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What fueled the previous growth in the advanced analytics market?

In recent times, there has been a significant expansion in the size of the advanced analytics market. It is projected to increase from $47.33 billion in 2024 to $57.01 billion in 2025, with a compound annual growth rate (CAGR) of 20.5%. This historical growth is largely due to factors such as the need for real-time insights, applications specific to various industries, an emphasis on predictive analytics, compliance requirements for regulations, and the demand for cost optimization.

What will be the advanced analytics market size in the future?

The market size for advanced analytics is projected to witness significant expansion in the upcoming years. It is anticipated to rise to $139.92 billion in 2029 with a compound annual growth rate (CAGR) of 25.2%. The surge within the predicted period can be traced back to the exponential increase in unstructured data, the emphasis on prescriptive analytics, the focus on data governance, tailor-made analytics solutions, and ongoing training of analytics models. Key trends within the forecasted period include the adoption of augmented analytics for business users, real-time analytics and the processing of streaming data, the use of predictive and prescriptive analytics for decision-making support, cross-functional analytics platforms, and the integration of blockchain for data security.

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What main drivers are fueling expansion in the advanced analytics market?

The increased dependency on analytical tools is poised to accelerate the expansion of the advanced analytics market. There has been a surge in the utilization of these analytical tools across several sectors including retail, agriculture, banking, among others, in order to enhance demand forecasting, optimize trade promotion, and perform behavioural analytics. While analytical solutions offer resolutions to previously occurred challenges, advanced analytics uses past trends to foresee future events. These two elements are interconnected and together, they offer effective insights and predictions. For example, an assertion by the Department for Digital, Culture, Media and Sport (DCMS) in January 2022 reveals that data management and analysis AI solutions are the most prevalent among UK organizations, boasting a 9% usage rate. This is trailed by natural language processing and generation (8%), machine learning (7%), AI hardware (5%), as well as computer vision and image processing and generation (5%). The escalating demand coupled with increased investment in analytical tools is projected to spur the growth of the advanced analytics market.

What key areas define the segmentation of the global advanced analytics market?

The advanced analytics market covered in this report is segmented –

1) By Type: Big Data Analytics, Predictive Analytics

2) By Component: Solution, Services

3) By Deployment Mode: Cloud, On-Premises

4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)

5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Retail And Consumer Goods, Healthcare And Life Sciences, Transportation And Logistics, Government And Defense, Manufacturing, Media And Entertainment, Other Verticals

Subsegments:

1) By Big Data Analytics: Descriptive Analytics, Diagnostic Analytics, Prescriptive Analytics, Real-Time Analytics

2) By Predictive Analytics: Machine Learning Models, Statistical Analysis, Time Series Analysis, Forecasting Tools

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Who are the dominant players expanding their reach in the advanced analytics market?

Major companies operating in the advanced analytics market include SAS Institute Inc., SAP SE, IBM Corporation, Oracle Corporation, Dell Technologies Inc., Microsoft Corporation Inc., RapidMiner Inc.,Altair Engineering Inc., Fair Isaac Corporation, KNIME AG., Statsoft Technolohgies Pvt Ltd, Teletrac Navman Ltd., Procon Analytics LLC., IMS Software Inc., CloudMade Ltd.,TIBCO Software,MicroStrategy,RapidMiner,DataRobot, KNIME,Sisense, ThoughtSpot, Information Builders, Talend, GoodData, Splunk, Teradata, Pentaho, Yellowfin, Pyramid Analytics

How are evolving market trends shaping advanced analytics Strategies?

Advancements in technology is a primary trend that’s gaining traction in the advanced analytics market. The implementation of innovative technologies or technological enhancements can fuel the rapid growth of the advanced analytics market, providing a superior product for customers. For instance, in October 2024, Broadvoice, a reputable cloud-based communication company from the US, rolled out Broadvoice Advanced Analytics. This new offering provides businesses with applicable insights via real-time data and trend analysis, thereby enabling them to form strategic, data-backed decisions and predict potential problems before they exacerbate. This platform combines data from UCaaS and CCaaS to streamline functions, enhance service provision, and improve agent performance and the overall customer experience by detecting and rectifying loopholes, and optimising processes.

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Which regions are emerging as leaders in the advanced analytics market?

North America was the largest region in the advanced analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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