New York, Feb. 18. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Advanced Analytics Market by Component, Business Function, Type, Deployment Mode, Vertical and Region – Global Forecast to 2026” – https:// www.reportlinker.com/p06231625/?utm_source=GNW
The use of AI and ML-based technologies to facilitate real-time actionable customer insights and the increase in the need to predict customer intent are expected to drive the growth of the advanced analytics market.
The COVID-19 pandemic has driven many companies to incentivize the use of advanced analytics and AI solutions and implement innovative strategies to help engage customers through digital channels, manage fragile and complex supplies and to support workers in the event of disruption to their work and life. Companies should focus on where they can get new information rather than relying on late information.
These can come both from new data sources and from using existing data in new ways. For example, at banks that traditionally use credit scores to analyze risk, they may instead turn to customer account data, where they could identify gaps in deposits.
The crisis also revealed that one of the most advanced analytical techniques is based on principles of periodically repeated behaviors and patterns. But the exposed patterns are revealed through the data and even suggested upon identification, which changes the customer’s mind.
Many companies that had begun to benefit their customers from the use of data analytics are growing across departments. The departments most directly impacted by the virus are seeing the most incredible growth in small business marketing, finance, and customer service use cases.
The advanced analytics market is expected to witness a downturn in 2020 due to the global lockdown, which is impacting global manufacturing, supply chains and logistics. The manufacturing, transportation and logistics, and retail and consumer goods sectors were the hardest hit.
The availability of essential items has also been impacted due to the lack of manpower to work on production lines, supply chains and transportation, even though essential items are exempt from the lockdown. The situation should be under control by early 2021.
Scans have also played a vital role in determining fraudulent activities with an updated system with fraudulent activities that help determine the security boundaries for an organization. For example, IBM Cloud Pak for Security can help you discover the hidden threats and to take more informed risk based decision.
An economic model has also been represented by data scientists to predict the various information about the likely future behavior of customers, suppliers and staff is a top priority. These predicted behaviors helped the company infer the consequent financial effect through continuous and rapid decision-making based on accurate, data-driven analyzes and simulations.
The services segment is expected to grow at a higher CAGR during the forecast period
The global advanced analytics market, by component, has been segmented into solutions and services. the services segment is expected to grow at a higher CAGR during the forecast period. This growth can be attributed to the need to determine the time and cost required to install the solution which requires fully managed advanced analytics services. The strong growth is attributed to increased adoption of advanced analytics solutions in key verticals such as BFSI, IT & Telecom, and Retail & Consumer Goods.
Sales and Marketing segment will hold the largest market size during the forecast period
The advanced analytics market is segmented by business function has been segmented into finance, sales and marketing, operations, HR, and supply chain. Sales and Marketing segment market size is expected to hold the largest market share in 2021, while HR segment is expected to grow at the highest CAGR during the forecast period.
Companies are adopting advanced analytics to dive deep into historical process data, identify patterns and relationships between discrete process steps and inputs, and then optimize the factors that are found to have the greatest effect on process performance. the company. workshop data and the ability to conduct such sophisticated statistical evaluations.
They take previously isolated data sets, aggregate them, and analyze them to reveal important insights.
Risk Analytics segment is estimated to maintain a higher growth rate during the forecast period
The advanced analytics market is segmented on the basis of types such as big data analytics, customer analytics, predictive analytics, statistical analytics, prescriptive analytics, risk analytics and other types (augmented analysis, multimedia analysis and voice and social analysis). The Risk Analysis segment is expected to witness the highest growth rate during the forecast period.
This growth is attributed to the growing demand for advanced credit risk analytics enabling institutions to improve underwriting decisions and increase revenue while reducing risk costs.
The Cloud segment is expected to maintain a higher growth rate during the forecast period
The advanced analytics market is segmented on the basis of deployment mode which includes on-premise and cloud. The market size and CAGR of the cloud segment is estimated to be higher than that of the on-premise segment during the forecast period.
The cloud technology advantage of easy deployment and minimal capital requirement makes it easy to adopt the cloud deployment model. The adoption of advanced cloud-based analytics solutions is expected to be buoyed by the COVID-19 pandemic as lockdowns and social distancing practices encourage enterprises to shift to remotely manageable cloud solutions.
Growing demand for scalable, easy-to-use, and cost-effective advanced analytics solutions is expected to accelerate the growth of the cloud segment in the advanced analytics market.
The large enterprise segment is estimated to hold a larger market share
Based on organization size, the advanced analytics market has been segmented into large enterprises and SMBs. The large enterprise segment is expected to hold a larger market share in 2021.
The growth of the segment is due to increased competition in large enterprises from budding SMEs. Large enterprises are focusing on solutions to efficiently manage complex business processes to improve customer engagement.
Therefore, these organizations use advanced analytics solutions to effectively manage complex operations. The SME segment is expected to register a higher CAGR during the forecast period due to the growing need to improve business processes, reach new customers, stay competitive and control their expenses.
The Healthcare & Life Sciences Vertical is Expected to Grow at the Highest CAGR Over the Forecast Period
Based on Vertical, the advanced analytics market has been segmented into BFSI, Health & Life Sciences, IT & Telecom, Retail & Consumer Goods, Manufacturing, Government & Defense, Transportation & Logistics, Media & entertainment and other verticals (education, energy and utilities, and travel and hospitality). The healthcare and life sciences industry vertical is expected to grow at the highest CAGR over the forecast period. Advanced analytics solutions deliver care plans and educate patients to improve patient care and outcomes while reducing healthcare costs for healthcare companies
Among the regions, APAC will maintain a higher CAGR during the forecast period
The advanced analytics market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. APAC is expected to have the fastest CAGR during the forecast period.
This growth can be. to the growing penetration of smartphones and the need to improve the customer experience in the region.
Distribution of primaries
In-depth interviews were conducted with CEOs, chief innovation and technology officers, system integrators, and executives from various key organizations operating in the advanced analytics market.
• By company: Level I: 35%, Level II: 45% and Level III: 20%
• By designation: C-level executives: 35%, D-level executives: 25% and others: 40%
• By region: APAC: 30%, Europe: 20%, North America: 45%, Rest of the world: 5%
The report includes the study of key players offering the advanced analytics market. The main vendors covered are IBM (US), Oracle (US), SAS Institute (US), SAP (Germany), FICO (US), KNIME (Switzerland), Microsoft (US) , Altair (US), RapidMiner (US), AWS (US), Salesforce (US), TIBCO Software (US), Alteryx (US), Teradata (US) , Adobe (US), Absolutdata (US), Moody’s Analytics (US), Qlik (US), Databricks (US), Dataiku (US), Kinetica (US) , H2O.ai (US), Domino Data Lab (US), DataRobot (US), DataChat (US), Imply (US), Promethium (US), Siren (Ireland ), Tellius (US), SOTA Solutions (Germany) and Vanti Analytics (Israel).
The research study for the Advanced Analytics Market involved numerous secondary sources, directories, and several journals including Journal of Intelligent Learning Systems and Applications, International Journal of Advanced Science and Technology, and International Research Journal of Engineering and Technology (IRJET). The primary sources were primarily core industry and related industry experts, preferred advanced analytics vendors, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various key respondents, including key industry players and subject matter experts, to obtain and verify critical qualitative and quantitative information and to assess the market outlook.
Key Benefits of Purchasing the Report
The report would provide market leaders/new entrants in this market with information on the closest approximations of revenue figures for the overall Advanced Analytics market and its sub-segments. It would help stakeholders to understand the competitive landscape and gain more information to better position their business. and plan appropriate go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with insights on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p06231625/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.