PUBLISHER: SkyQuest | PRODUCT CODE: 1345194
PUBLISHER: SkyQuest | PRODUCT CODE: 1345194
Advanced Analytics Market size was valued at USD 34.6 billion in 2021 and is poised to grow from USD 41.85 billion in 2022 to USD 189.56 billion by 2030, at a CAGR of 21.1% during the forecast period (2023-2030).
The expansion of the global advanced analytics market is propelled by the increasing utilization of machine learning and artificial intelligence (AI) to offer tailored consumer interactions, complemented by the surge in e-commerce prevalence. Additionally, the growing embrace of social media platforms further contributes to the market's growth, establishing a comprehensive landscape for the expansion of advanced analytics capabilities.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Temperature Sensor Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The global advanced analytics market is segmented based on type, deployment, enterprise size, end-use, and region. In terms of type, the market is segmented into big data analytics, business analytics, customer analytics, risk analytics, and statistical analysis. By deployment, the market is segmented into on-premise, and cloud. Based on enterprise size, the market is segmented into large enterprises, and small & medium enterprises (SMEs). By end-use, the market is classified into BFSI, government, healthcare, IT & telecom, military & defense, and others. Regionwise, the global advanced analytics market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver:
As the volume of generated data continues to surge, there emerges an escalating imperative for sophisticated analytics solutions. These tools have become indispensable in extracting valuable insights from the data deluge, thus enabling well-founded and strategic decision-making. The ever-expanding landscape of information underscores the necessity for advanced analytics, empowering businesses and organizations across diverse sectors to harness the potential of data-driven insights for optimizing operations and staying ahead in an increasingly data-centric environment.
Restraint:
The success of the advanced analytics market hinges on the availability of adept professionals well-versed in data science, programming, and statistical analysis. The scarcity of such skilled workforce has the potential to hinder the market's expansion. The proficiency and expertise of these individuals are essential for effectively harnessing the potential of advanced analytics, influencing the trajectory of market growth in a significant manner.
Key Market Trends:
An essential focal point within the advanced analytics landscape is predictive analytics, a pivotal trend. This methodology empowers organizations to foresee forthcoming events and potential outcomes, equipping them with the insights required to make well-informed choices. By employing historical and real-time data, predictive analytics unveils patterns and trends that enable proactive measures to be taken, optimizing operational efficiency. This approach transcends mere reaction, providing the capability to strategize and adjust processes in anticipation of future developments, thus accentuating its significance in enhancing decision-making and overall operational efficacy.