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Advanced Analytics Market Size, Share, 2020-2027 | Industry Report

Advanced Analytics Market Analysis Report By Type, By Deployment, By Enterprise Size, By End Use, By Region And Segment Forecasts From 2020 To 2027

Report ID: MN17619933  |  Published: July 2020  |  No of Pages: 170
Format: Electronic (PDF)  |  Industry: Computing & Technology  |  Publisher: Grand View Research

Industry Insights

The global advanced analytics market size was worth USD 9.8 billion in 2019. The market is estimated to grow at 25.3% CAGR over the forecast duration, 2020 to 2027. This analytics system involves the use of sophisticated techniques such as machine learning, semantic analysis, multivariate statistics, data mining and neural networks to automatically examine content and data. Various industries such as energy & utilities, IT and telecom and BFSI are increasingly using advanced analytics to make data-driven decision to gain competitive advantages. The growing adoption of analytical solutions by retail sector for behavior analytics, trade promotion and demand forecasting is anticipated to drive the market growth.

Data management tools have witnessed considerable growth in the last few years owing to the generation of the huge volume of data from videos streaming platforms such as Hulu, Amazon Prime and Netflix. To draw the actionable insights from such a huge volume of data, advanced analytics play an important role. Further, the growing demand for location-based services and the integration of advanced analytics with Geographical Information System (GIS) has led to a rise in geospatial data. Thus, companies are using this technology to locate their customers on the map and prepare the strategy accordingly. Additionally, the growing e-commerce sector offers a lucrative opportunity for the market players.

U.S advanced analytics market

The growing application of advanced analytics in predicting traffic trend, forecasting electricity consumption and trade market has bolstered its demand. In demand forecasting, advanced analytics can help organizations in making a better decision, thereby, boosting their profitability. Various sectors such as government agencies, BFSI, professional services and manufacturing are hugely investing in big data analytics, which, in turn, is projected to drive the market growth. For example, USD 20.8 billion was invested by the banking sector in big data analytics.

In large organizations, a huge amount of data is generated, which, in turn, increase the demand for predictive analytics and big data analytics, thereby, boosting the demand for advanced analytics. As researched by Seagate Technology LLC, by 2025, the world is estimated to produce 163 zettabytes data against 12 zettabytes in 2015. Further, increasing demand for IoT predictive solutions, which collect data from several sensors, is expected to bode well for the growth of advanced analytics market.

Healthcare sector generates a huge amount of data and the processing of this data is important to draw actionable insights. Healthcare service providers use advanced analytics tools to mine Electronic Health Records (EHRs), which help them in deriving meaningful insights by identifying inaccuracies in their database.

Type Insights

In 2019, the big data analytics category held the largest market share due to the growing popularity of social media and rise in the number of virtual offices that generate a huge volume of data. In the beginning, big data analytics was not sophisticated and catered to limited needs for businesses. However, technical advancements have led to the emergence of Software as a Service (SaaS) solution that has bolstered its demand. Moreover, big data is gaining traction in the industrial sector to make a data-driven decision.

The customer analytics category is projected to expand at a significant pace owing to the growing demand for lead management, enhancement of customer enhancement and growing focus on customer retention. Additionally, integration of various data processing tools with CRM suites to mine unstructured data of customers is gaining traction among end-use industries. Further, growing demand for omnichannel experience among consumers in the retail industry is supplementing the market growth.

Deployment Insights

Various organizations opt for on-premise deployment as it allows better control and offers flexibility. On-premise deployment helps enterprises to protect their data from potential fraudulent activities and reduces their dependability on the internet. Additionally, the popularity of the on-premise model is gaining traction in the BFSI sector as fraudulent activities have spurred in this sector in the recent past.

Leading players such as Microsoft, SAP SE and IBM Corporation are focusing on offering advanced analytics solutions with their cloud platforms. For example, Microsoft provides a big data analytics solution through its cloud platform Azure. Over the years, these leading players are expected to hold a dominant share in the advanced analytics market.

Enterprise Size Insights

Large enterprises are witnessing considerable adoption of advanced analytics solutions. Growing need to effectively manage their large pool of customers and increasing focus on customer retention are attributing to the growth of this segment. Large enterprises generate a huge amount of data that require processing to make customer-oriented decisions. This, in turn, has increased the demand for predictive analytics and big data analytics. Additionally, large organizations are emphasizing on data governance, enterprise planning and location intelligence, thereby, augmenting the market growth. Further, these enterprises use advanced analytics forecast sales and reduce their inventories.

The rise in number small and medium enterprises in countries like China, Singapore, Singapore and India are proliferating the adoption of advanced analytics. Various government initiatives aimed at supporting these organizations financially and increasing cloud adoption in these organization are boosting the growth of advanced analytics. For example, the Australian government offers financial support to start-ups under its Digital Australia Initiatives 2020. Additionally, to minimize the risk in their investment and grow their businesses, the adoption of advanced analytics has increased among small and medium businesses.

End-use Insights

In 2019, the BFSI sector accounted for the highest share in the market. Factors such as growing demand for risk handling, alleviate funds and optimize processes are attributing to the growth of the market. Advanced analytics help BFSI sector with regulatory compliance that are region-specific. Additionally, the need for capital planning, insurance risk and credit risk management is gaining traction among enterprises. Further, BFSI service providers are focusing on replacing their legacy system with advanced analytics solutions, which, in turn, is driving the market growth.

Europe advanced analytics market

Advanced analytics is being increasingly used in the telecom and IT sector due to increasing demand for web conferencing and collaboration tools. Additionally, to prevent frauds, companies are adopting advanced analytics solutions. Telecom companies have a huge number of customer and use of big data enable them to build a customized solution. Further, growing focus on network optimization has resulted in the adoption of advanced analytics among IT & telecom sector, thereby supplementing the market growth.

Regional Insights

North America held the largest share in the market owing to increased adoption of innovative technologies like big data analytics and artificial analytics. Further, increasing the use of advanced analytics solution in the automobile is driving the regional growth. SAS Institute Inc. received a Volvo Trucks contract to provide advanced analytics solution. Further, the growing adoption of social media in North America is supplementing the market growth in the region.

Asia Pacific is estimated to register the significant growth rate owing to the increasing number of fraudulent activities in the region. Additionally, the growing e-commerce industry in Singapore, India and China has led to a rise in demand for predictive analytics and demand forecasting. Businesses are focus on investing in customer analytics in order to improve productivity and business efficiency. Further, travel companies such as TNT Korea Travel, Trafalgar and China Ways LLC are opting for an advanced analytics solution to track buses, train, traffic management and breakdowns.

Impact of COVID-19

The demand for advanced analytics has grown significantly amid COVID-19 pandemic.  Using geospatial data, health officials figure out how the COVID-19 is affecting communities and regions. Considering the growing demand for advanced data analytics, various companies are focusing on offering targeted solutions. For example, QuadMed collaborated with data analytics service providers in order to learn about risk from COVID-19. By analyzing how COVID-19 impacts people of different age group, health professionals can make a conclusive decision on patient care.

Additionally, owing to the lockdown and various restrictions imposed by governments, various industries have been severely affected that relied on manual operations. Advanced analytics help businesses in automating their operations, thereby, gaining wide adoption among various industries.

Advanced Analytics Market Share Insights

Major players operating in the market are Fair Isaac Corporation, Microsoft Corporation, RapidMiner, Inc., Trianz, SAS Institute Inc., IBM Corporation, Altair Engineering and KNIME among others. Major industry players primarily dominate the market, however, niche companies, offering targeted solutions, have changed the market dynamics. Leading players are emphasizing on merger and acquisition to consolidate their market position. For example, Trianz, in January 2018, acquired CBIG Consulting in order to strengthen former analytics practice.

Major players such as Microsoft and IBM are focusing on increasing their investment in research and development. For example, IBM invests over USD 5 billion annually in its research and development program to build industry-specific solution. IBM introduced a new IoT solution that usages combination of AI and advanced analytics. Such solutions help asset-intensive industries in reducing their cost and risk of failure.

Report Scope

Attribute

Details

Base year for estimation

2019

Actual estimates/Historical data

2016 - 2018

Forecast period

2020 - 2027

Market representation

Revenue in USD Million and CAGR from 2020 to 2027

Regional scope

North America, Europe, APAC, South America, and MEA

Country scope

U.S., Canada, U.K., Germany, China, India, Japan, and Brazil

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global advanced analytics market report based on type, deployment, enterprise size, end use, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2027)
    • Big Data Analytics
    • Business Analytics
    • Customer Analytics
    • Risk Analytics
    • Statistical Analysis
    • Others

• Deployment Outlook (Revenue, USD Million, 2016 - 2027)
    • On-premise
    • Cloud

• Enterprise Size Outlook (Revenue, USD Million, 2016 - 2027)
    • Large Enterprises
    • Small & Medium Enterprises (SMEs)

• End-use Outlook (Revenue, USD Million, 2016 - 2027)
    • BFSI
    • Government
    • Healthcare
    • IT & Telecom
    • Military & Defense
    • Others

• Region Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
    • Europe
        • The U.K.
        • Germany
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
    • Middle East & Africa

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