Introduction of machine learning and artificial intelligence (AI) to deliver individualized consumer experiences, increase in online shopping, and expansion of social media platforms are the major drivers for the growth of the market .
JERSEY CITY, NJ, July 13, 2022 /PRNewswire/ — Verified Market Research recently released a report, “Advanced Analytics MarketBy Type (Big Data Analytics, Business Analytics), By Business Size (Large Enterprise, Small & Medium Enterprise), By Deployment (On Premises, Cloud), By End Use (BFSI, Government) and By Geography. Verified Market Research the Advanced Analytics market size was valued at $27.82 billion in 2021 and is expected to reach $214.35 billion by 2030, growing at a CAGR of 21.1% from 2022 to 2030.
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202 – Pages
126 – Tables
37 – Numbers
Global Advanced Analytics Market Overview
The introduction of machine learning and artificial intelligence (AI) to deliver personalized customer experiences, along with the heightened requirement to prevent fraudulent actions during the pandemic, are two significant reasons driving the market for advanced analysis. Since companies are using software as a service (SaaS) to deliver cloud-based solutions, cloud adoption is said to have increased recently. Professional users are constantly looking for the most efficient and cost-effective solutions. Outsourcing operational IT tasks to another organization is possible with cloud-based solutions.
The global expansion of the advanced analytics market may be hampered by a complicated data environment that leads to data breaches and security issues, as well as a lack of sophisticated analytical understanding among the workforce. Additionally, advancements in the big data industry have helped to improve the assessment capabilities of data science experts. Companies can improve critical business functions, processes, and goals by embracing big data analytics. By turning data into intelligence, companies can meet stakeholder needs, manage data volumes, manage risk, strengthen process controls and improve administrative performance.
In February 2021, RapidMiner, Inc. announced a partnership with Hivecell, an Edge-as-a-Service company. The collaboration aims to enable users to quickly build and operate models with streaming data from the edge. Hivecell users will be able to use models created with the RapidMiner platform to enable AI-powered decision making wherever needed following the integration.
The major market players are Altair Engineering, Inc., Fair Isaac Corporation, International Business Machines Corp., Knime, Microsoft Corporation, Oracle Corporation, RapidMiner Inc, Sap SE, Trianz, SAS Institute Inc.
Verified Market Research has segmented the global advanced analytics market on the basis of type, company size, deployment, end-use, and geography.
Advanced Analytics Market, By Type
Advanced Analytics Market, By Company Size
Advanced Analytics Market, By Deployment
Advanced Analytics Market, By End Use
Advanced Analytics Market, By Geography
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