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. Advanced analytics describes the sophisticated analysis of data using complex techniques to forecast trends and predict events. It uses state-of-the-art tools, such as ML and AI technologies and complex statistical analyses and algorithms to examine the rising big data and identify patterns to discover deeper insights. Advanced analytics uses quantitative and qualitative methods to uncover relationships, trends, correlations, and outliers. Advanced analytics tools cover data mining, ML, cohort analysis, cluster analysis, retention analysis, complex event analysis, predictive analysis, regression analysis, sentiment analysis, and time series analysis.
The services segment to hold higher CAGR during the forecast period
Based on components, the market size of the solution segment is expected to hold a larger market share in 2021, while the services segment is projected to grow at a higher CAGR during the forecast period. This growth can be attributed to the need for determining the time and cost required to install the solution that requires fully managed advanced analytics services. The high growth is attributed to the higher adoption of advanced analytics solutions across key verticals such as BFSI, IT and telecom, and retail and consumer goods.
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The sales and marketing segment will hold the largest market size during the forecast period
Based on business function, the market size of the sales and marketing segment is expected to hold the largest market share in 2021, while the HR segment is projected to grow at the highest CAGR during the forecast period. Businesses are adopting advanced analytics to take a deep dive into historical process data, identify patterns and relationships among discrete process steps and inputs, and then optimize the factors that prove to have the greatest effect on business yield. Many global manufacturers have abundant real-time shop-floor data and the capability to conduct such sophisticated statistical valuations. They are taking previously isolated data sets, aggregating them, and analyzing them to reveal important insights.
The COVID-19 pandemic has accelerated many companies to instigate the use of advanced analytics and AI solutions and implement innovative strategies to helps engage customers through digital channels, manage fragile and complex supply chains, and support workers through disruption to their work and lives. Companies should focus on where they can obtain new insights rather than rely on lagging information. These can come from both from new sources of data and using existing data in new ways. For instance, in banks that traditionally use credit scores to analyze risk can instead turn to customer-account data, where they might identify gaps in deposits. The crisis has also exposed that one of the most advanced analytics techniques relies on principles of behaviors and patterns repeated periodically. But the patterns exposed are revealed through data and even suggested during identification, which changes the customer’s mind. Many firms that had started benefitting its client with data analytics usage are growing in all departments. The departments most directly affected by the virus see the most incredible growth in marketing, finance, and customer service use cases for small businesses.
The advanced analytics market is expected to witness a slowdown in 2020 due to the global lockdown, which is impacting global manufacturing, and supply chains and logistics. The manufacturing, transportation and logistics, and retail and consumer goods sectors have been most severely affected. The availability of essential items has also been impacted due to the lack of manpower to work on production lines, supply chains, and transportation, even though essential items are exempted from the lockdown. The situation is expected to come under control by early 2021. Analytics have also played a vital role in the determination of fraudulent activities with a system updated with fraudulent activities that help in determining security boundaries for an organization. For instance, IBM Cloud Pak for Security can help you uncover hidden threats and make more informed risk-based decision. An economic model has also been represented by data scientists to forecast the various insights about customers probable future behavior, suppliers, and staff is a top priority. These predicted behaviors have helped the business in deriving the consequential financial effect through continuous, rapid decision-making based on accurate, data-driven analytics, and simulations.
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Some of the major players in the Advanced Analytics market IBM (US), Oracle (US), SAS Institute (US), SAP (Germany), FICO (US), KNIME (Switzerland), Microsoft (US), Altair (US), RapidMiner (US), AWS (US), Salesforce (US), TIBCO Software (US), Alteryx (US), Teradata (US), Adobe (US), Absolutdata (US), Moody’s Analytics (US), Qlik (US), Databricks (US), Dataiku (US), Kinetica (US), H2O.ai (US), Domino Data Lab (US), DataRobot (US), DataChat (US), Imply (US), Promethium (US), Siren (Ireland), Tellius (US), SOTA Solutions (Germany), and Vanti Analytics (Israel).
Microsoft (US) develops software, services, devices, and solutions to compete in the era of an intelligent cloud and an intelligent edge. With the increase in investments in the mix-reality cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, and content. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft’s platforms and tools help drive the productivity of small businesses, the competitiveness of large businesses, and the efficiency of the public sector. The company works on three pillars, which include privacy, cybersecurity, and responsible AI, to provide tools and frameworks for its customers to encourage policy change. It focuses on investing in data centers and other hybrid and edge infrastructure to enhance its service offerings. Microsoft operates in three segments: productivity and business processes, intelligent cloud, and more personal computing. The productivity and business processes offer dynamic business solutions, including Dynamics 365, a set of cloud-based applications across ERP and CRM; Dynamics ERP on-premises; and Dynamics CRM on-premises. It operates in more than 190 countries across North America, Europe, APAC, MEA, and Latin America. In the Advanced analytics market, the company offers Microsoft offers Azure ML, Azure Stream Analytics, Azure Synapse Analytics, Azure Analysis Services and many other for various use as for instance Azure Synapse Analytics is used to brings together data integration, enterprise data warehousing and big data analytics.
Oracle (US) is one of the leading providers of cloud and database solutions. The company’s business is divided into three major segments: cloud and license, hardware, and services. It is present in more than 145 countries, with a workforce of 206,815 employees serving more than 420,000 customers. It has a presence in North America, Europe, APAC, MEA, and Latin America. Oracle is an established and leading vendor of enterprise-grade products and solutions. The company specializes in developing, manufacturing, and marketing hardware systems, database and middleware software, and application software. It offers analytics software designed to leverage big data and enterprise data for enabling organizations to analyze data and discover new ways for strategizing and planning business operations. Oracle works on various emerging technologies, including IoT, AI, blockchain, ML, chatbots and digital assistance, and data science, which help in developing new business models and deliver SaaS applications embedded with these emerging technologies. Its mission is to enable financial institute to excel through the effective use of IT. In the advanced analytics market, it offers the Oracle Analytics, which is a complete platform with ready-to-use services for a wide variety of workloads and data. It provides the actionable insights from all types of data in the cloud, on-premises, or in a hybrid deployment. It empowers business users, data engineers, and data scientists to access and process relevant data, evaluate predictions, and make quick, accurate decisions.
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