The advanced analytics market size is projected to be worth US$ 15,149.8 million in 2024. The market is likely to reach US$ 26,688.0 million by 2034. The market is further expected to surge at a CAGR of 5.8% during the forecast period 2024 to 2034.
Key Market Trends and Highlights
| Attributes | Key Insights |
|---|---|
| Advanced Analytics Market Estimated Size in 2024 | US$ 15,149.8 million |
| Projected Market Value in 2034 | US$ 26,688.0 million |
| Value-based CAGR from 2024 to 2034 | 5.8% |
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The scope for advanced analytics rose at a 5.5% CAGR between 2019 and 2023. The global market for advanced analytics is anticipated to grow at a moderate CAGR of 5.8% over the forecast period 2024 to 2034.
| Report Attributes | Details |
|---|---|
| Market Value in 2019 | US$ 11,954.1 million |
| Market Value in 2023 | US$ 14,355.5 million |
| CAGR from 2019 to 2023 | 5.5% |
The advanced analytics market experienced a significant growth during the historical period from 2019 to 2023. The exponential growth in data generation from various sources, including social media, IoT devices, and business operations, has driven the demand for advanced analytics tools to derive valuable insights from vast datasets.
Organizations increasingly recognized the importance of data driven decision making. Advanced analytics solutions offered sophisticated tools for business intelligence, enabling companies to make informed decisions based on data analysis.
Different industries, including finance, healthcare, retail, and manufacturing, adopted advanced analytics for industry specific applications. For instance, predictive analytics in healthcare and fraud detection in finance.
The forecast period from 2024 to 2034 is expected to see accelerated growth in the market. The integration of artificial intelligence and machine learning capabilities into advanced analytics platforms is expected to enhance predictive modeling, anomaly detection, and automation, driving increased adoption.
The adoption of advanced analytics is expected to expand across various industries, including those that may not have traditionally embraced these technologies. The diversification will contribute to market growth. There will be a growing focus on prescriptive analytics, providing actionable insights and recommendations for optimal decision making.
Advanced analytics solutions that prioritize and ensure compliance with regulations will be in high demand, especially in regions with stringent data protection laws, with the increasing focus on data security and privacy.
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The below table showcases revenues in terms of the top 5 leading countries, spearheaded by Japan and India. The countries are expected to lead the market through 2034.
Forecast CAGRs from 2024 to 2034
| The United States | 2.3% |
|---|---|
| The United Kingdom | 3.2% |
| India | 7.6% |
| China | 6.7% |
| Japan | 8.8% |
The advanced analytics market in the United States expected to expand at a CAGR of 2.3% through 2034. The United States is home to a vast and diverse range of industries that generate large volumes of data. The proliferation of digital technologies, IoT devices, and online activities contributes to the increasing demand for advanced analytics to derive insights from this data.
The United States continues to invest heavily in big data infrastructure and technologies. The ability of advanced analytics to process and analyze large datasets aligns with the focus of the country on leveraging big data for strategic decision making.
The advanced analytics market in Japan is anticipated to expand at a CAGR of 8.8% through 2034. The Japanese government has been promoting digital transformation and technology adoption across industries. Initiatives supporting the use of advanced analytics in areas such as healthcare, manufacturing, and smart cities contribute to market growth.
Japan has a rapidly aging population, and healthcare analytics plays a crucial role in addressing healthcare challenges. Analytics is used for patient care optimization, disease prevention, and improving overall healthcare outcomes.
The advanced analytics market in India is poised to expand at a CAGR of 7.6% through 2034. India is witnessing a rapid digital transformation across industries. Organizations are adopting advanced analytics as a key component of their digital strategies to gain insights, improve operational efficiency, and enhance customer experiences.
The manufacturing sector in India is embracing Industry 4.0 practices, incorporating advanced analytics to optimize production processes, monitor equipment health, and enhance overall operational efficiency.
Advanced analytics trends in China are taking a turn for the better. A 6.7% CAGR is forecast for the country from 2024 to 2034.
The thriving e-commerce ecosystem in China, led by companies like Alibaba and JD.com, relies on advanced analytics for customer segmentation, personalized marketing, supply chain optimization, and fraud detection. The growth of online retail contributes to the demand for analytics solutions.
The financial services sector in China, including fintech companies, is leveraging advanced analytics for risk management, fraud detection, credit scoring, and customer engagement. The rapid growth of fintech in China is a key driver of analytics adoption.
The advanced analytics market in the United Kingdom is anticipated to expand at a CAGR of 3.2% through 2034. The telecommunications sector in the United Kingdom is actively involved in technology adoption, including advanced analytics for network optimization, customer experience enhancement, and the deployment of innovative services.
Collaboration between technology companies, research institutions, and industry players fosters innovation in analytics solutions. Cross industry collaboration accelerates the development and application of advanced analytics across various sectors.
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The below table highlights how big data analytics segment is projected to lead the market in terms of solution, and is expected to account for a share of 23.3% in 2024.
Based on industry, the BFSI segment is expected to account for a share of 22.6% in 2024.
| Category | Shares in 2024 |
|---|---|
| Big Data Analytics | 23.3% |
| BFSI | 22.6% |
Based on solution, the big data analytics segment is expected to continue dominating the advanced analytics market. The segment is expected to account for a share of 23.3% in 2024.
The exponential growth of data generated by various sources, including social media, IoT devices, and transactional systems, creates a need for advanced analytics solutions capable of processing large volumes of data quickly. Big data analytics is designed to handle the sheer scale and diversity of data.
Big data analytics enables organizations to derive deeper insights from vast datasets, uncovering patterns, trends, and correlations that may not be apparent through traditional analytics. The enhanced decision making capability is a key driver for the adoption of big data analytics solutions.
Big data analytics plays a crucial role in processing and analyzing data in real time, as businesses increasingly demand real time insights. The capability is essential for making timely decisions, especially in dynamic and fast paced industries.
In terms of industry, the BFSI segment is expected to continue dominating the advanced analytics market. The segment is expected to account for a share of 22.6% in 2024.
Advanced analytics plays a crucial role in detecting and preventing fraudulent activities within the financial sector. Machine learning algorithms can analyze transaction patterns, identify anomalies, and raise alerts for potential fraudulent transactions, enhancing overall security.
The BFSI sector is subject to strict regulatory requirements. Advanced analytics assists in risk management by evaluating and predicting market trends, credit risks, and compliance issues. Analytics tools help financial institutions ensure adherence to regulatory standards and avoid penalties.
Advanced analytics enables banks and insurance companies to analyze customer data to create meaningful segments. The organizations can tailor products and services, by understanding customer behavior and preferences, leading to improved customer satisfaction and loyalty.
The key strategies chosen by large companies include several growth strategies such as technology development, expansion as well and mergers and acquisitions to surge market share, reach and revenue.
| Attribute | Details |
|---|---|
| Estimated Market Size in 2024 | US$ 15,149.8 million |
| Projected Market Valuation in 2034 | US$ 26,688.0 million |
| Value-based CAGR 2024 to 2034 | 5.8% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in US$ million |
| Key Regions Covered | North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia The Middle East & Africa |
| Key Market Segments Covered | Solution Industry Region |
| Key Countries Profiled | The United States Canada Brazil Mexico Germany France France Spain Italy Russia Poland Czech Republic Romania India Bangladesh Australia New Zealand China Japan South Korea GCC countries South Africa Israel |
| Key Companies Profiled |
|
The market is expected to reach US$ 15,149.8 million in 2024.
The market is set to expand by a CAGR of 5.8% by 2034.
The market is forecast to reach US$ 26,688.0 million by 2034.
India is to be the top performing market, with a CAGR of 7.6% through 2034.
Big data analytics segment is preferred, and is expected to account for a share of 23.3% in 2024.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Solutions
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Solutions , 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Solutions , 2024 to 2034
5.3.1. Big Data Analytics
5.3.2. Visual Analytics
5.3.3. Risk Analytics
5.3.4. Social Media Analytics
5.3.5. Predictive Analytics
5.3.6. Other Solutions
5.4. Y-o-Y Growth Trend Analysis By Solutions , 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Solutions , 2024 to 2034
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Industry , 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry , 2024 to 2034
6.3.1. BFSI
6.3.2. Healthcare
6.3.3. Government
6.3.4. Defence
6.3.5. Retail & Consumer Goods
6.3.6. Other Industries
6.4. Y-o-Y Growth Trend Analysis By Industry , 2019 to 2023
6.5. Absolute $ Opportunity Analysis By Industry , 2024 to 2034
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Solutions
8.2.3. By Industry
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Solutions
8.3.3. By Industry
8.4. Key Takeaways
9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Solutions
9.2.3. By Industry
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Solutions
9.3.3. By Industry
9.4. Key Takeaways
10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. UK
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Solutions
10.2.3. By Industry
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Solutions
10.3.3. By Industry
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Solutions
11.2.3. By Industry
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Solutions
11.3.3. By Industry
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Solutions
12.2.3. By Industry
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Solutions
12.3.3. By Industry
12.4. Key Takeaways
13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Solutions
13.2.3. By Industry
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Solutions
13.3.3. By Industry
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Solutions
14.2.3. By Industry
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Solutions
14.3.3. By Industry
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2023
15.1.2.1. By Solutions
15.1.2.2. By Industry
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2023
15.2.2.1. By Solutions
15.2.2.2. By Industry
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2023
15.3.2.1. By Solutions
15.3.2.2. By Industry
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2023
15.4.2.1. By Solutions
15.4.2.2. By Industry
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2023
15.5.2.1. By Solutions
15.5.2.2. By Industry
15.6. UK
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2023
15.6.2.1. By Solutions
15.6.2.2. By Industry
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2023
15.7.2.1. By Solutions
15.7.2.2. By Industry
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2023
15.8.2.1. By Solutions
15.8.2.2. By Industry
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2023
15.9.2.1. By Solutions
15.9.2.2. By Industry
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2023
15.10.2.1. By Solutions
15.10.2.2. By Industry
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2023
15.11.2.1. By Solutions
15.11.2.2. By Industry
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2023
15.12.2.1. By Solutions
15.12.2.2. By Industry
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2023
15.13.2.1. By Solutions
15.13.2.2. By Industry
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2023
15.14.2.1. By Solutions
15.14.2.2. By Industry
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2023
15.15.2.1. By Solutions
15.15.2.2. By Industry
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2023
15.16.2.1. By Solutions
15.16.2.2. By Industry
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2023
15.17.2.1. By Solutions
15.17.2.2. By Industry
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2023
15.18.2.1. By Solutions
15.18.2.2. By Industry
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2023
15.19.2.1. By Solutions
15.19.2.2. By Industry
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2023
15.20.2.1. By Solutions
15.20.2.2. By Industry
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2023
15.21.2.1. By Solutions
15.21.2.2. By Industry
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2023
15.22.2.1. By Solutions
15.22.2.2. By Industry
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2023
15.23.2.1. By Solutions
15.23.2.2. By Industry
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Solutions
16.3.3. By Industry
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Altair Engineering, Inc.
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Fair Isaac Corporation (FICO)
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. International Business Machines Corporation
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. KNIME
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Microsoft Corporation
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Oracle Corporation
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. RapidMiner, Inc.
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. SAP SE
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. SAS Institute Inc.
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Trianz
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.11. Infor
17.1.11.1. Overview
17.1.11.2. Product Portfolio
17.1.11.3. Profitability by Market Segments
17.1.11.4. Sales Footprint
17.1.11.5. Strategy Overview
17.1.11.5.1. Marketing Strategy
17.1.12. Teradata
17.1.12.1. Overview
17.1.12.2. Product Portfolio
17.1.12.3. Profitability by Market Segments
17.1.12.4. Sales Footprint
17.1.12.5. Strategy Overview
17.1.12.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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