Global Advanced Analytics Market to Reach US$ 58.8 Billion by 2028, Facilitated by Significant Growth in BFSI Industry

September 15, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Advanced Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global advanced analytics market size reached US$ 18.7 Billion in 2022. Advanced analytics refers to a sophisticated set of techniques and methods used to analyze complex data sets to gain deeper insights, make predictions, and uncover patterns that cannot be readily apparent through traditional data analysis methods. It involves applying statistical algorithms, machine learning (ML), data mining, and other advanced computational techniques to extract meaningful information from large and diverse data sources. It can provide organizations with a competitive edge by enabling data-driven decision-making and strategic planning.

Global Advanced Analytics Market Trends:

Advanced analytics finds application in the banking, financial services and insurance (BFSI) sector for risk assessment, fraud detection, and portfolio optimization to enable better risk management and more informed investment decisions. This, coupled with increasing instances of various online fraudulent activities, represents one of the key factors augmenting the market growth around the world. Moreover, advanced analytics is employed in the healthcare sector to assist with patient care optimization, disease outbreak prediction, and drug development. This, along with the rising need for remote patient monitoring (RPM) solutions due to the surging prevalence of various medical conditions, is bolstering the growth of the market. In addition, the growing adoption of advanced analytics in small and medium-scale enterprises (SMEs) to enhance operational processes by analyzing data to identify bottlenecks, inefficiencies, and areas for improvement is influencing the market positively. Apart from this, the increasing use of advanced analytics for marketing and advertising to target the right audience, measure campaign effectiveness, and enhance customer engagement is strengthening the growth of the market. Looking forward, the market value is projected to reach US$ 58.8 Billion by 2028, expanding at a CAGR of 20.8% during 2023-2028.

Market Summary:

  • Based on the component, software dominates the market, followed by services (professional and managed services).
  • On the basis of the type, the market has been segregated into big data analytics, business analytics, customer analytics, statistical analytics, risk analytics, and others. Big data analytics currently accounts for the biggest share in the market.
  • Based on the deployment mode, on-premises exhibit a clear dominance in the market, followed by cloud-based.
  • On the basis of the business function, the market has been classified into supply chain, sales and marketing, finance, human resource (HR), and others. At present, supply chain dominates the market.
  • Based on the enterprise size, the market has been bifurcated into large and small and medium-sized enterprises. Large enterprises currently account for the majority of the total market share.
  • On the basis of industrial vertical, the market has been categorized into BFSI, healthcare, government, IT and telecom, military and defense, and others. Presently, BFSI holds the largest market share.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Absolutdata Technologies Inc. (Infogain Corporation), Adobe Inc., Altair Engineering Inc., Alteryx Inc., Amazon Web Services Inc. ( Inc.), Fair Isaac Corporation (FICO), Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, Moody's Analytics Inc. (Moody's Corporation), SAS Institute Inc., and TIBCO Software Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Component
  • Type
  • Deployment Mode
  • Business Function
  • Enterprise Size
  • Industrial Vertical
  • Region
Components Covered
  • Software
  • Service: Professional Service, Managed Service
Types Covered Big Data Analytics, Business Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, Others
Deployment Modes Covered On-premises, Cloud-based
Business Functions Covered Supply Chain, Sales and Marketing, Finance, Human Resource (HR), Others
Enterprise Sizes Covered Large Enterprise, Small and Medium-sized Enterprise
Industrial Verticals Covered BFSI, Healthcare, Government, IT and Telecom, Military and Defense, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Absolutdata Technologies Inc. (Infogain Corporation), Adobe Inc., Altair Engineering Inc., Alteryx Inc., Amazon Web Services Inc. ( Inc.), Fair Isaac Corporation (FICO), Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, Moody's Analytics Inc. (Moody's Corporation), SAS Institute Inc., TIBCO Software Inc., etc.
Customization Scope 10% Free Customization
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Global Advanced Analytics Market to Reach US$ 58.8 Billion by 2028, Facilitated by Significant Growth in BFSI Industry
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