SkyQuest projects that the advanced analytics market will attain a value of USD 189.56 billion by 2030, with a CAGR of 21.1% over the forecast period (2023-2030). The advanced analytics market is poised for substantial growth, driven by the escalating adoption of advanced analytics tools in various applications. Notably, the use of these tools in predicting and forecasting electricity consumption, trade market trends, and traffic patterns is a pivotal driver of market expansion.
Westford, USA, Feb. 06, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the global advanced analytics market is experiencing robust growth, driven by several key factors. One of the primary drivers is the increasing utilization of machine learning and artificial intelligence (AI) techniques to deliver highly personalized consumer experiences. This is particularly evident in online shopping, where AI-driven recommendations and targeted marketing efforts enhance the customer journey.
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Browse in-depth TOC on the “Advanced Analytics Market”
- Pages – 157
- Tables – 120
- Figures – 77
The advanced analytics market is poised for substantial growth, driven by the escalating adoption of advanced analytics tools in various applications. Particularly, the use of these tools in predicting and forecasting electricity consumption, trade market trends, and traffic patterns is a pivotal driver of market expansion.
Prominent Players in Advanced Analytics Market
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- SAS Institute Inc.
- Amazon Web Services Inc.
- Google LLC
- Teradata Corporation
- Alteryx, Inc.
- MicroStrategy Incorporated
- TIBCO Software Inc.
- Qlik Technologies Inc.
- Tableau Software, LLC
- RapidMiner, Inc.
- KNIME AG
- FICO (Fair Isaac Corporation)
- Databricks, Inc.
- Cloudera, Inc.
- Talend Inc.
- MathWorks, Inc.
Browse summary of the report and Complete Table of Contents (ToC):
Customer Analytics Segment is Expected to Grow the Market Due to the Escalating Demand for Enhanced Lead Management
Customer analytics segment is poised for significant growth and is projected to achieve a noteworthy CAGR of 20.1% in the global advanced analytics market. This surge is closely aligned with the escalating demand for enhanced lead management, customer retention strategies, and the optimization of customer experience management.
The market in North America has emerged as a dominant player in the global advanced analytics market, capturing an impressive market share exceeding 45%. Several key factors underpin this commanding position. Firstly, the region boasts a robust and well-developed infrastructure that supports the widespread application of cutting-edge analytics across various industries.
Big Data Analytics Segment is Expected to Dominate the Market Due to the Increasing Popularity of Social Media Platforms
Big data analytics segment emerged as a dominant force in the advanced analytics market, commanding a substantial market share that exceeded 35%. This segment’s remarkable growth is chiefly attributed to two pivotal factors.
Regional markets in the Asia Pacific are positioned for remarkable growth, with a CAGR of 23.5% over the forecast period. This surge is primarily attributed to the escalating adoption of big data analytics solutions and tools across the region in the advanced analytics market.
A comprehensive analysis of the major players in the advanced analytics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Advanced Analytics Market
- IBM recently made a significant announcement with the introduction of IBM Business Analytics Enterprise, a new software offering to enable businesses to break down data and analytics silos. This software empowers organizations to swiftly and effectively act upon data-driven insights while navigating unforeseen disruptions. IBM’s Business Analytics Enterprise provides a comprehensive suite of features, including intelligence scheduling, budgeting, reports, forecasting, and monitoring capabilities. These tools offer users a holistic view of data sources throughout their organization, facilitating more informed decision-making processes and enhancing overall data management.
- SAS recently unveiled a strategic agreement with the Veritas consortium led by the Monetary Authority of Singapore (MAS). The collaboration aims to integrate and implement the Veritas toolkit with the SAS Viya system, specifically focusing on enhancing the acceptance and trustworthiness of artificial intelligence (AI) applications within the banking and finance industry.
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Key Questions Answered in Advanced Analytics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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