Advanced Analytics Market Growing at a CAGR of 23.76% From 2020 to 2025


Posted January 15, 2021 by Blessy_Joy

Increasing demand for cloud based solutions in data storage and in analytics is driving the Advanced Analytics market growth rate.

 
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.

Key Takeaways

BFSI is analysed to hold highest market share owing to the increased demand from the sector due to increasing frauds.
North America is dominating the advanced analytics market is 2019 majorly attributed to the faster adoption and implementation of advanced technologies.
Increasing demand for cloud based solutions in data storage and in analytics is driving the market growth rate.

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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.

Drivers – Advanced Analytics market 

Increasing demand for social media

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 Advanced technologies:

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.

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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Issued By Blessy
Business Address IndustryARC
Country India
Categories Business
Tags advanced analytics market , advanced analytics market growth , advanced analytics market research , advanced analytics market share , advanced analytics market size
Last Updated January 15, 2021