Advanced Analytics Market to be Worth $189.56 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 7, 2023 /PRNewswire/ -- The global advanced analytics market size is expected to reach USD 189.56 billion by 2030, expanding at a CAGR of 21.1% from 2022 to 2030, according to a new report published by Grand View Research, Inc. The market growth can be attributed to the increasing demand for advanced analytical solutions by companies across the retail, IT & telecom, and BFSI sectors, among others. These solutions help to process large volumes of data and determine fraudulent activities, thus ensuring data protection. For instance, IBM Cloud Pak for Security enables companies to identify hidden threats and make informed risk-based decisions.

Key Industry Insights & Findings from the report:

• The cloud segment accounted for the largest market share of over 50% in 2021 owing to increasing data connectivity through hybrid and multi-cloud environments and the growing trend of digitalization.
• The big data analytics segment accounted for the largest market share of over 35% in 2021 owing to the growing adoption of IIoT and AI by various organizations to efficiently analyze information and make timely decisions.
• The SMEs segment held a market share of over 35% in 2021 owing to funding provided by several governments to SMEs to encourage the adoption of advanced analytical solutions such as SaaS.
• The IT & telecom segment accounted for over 20% market share in 2021 due to the increasing volume of data generated from mobile communication technologies, which is driving the demand for advanced solutions to predict and evaluate cell congestion.
• Asia Pacific is likely to reach USD 45,494.9 million by 2030 owing to the high demand for predictive analysis and demand forecasting by the retail sector to deliver customized products and services, along with increasing fraud incidences in the BFSI industry.

Read 170-page market research report, "Advanced Analytics Market Size, Share & Trends Analysis Report By Type, By Deployment (On-premise, Cloud), By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Advanced Analytics Market Growth & Trends

Industries such as manufacturing, automotive, and pharmaceuticals are rapidly adopting artificial intelligence, machine learning, and big data to optimize their business processes. These technologies enable manufacturers to improve their production process, increase supply chain efficiency, and identify variables affecting the production quality, which bodes well for market growth. Moreover, as the demand for predictive solutions is growing, key players such as SAS Institute, Inc. and International Business Machines Corp. are introducing cutting-edge solutions that can be offered on cloud.

Advanced analytical solutions are emerging as an essential tool for predicting and forecasting trading patterns, electricity consumption patterns, and rush-hour traffic conditions. As such, many government agencies are making significant investments in these solutions. For instance, the Australian Istitute of Health and Welfare uses predictive analysis to access large datasets, such as national hospitals' databases. The agency uses a projection model to forecast Australian healthcare expenditure by combining various factors, such as population growth, the volume of service per treated case, and excess health price inflation.

Advanced Analytics Market Segmentation

Grand View Research has segmented the global advanced analytics market based on type, deployment, enterprise size, end use, and region

Advanced Analytics Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
• Others (Predictive Analytics, Text Analytics, and Prescriptive Analytics)

Advanced Analytics Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• On-premise
• Cloud

Advanced Analytics Market - Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Advanced Analytics Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)

• BFSI
• Government
• Healthcare
• IT & Telecom
• Military & Defense
• Others

Advanced Analytics Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• MEA

List of Key Players in the Advanced Analytics Market

• Altair Engineering Inc.
• Fair Isaac Corporation (FICO)
• International Business Machines Corporation
• KNIME
• Microsoft Corporation
• Oracle Corporation
• RapidMiner, Inc.
• SAP SE
• SAS Institute Inc.
• Trianz

Check out more related studies published by Grand View Research:

• Europe Supply Chain Analytics Market - The Europe supply chain analytics market size is expected to reach USD 4.07 billion by 2030, registering a CAGR of 15.8% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rising adoption of mobile-based solutions will provide market participants with colossal potential. Low supply chain visibility, higher warehousing costs, inefficient supplier networks, inaccurate projections, and other issues are also driving the industry. The use of technology allows for the estimation of optimum locations and identifying the appropriate number of distribution facilities. In addition, advantages of technological adoption include connecting distributed transport networks to predict product supply points and market demand.
  
  
• Content Analytics Market - The global content analytics market is expected to reach USD 26.48 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 19.4% from 2022 to 2030. The market is being driven ahead by the expanding demand for digitization in the government sector, the growing adoption of advanced analytics, and the significant expansion of business content across various business verticals.
  
  
• Edge Analytics Market - The global edge analytics market size is expected to reach USD 39.54 billion by 2030, registering a CAGR of 23.57% from 2022 to 2030, according to a new study by Grand View Research, Inc. Many industrial organizations use the Internet of Things (IoT) to monitor manufacturing machinery, pipelines, and equipment. The IoT generates and stores data that might be challenging to manage and interpret in real-time. The data from IoT devices is delivered into edge analytics to be processed and understood. Analytics algorithms assist humans in determining which data is required and which is unnecessary.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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