The advanced analytics market is expected to gross $184.4 billion globally by 2031 at a CAGR of 20.2%, according to Allied Market Research

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Rise in demand for work from home and remote work policies and rise in demand for global advanced analytics has driven the growth of the global advanced analytics market.

PORTLAND, Oregon., October 13, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “Advanced Analytics Market By Offer (Software, Service), By Deployment Mode (On-Premise, Cloud), By Type (Predictive Analytics, Prescriptive Analytics, Visualization mining, other), by application (supply chain, sales and marketing, finance, human resources (HR), other), by company size (large enterprise, SME), by vertical (BFSI, manufacturing, healthcare, government and defense, energy and utilities, transportation and logistics, retail and e-commerce, IT and telecommunications, media and entertainment, others): analysis of global opportunities and industry forecast, 2021-2031” According to the report, the global advanced analytics industry was indexed on $29.5 billion in 2021, and should reach $184.4 billion by 2031, growing at a CAGR of 20.2% from 2022 to 2031. The report offers detailed analysis of changing market trends, major segments, major investment pockets, chain of value, the regional landscape and the competitive scenario.

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Key Drivers of Market Growth

Rise in demand for work from home and remote work policies and rise in demand for global advanced analytics has driven the growth of the global advanced analytics market. However, challenges regarding 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.

Covid-19 scenario:

  • The Covid-19 pandemic has had a positive impact on the market due to the sudden increase in demand for analytics tools and services as companies 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 take advantage of their customers’ increased online presence, which has increased the demand for analytics tools.

Services Segment to Show Highest CAGR through 2031

By offering, the services segment is expected to register the highest CAGR of 21.4% from 2021, owing to the growing amount of data in the modern business world that needs 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.

The cloud segment will show the highest CAGR until 2031

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.

The predictive analytics segment dominated the market

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.

The supply chain segment took the lion’s share

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 sector.

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SME Segment to Record Highest CAGR through 2031

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 capacity for large-scale data management and the analytical needs of large enterprises.

North America dominated the market

By region, the global advanced analytics market across North America held the lion’s share in 2021, accounting for more than two-fifths of the market, due to the complex presence of leading analytics solution providers in the region. However, the market through Asia Pacific is expected to register the highest CAGR of 23.4% during the forecast period, owing to the ongoing digital and economic transformation of the region.

Main market players

  • Adobe
  • AWS
  • Absolute data
  • Altair Engineering Inc.
  • Databrick
  • Dataiko
  • IBM Corporation
  • KNIME
  • Microsoft Corporation
  • Moody’s Analytics
  • Oracle Corporation
  • QlikTech International AB
  • fast miner
  • SAS Institute
  • SAP SE
  • Selling power
  • Teradata

The report analyzes these key players in the global advanced analytics market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.

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