Advanced Analytics Market is forecast to reach $9.67billion by 2025, growing at a CAGR of 23.76% from 2020 to 2025. This is driven by the trend of increasing adoption of analytical solutions majorly in the retail sectors for demand forecasting, trade promotion optimization and so on. As advanced analytics helps business to take crucial decisions based on the insights, the adoption rate in various firms is significantly rising thereby contributing to the market growth rate.
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By Enterprise Size- Segment Analysis
Large scale enterprises are dominating the market in 2019 as they deal with large amount of data. The implementation of customer analytics, and business analytics with the enormous amount of data generated in these firms is certainly impacting on the market growth rate. Furthermore, the large scale enterprises prioritize the location intelligence, data governance, and enterprise planning, thereby driving the adoption of the advanced analytics in the segment. Adding to this, the Australian government has announced plans to provide funds for the adoption of cloud-based advanced analytics solutions in start-ups under Digital Australia 2020 initiative. These factors are analysed to boost the adoption rate of advanced analytics and contribute to the market growth rate.
By End user- Segment Analysis
The growing need of minimizing the frauds and risk handling in BFSI sector is contributing to the highest market share of the segment in 2019. Advanced analytics helps the banks in sorting the data of particular region in order to make insightful decisions in credit risk management, capital planning and so on. Moreover, the replacement of the traditional anti-fraud tools with advanced analytics as a result of growing frauds is set to contribute to the growth of the market. Adding to this, the significant rise in the unorganized data generated from streaming activities for media subscription services is analysed to contribute to the growth of advanced analytics adoption in the IT & Telecom sector.
Geography – Segment Analysis
North America is the dominant region for advanced analytics in 2019. The presence of suitable infrastructure alongside the adoption of artificial intelligence and big data analytics is set to the major factor contributing to the demand in the region. In October 2018, SAS Institute Inc. has signed a contract with Volvo Trucks North America for providing its advanced analytics platform, through which the company strengthened its portfolio of uptime-boosting services by improving remote diagnostics. Therefore the adoption of these solutions provides the firms with optimized solutions which is in turn impacting on the high adoption rate. APAC is analysed to grow at significant rate owing to the growing ecommerce and retail sectors in the region.
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Drivers – Advanced Analytics market
The increasing usage and demand for social media is a key driving factor for the advanced analytics market. A large database is created with the high usage of social media, through which the enterprises can know consumer choices thereby planning their business strategies. Therefore the deployment of advanced analytics in the database management is further set to escalate the market growth rate.
Adoption of IoT and automation technologies in industries have been driving the Advanced Analytics market. IoT deals with the things embedded with sensors, software, electronics, and network connectivity, enabling these devices to collect and exchange data. Advanced Analytics with integration of IoT benefits industries in predictive or preventative failure analysis thereby significantly contributing to the growth of the market.
Challenges – Advanced Analytics market
Technical misspecifications of the goods and others provide the wrong information which lead to the wrong decision impacting the business severely. Hence the technical misspecifications are certainly set to hinder the adoption rate, thereby impacting on the market growth rate.
In February 2019, IBM Corporation launched a new portfolio of IoT solutions that use a combination of advanced analytics and artificial intelligence thereby impacting on the improved maintenance strategies of many firms.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Advanced Analytics market. Advanced Analytics driver market is expected to be dominated by major companies such as Altair Engineering, Inc., Fair Isaac Corporation, IBM Corporation, KNIME, Microsoft Corporation, Oracle Corporation, RapidMiner, Inc., SAP SE, SAS Institute Inc., and Trianz among others.
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