Advanced Analytics Market Growth at USD 480.99 Billion by 2031 | SkyQuest
Westford, USA, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Global Advanced Analytics Market size was valued at around USD 41.85 billion in 2022 and is expected to rise from USD 64.3 billion in 2023 to reach a value of USD 480.99 Billion by 2031, at a CAGR of 28.6% during the forecast period (2024–2031).
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The growth of the advanced analytics market is increasing due to high usage of computer learning and artificial intelligence to offer personalized consumer experiences along with rising popularity of online shopping. The extensive adoption of social networking platforms is another factor, propelling the market’s expansion. Recently, the data collected by organizations have increased massively, they collect the data and analyze it to get valuable insights. This information is utilized to make better, timely, and fact-based decisions. Advanced analytics solutions are used for proper data management and strategic decision-making, contributing to the growth of the market. Advancements in big data have also helped in improving the evaluation skills of data science experts. Companies can also enhance major business procedures, goals, and operations by making use of data analytics. By efficiently transforming data into intelligence companies can meet stakeholders’ requests, manage the massive amount of data, reduce risks, improve process control, and increase performance. The market is also growing due to the usage of advanced analytics tools for applications like predicting and forecasting electricity consumption and traffic congestion. Many sectors like governmental organizations, banking, manufacturing, and business services are making substantial investments in big data analytics.
- Pages - 197
- Tables - 120
- Figures – 77
Pest Control Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 64.3 Billion |
| Estimated Value by 2031 | $ 480.99 Billion |
| Growth Rate | Poised to grow at a CAGR of 28.6 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Business Function, Vertical and Offering |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Businesses using advanced analytics to improve customer satisfaction and business operations |
| Key Market Opportunities | Integration of cloud computing and SaaS to seamlessly access software |
| Key Market Drivers | Increasing usage of advanced analytics to gain competitive edge with strategic decisions |
Incorporation of AI and ML Technology with Advanced Analytics Tools for Actionable Insights to Drive Market
The growing incorporation of edge computing along with analytical tools driver real-time processing and data analytics with enhanced security and reliability. Nowadays most organizations utilize analytics methods to make data-driven decisions into their regular business operations. Several organizations have shifted from simple statistical analytics to advanced analytics for forecasting the future and analyzing previous data. The rising incorporation of AI and ML combines with BI tools gathers in-depth data. This information helps in enhancing the accuracy and efficiency of business operations. AI and ML combined with analytics tools enhances the capability to analyze complex data sets and derive useful actionable data. These factors are driving the advanced analytics market.
Rising Demand for Advanced Analytics Tools to Improve Risk Management to Promote Growth
The increasing volume, velocity, and variety of data generates the requirement for better data sources for data anlaysis. This enables business to take advantage of analytical methods for gaining a competitive edge by taking data-driven decisions. With this data the companies can also develop predictive models for forecasting the risks that might occur, which includes, financial risks, operational risks, and supply chain risks. It can develop risk management approaches to integrate analytics technology with the risk management process. Advanced data analytics for risk management allows implementation of better fraud detection methods to analyze social media transactional and geospatial data. This will help in detecting any suspicious patterns and trends. Therefore, to forecast the future risks in business operations, the demand for predictive analytics tools will continue to increase.
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High Usage of Big Data Analytics to Optimize Company Operations Increases Market Share of North America
North America is experiencing the largest advanced analytics market share owing to the presence of a massive number of data analytics tool providers throughout the region. Most of the businesses here are already using big data analytics for advancing the company’s operational processes and enhance business performance. Moreover, the presence of huge number startups is also embracing innovative technologies, generating high demand for the adoption of analytics tools to enforce automation to the infrastructure.
Advanced Analytics Market Insights
Drivers:
- Emergence of ML and AI to provide personalized customer experience
- Increasing need to prevent fraudulent activities
- Use of cloud computing has minimized the expense and increased accessibility to advanced analytics
- High investments in research and developments to improve analytics solutions
Restraints:
- Shortage of skilled workforce who are proficient in data analytics
- Lack of data privacy and security
- High cost of implementing advanced analytics
- Lack of IT infrastructure in developing countries
Key Players in the Advanced Analytics Market
The following are the Top Advanced Analytics Companies
- IBM
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- SAS Institute Inc.
- Amazon Web Services Inc.
- Google LLC
- Teradata Corporation
- Alteryx, Inc.
- MicroStrategy Incorporated
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Key Questions Answered in the Advanced Analytics Market
- What are the key factors driving the advanced analytics market?
- Who are the major companies operating in the market?
- Which region is expected to hold the largest market share?
- What is the CAGR of the advanced analytics market?
This report provides the following insights:
- Analysis of key drivers (Growing need to reduce fraudulent activities and usage of cloud computing to increase accessibility of cloud computing), restraints (Lack of skilled workers for managing data analytics and high expense of incorporating data analytics), opportunities (Increasing need to prevent fraudulent activities and rising investments in R&D to improve analytics solutions), and challenges (Lack of data privacy & security and shortage of IT infrastructure in developing countries) influencing the growth of advanced analytics market
- Market Penetration: Comprehensive information on the product offered by the top players in the advanced analytics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the advanced analytics market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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