of the business data such as customer data, procurement data and transactions are stored in the cloud, companies are reaping the benefits of cloud-based analytics, which bodes well for growth. of the cloud segment.
- Among small and medium-sized enterprises (SMBs), the popularity of advanced analytics solutions based on Software as a Service (SaaS) due to their lower cost has increased dramatically. This is expected to drive the growth of the SME segment during the forecast period
- The increasing amount of data generated due to the deployment of mobile communication technologies such as 3G and Long Term Evolution (LTE) is driving the demand for advanced analytical solutions to assess and predict cell congestion. This bodes well for the growth of the IT and telecom segment.
- Asia Pacific is expected to post the highest CAGR during the forecast period. The rapid development of the telecommunications industry in the region, where telecommunications operators make extensive use of analytical solutions for optimizing network resources, is a key factor
- The major players operating in the market include IBM Corporation; Fair Isaac Corporation; Altair Engineering, Inc .; SAS Institute Inc .; Microsoft Corporation; KNIME; RapidMiner, Inc .; Oracle Corporation; SAP SE; and Trianz.
Read the 170-page research report with table of contents on ‘Advanced Analytics Market Size, Share and Trend Analysis Report by Type, By Deployment (On-Premises, Cloud), By Size ‘business, by end-use (government, healthcare), by region and by segment Forecast, 2020 – 2027 “at: https://www.grandviewresearch.com/industry-analysis/advanced-analytics-market
Industries, including automotive, manufacturing and pharmaceuticals, are investing heavily in the adoption of artificial intelligence to optimize their processes. Using big data analytics in process optimization enables manufacturers to improve production processes, increase supply chain efficiency and identify variables affecting production quality which bodes well for the growth of the market. Market growth is driven by the growing demand for predictive solutions and the availability of advanced analytics solutions in the cloud. For example, Angoss Software Corporation; IBM Corporation; and SAS Institute, Inc .; offer their advanced analytics software in the cloud.
Technologies such as virtual reality (VR), augmented reality (AR) and mixed reality (MR) are data immersion technologies and require high bandwidth for operations, resulting in the generation of large quantities of data. Due to the generation of huge unstructured data, advanced analytics are used to categorize, process and display it as meaningful information. Hence, the increasing use of AR in industries and sectors including healthcare, agriculture, and entertainment is expected to drive the growth of the advanced analytics market. Extensive use of advanced analytical solutions in protecting and processing the huge amounts of data stored using cloud services such as Microsoft OneDrive and Google Drive is further expected to drive market growth. Data warehousing organizations collect information from datasets that help users make better decisions, thus harnessing the ability of advanced analytics to manage complex relational databases. These factors are expected to provide lucrative opportunities for players operating in the market.
Grand View Research has segmented the global advanced analytics market on the basis of type, deployment, company size, end use, and region.
- Advanced Outlook Analysis Type (Revenue, USD Million, 2016 – 2027)
- Big data analysis
- Business analysis
- Customer analysis
- Risk analysis
- Statistical analyzes
- Advanced Analytics Deployment Outlook (Revenue, USD Million, 2016 – 2027)
- Advanced Analysis Company Size Outlook (Revenue, USD Million, 2016 – 2027)
- Large companies
- Small and medium-sized enterprises (SMEs)
- Advanced Analytics End Use Outlook (Revenue, USD Million, 2016 – 2027)
- Healthcare IT & Telecom
- Military & Defense
- Regional Advanced Analysis Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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About Grand View Research
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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