The development of Advanced Analytics Market solutions, such as machine learning and artificial intelligence, which allow businesses to obtain deeper insights, is driving the expansion of the advanced analytics market. Over the course of the projected period, rising levels of digitization and the widespread use of social media are also anticipated to fuel market expansion. For example, investment on digital transformation was valued at USD 2 trillion in 2022 and is expected to rise over the course of the projected period.
Beyond typical business intelligence methodologies, advanced analytics uses complex techniques and tools to analyze data or content autonomously or semi-autonomously. With the use of methods like machine learning, data/text mining, pattern matching, and more, it provides insightful analysis, forecasts future results, and produces insightful recommendations. Forecasting, visualization, sentiment analysis, network and cluster analysis, multivariate statistics, graph analysis, simulation, complex event processing, and neural networks are some examples of these sophisticated analytical techniques.
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Regional Insights of the Advanced Analytics Market
By the end of 2029, the North America advanced analytics market is expected to dominate, holding approximately 45% of the market share. This growth can be attributed to the region’s increasing infrastructure for advanced analytics implementation. Moreover, the adoption of cutting-edge technologies like artificial intelligence and machine learning is driving market growth in the forecast period.
Advanced Analytics Market Segmentation
by Type
Big Data Analytics
Business Analytics
Customer Analytics
Risk Analytics
Statistical Analysis
Others (Predictive Analytics, Text Analytics, and Prescriptive Analytics)
by Enterprise Size
Large Enterprises
Small & Medium Enterprises (SMEs)
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Advanced Analytics Market Key Players:
1. Microsoft Corporation
2. Oracle Corporation
3. SAP SE
4. Altair Engineering, Inc.
5. KNIME AG
6. RapidMiner Inc.
7. TIBCO Software Inc.
8. MicroStrategy Incorporated
9. FICO (Fair Isaac Corporation)
10. Sisense Inc.
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