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Advanced analytics describes the sophisticated analysis of data using complex techniques to forecast trends and predict events. It uses state-of-the-art tools, such as ML and AI technologies and complex statistical analyses and algorithms to examine the rising big data and identify patterns to discover deeper insights. Advanced analytics uses quantitative and qualitative methods to uncover relationships, trends, correlations, and outliers. Advanced analytics tools cover data mining, ML, cohort analysis, cluster analysis, retention analysis, complex event analysis, predictive analysis, regression analysis, sentiment analysis, and time series analysis.
The COVID-19 pandemic has accelerated many companies to instigate the use of advanced analytics and AI solutions and implement innovative strategies to helps engage customers through digital channels, manage fragile and complex supply chains, and support workers through disruption to their work and lives. Companies should focus on where they can obtain new insights rather than rely on lagging information. These can come from both from new sources of data and using existing data in new ways. For instance, in banks that traditionally use credit scores to analyze risk can instead turn to customer-account data, where they might identify gaps in deposits. The crisis has also exposed that one of the most advanced analytics techniques relies on principles of behaviors and patterns repeated periodically. But the patterns exposed are revealed through data and even suggested during identification, which changes the customers mind. Many firms that had started benefitting its client with data analytics usage are growing in all departments. The departments most directly affected by the virus see the most incredible growth in marketing, finance, and customer service use cases for small businesses.
The advanced analytics market is expected to witness a slowdown in 2020 due to the global lockdown, which is impacting global manufacturing, and supply chains and logistics. The manufacturing, transportation and logistics, and retail and consumer goods sectors have been most severely affected. 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 exempted from the lockdown. The situation is expected to come under control by early 2021. Analytics have also played a vital role in the determination of fraudulent activities with a system updated with fraudulent activities that help in determining security boundaries for an organization. For instance, IBM Cloud Pak for Security can help you uncover hidden threats and make more informed risk-based decision. An economic model has also been represented by data scientists to forecast the various insights about customers probable future behavior, suppliers, and staff is a top priority. These predicted behaviors have helped the business in deriving the consequential financial effect through continuous, rapid decision-making based on accurate, data-driven analytics, and simulations.
The services segment to hold higher CAGR during the forecast period
Based on components, the market size of the solution segment is expected to hold a larger market share in 2021, while the services segment is projected to grow at a higher CAGR during the forecast period. This growth can be attributed to the need for determining the time and cost required to install the solution that requires fully managed advanced analytics services. The high growth is attributed to the higher adoption of advanced analytics solutions across key verticals such as BFSI, IT and telecom, and retail and consumer goods.
The sales and marketing segment will hold the largest market size during the forecast period
Based on business function, the market size of the sales and marketing segment is expected to hold the largest market share in 2021, while the HR segment is projected to grow at the highest CAGR during the forecast period. Businesses are adopting advanced analytics to take a deep dive into historical process data, identify patterns and relationships among discrete process steps and inputs, and then optimize the factors that prove to have the greatest effect on business yield. Many global manufacturers have abundant real-time shop-floor data and the capability to conduct such sophisticated statistical valuations. They are taking previously isolated data sets, aggregating them, and analyzing them to reveal important insights.
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The large enterprises segment to hold a larger market size during the forecast period
Based on organization size, the advanced analytics market has been segmented into large enterprises and SMEs. The large enterprises segment is estimated to hold a larger market share in 2021. The growth of the segment is due to the increased competition in large enterprises from budding SMEs. Large enterprises are focusing on solutions to effectively manage complex business process to enhance customer engagement. Hence, these organizations are using advanced analytics solutions to effectively manage complex operations. The SMEs segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes, reach new customers, and stay competitive and control their spending.
Healthcare and life sciences vertical is to have the highest CAGR during the forecast period
The Advanced Analytics market has been segmented based on verticals into BFSI, healthcare and life sciences, IT and telecom, retail and consumer goods, manufacturing, government and defense, transportation and logistics, media and entertainment, and other verticals (education, energy and utilities, and travel and hospitality). The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period. Advanced analytics solutions provide care plans and educate patients to improve patient care and outcomes while decreasing healthcare costs to the healthcare firms.
North America to hold the largest market share during the forecast period
In North America, advanced analytics solutions and services are highly effective in most organizations and verticals due to the increasing need to provides businesses with a way to operationalize and get more value from data assets. Europe is gradually advancing toward incorporating advanced analytics within its market. APAC is showing a substantial rise in the adoption of advanced analytics solutions and services during the forecast period, while Latin America and MEA are slowly picking up advanced analytics due to its benefits for various industries to get user insights in real time.
Key players offering Advanced Analytics market. The major vendors covered 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), Moodys 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).
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