The global advanced analytics market size is expected to reach USD 59.1 billion by 2027, registering a CAGR of 25.3% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The extensive usage of advanced analytics in database management tools is expected to be a key factor influencing market growth. Furthermore, in agriculture, the farmers are exploring the use of advanced analytical solutions to gain more insights into when to plant, how to optimize crop yields, and when to harvest. Besides, the growth of the IT sector in emerging economies such as Argentina, Brazil, Egypt, and Philippines has led to the rising demand for workflow optimization, which is anticipated to further fuel the need for advanced analytical solutions.
Industries, including automotive, manufacturing, and pharmaceuticals, are heavily investing in the adoption of artificial intelligence for their process optimization. The use of big data analytics in process optimization enable manufacturers improve production process, increase supply chain efficiency, and identify variables affecting the production quality that bodes well for market growth. The growth of the market is driven by the increasing demand for predictive solutions and the availability of advanced analytical solutions over the cloud. For instance, Angoss Software Corporation; IBM Corporation; and SAS Institute, Inc.; offer their advanced analytics software over the cloud.
Technologies such as Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) are data immersive technologies and require high bandwidth for operations, resulting into generation of large amounts of data. Owing to the generation of huge unstructured data, advanced analytics is used to categorize, process, and display it into meaningful insights. Therefore, the rising usage of AR in industries and sectors, including healthcare, agriculture, and entertainment, is anticipated to drive the growth of the advanced analytics market. The extensive use of advanced analytical solutions in the protection and processing of the enormous amounts of data stored using cloud services such as Microsoft OneDrive and Google Drive is further anticipated to boost market growth. Data warehousing organizations harvest information from datasets that help users make better decisions, thereby exploiting the ability of advanced analytics in handling complex relational databases. These factors are anticipated to provide lucrative opportunities to the players operating in the market.
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Further key findings from the report suggest:
- The risk analytics segment is projected to witness a high CAGR over the forecast period on account of surge in data security breaches in sectors such as BFSI and IT and telecom
- As most of the business data such as customer data, procurement data, and transactions is stored on the cloud, companies are leveraging the benefits of cloud-based analytics, which bodes well for the growth of the cloud segment
- Among the Small and Medium Enterprises (SMEs), the popularity of Software-as-a-Service (SaaS)-based advanced analytical solutions owing to lower cost has grown significantly. This is anticipated to boost the growth of the SMEs segment over the forecast period
- The increasing amount of data generated owing to the deployment of mobile communication technologies such as 3G and Long-Term Evolution (LTE) is driving the demand for advanced analytical solutions to evaluate and predict cell congestion. This bodes well for the growth of the IT and telecom segment
- Asia Pacific is expected to exhibit the highest CAGR over the forecast period. The rapid development of the telecom industry in the region, where telecom operators extensively use analytical solutions for network resource optimization is a key driving factor
- Key players operating in the market include IBM Corporation; Fair Isaac Corporation; Altair Engineering, Inc.; SAS Institute Inc.; Microsoft Corporation; KNIME; RapidMiner, Inc.; Oracle Corporation; SAP SE; and Trianz.