DUBLIN–(BUSINESS WIRE)–The “Global Advanced Analytics Market by Component (Solutions and Services), Business Function (Sales & Marketing, Operations), Type (Big Data Analytics, Risk Analytics), Deployment Mode (On-premises and Cloud), Vertical and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global Advanced Analytics market size to grow from USD 33.8 billion in 2021 to USD 89.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period.
The Risk Analytics segment is estimated to hold a higher growth rate during the forecast period
The advanced analytics market is segmented based on types such as big data analytics, customer analytics, predictive analytics, statistical analytics, prescriptive analytics, risk analytics, and other types (augmented analytics, multimedia analytics, and voice and social analytics). The risk analytics segment is expected to have the highest growth rate during the forecast period. The growth is attributed to the increasing demand for advanced credit risk analytics enabling institutions to improve underwriting decisions and increase revenues while reducing risk costs.
The Cloud segment is estimated to hold a higher growth rate during the forecast period
The advanced analytics market is segmented on the basis of deployment model which includes on-premises and cloud. The market size and CAGR of the cloud segment is estimated to be higher than the on-premises segment during the forecast period. The cloud technology benefit of easy deployment and minimal capital requirement facilitates the adoption of the cloud deployment model. The adoption of cloud-based advanced analytics solutions is expected to be supported by the COVID-19 pandemic, as lockdowns and social distancing practices are encouraging companies to move to cloud solutions that can be managed remotely. The increasing demand for scalable, easy to use, and cost-effective advanced analytics solutions is expected to accelerate the growth of the cloud segment in the advanced analytics market.
The large enterprises’ segment is estimated to hold a larger market share
On the basis of organization size, the Advanced Analytics market has been segmented into large enterprises and SMEs. The large enterprises’ segment is estimated to hold a larger market share in 2021. The growth of the segment is due to the increased competition in large enterprises from budding SMEs. Large enterprises are focusing on solutions to effectively manage complex business processes to enhance customer engagement. Hence, these organizations are using advanced analytics solutions to effectively manage complex operations. The SMEs segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes, reach new customers, and stay competitive and control their spending.
The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period
On the basis of Vertical the advanced analytics market has been segmented into BFSI, healthcare and life sciences, IT and telecom, retail and consumer goods, manufacturing, government and defense, transportation and logistics, media and entertainment, and other verticals (education, energy and utilities, and travel and hospitality). The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period. Advanced analytics solutions provide care plans and educate patients to improve patient care and outcomes while decreasing healthcare costs to the healthcare firms
Among regions, APAC to hold higher CAGR during the forecast period
The advanced analytics market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. APAC is expected to hold the fastest CAGR during the forecast period. This growth can be. to the increasing penetration of smartphones and the need to enhance customer experience in the region.
Market Dynamics
Drivers
- Rising Adoption of Big Data and Other Related Technologies
- Advent of Machine Learning and Artificial Intelligence to Offer Personalized Customer Experiences
- Growing Need to Preclude Fraudulent Activities During the Pandemic
Restraints
- Inability to Quantify Roi
- Concerns Related to Data Privacy and Security due to the Pandemic
Opportunities
- Proliferation of Internet Coupled with the Rising Usage of Connected and Integrated Technologies
- Increasing Demand for Real-Time Analytical Solutions to Track and Monitor COVID-19 Spread
Challenges
- Complex Data Ecosystem Leading to Data Breaches and Security Issues
- Ownership and Privacy of Collected Data
- Lack of Advanced Analytical Knowledge Among the Workforces
Companies Mentioned
- Absolutdata Analytics
- Adobe
- Altair
- Alteryx
- Aws
- Databricks
- Datachat
- Dataiku
- Datarobot
- Domino Data Lab
- Fico
- H2O.Ai
- Ibm
- Imply
- Kinetica
- Knime
- Microsoft
- Moody’s Analytics
- Oracle
- Promethium
- Qlik
- Rapidminer
- Salesforce
- Sap
- Sas Institute
- Siren
- Sota Solutions
- Tellius
- Teradata
- Tibco Software
- Vanti Analyticsa
For more information about this report visit https://www.researchandmarkets.com/r/jd9wol
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