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The advanced analytics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Advanced Analytics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The advanced analytics market size has grown exponentially in recent years. It will grow from $39.71 billion in 2023 to $48.31 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to demand for real-time insights, industry-specific applications, focus on predictive analytics, regulatory compliance requirements, demand for cost optimization..
The advanced analytics market size is expected to see exponential growth in the next few years. It will grow to $110.6 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to exponential growth in unstructured data, focus on prescriptive analytics, emphasis on data governance, personalized analytics solutions, continuous training of analytics models.. Major trends in the forecast period include augmented analytics for business users, real-time analytics and streaming data processing, predictive and prescriptive analytics for decision support, cross-functional analytics platforms, blockchain integration for data security..
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Scope Of Advanced Analytics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Advanced Analytics Market Overview
Market Drivers –
Growing usage of analytical solutions is likely to propel the growth of the advanced analytics market. The analytical solutions are increasingly being used in various industries such as retail, agriculture, banking, and so on for demand forecasting, trade promotion optimization, and behavior analytics. Analytical solutions provide solutions to a problem that has already occurred. However, advanced analytics predicts future instances based on the trends of the past. Both of these are interrelated and when combined provide solutions and forecasts. For instance, in January 2022, according to the Department for Digital, Culture, Media and Sport (DCMS) , a UK-based government department, AI solutions for data management and analysis are the most common, with 9% of UK organizations using them, followed by natural language processing and generation (8%), machine learning (7%), AI hardware (5%), and computer vision and image processing and generation (5%). Such rising demand and investments in analytical solutions are expected to drive the advanced analytics market growth.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The advanced analytics market covered in this report is segmented –
1) By Type: Big Data Analytics, Predictive Analytics
2) By Component: Solution, Services
3) By Deployment Mode: Cloud, On-Premises
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Retail And Consumer Goods, Healthcare And Life Sciences, Transportation And Logistics, Government And Defence, Manufacturing, Media And Entertainment, Other Verticals
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Regional Insights –
North America was the largest region in the advanced analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the advanced analytics market report are SAS Institute Inc., SAP SE, IBM Corporation, Oracle Corporation, Dell Technologies Inc., Microsoft Corporation Inc., RapidMiner Inc.,Altair Engineering Inc., Fair Isaac Corporation, KNIME AG., Statsoft Technolohgies Pvt Ltd, Teletrac Navman Ltd., Procon Analytics LLC., IMS Software Inc., CloudMade Ltd.,TIBCO Software,MicroStrategy,RapidMiner,DataRobot,KNIME,Sisense,ThoughtSpot,Information Builders,Talend,GoodData,Splunk,Teradata,Pentaho, Yellowfin,Pyramid Analytics
1. Executive Summary
2. Advanced Analytics Market Report Structure
3. Advanced Analytics Market Trends And Strategies
4. Advanced Analytics Market – Macro Economic Scenario
5. Advanced Analytics Market Size And Growth
…..
27. Advanced Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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