The Global Advanced Analytics Market size is expected to reach $56. 2 billion by 2027, rising at a market growth of 23. 1% CAGR during the forecast period. Advanced analytics refers to the process of examining the data with the help of advanced techniques and tools.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Advanced Analytics Market By Type, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131620/?utm_source=GNW
Techniques such as data simulation, optimization, and mining are used for descriptive, predictive, and statistics data to provide knowledge to deal with business intelligence (BI). It provides broad and in-depth analytics that are anticipated to deliver organizations a better understanding of their information.
Nowadays, there is a trend of social media platforms, which is providing internet vendors abundant data and information. Conventional analytics techniques and tools fail to identify hidden patterns in data whereas advanced analytics market tools support extracting the hidden information, that is later used by organizations to give prominent understanding to their customers’ behavior. Advanced analytics also support companies to customize their offerings to customers by utilizing the extracted hidden information.
The key factor contributing to the high growth of the advanced analytics market is the increasing amount of business data across the world. Therefore, this industry is rapidly growing with the pace of time. Advanced analytics is a wide area of inspection, which is used to do modifications and improve business operations. It involves the use of mathematical operations to gain insights into the data. It supports the creation of suggestions, finding hidden insights, and forecast predictions.
With the outbreak of the COVID-19 pandemic, everything is disrupted, from the customer behavior to supply chains and eventually creating an economic slowdown, which is causing further changes. The imposition of several restrictions around the world forced the population to stay locked inside their houses. The pandemic has augmented the use of analytics and AI in many companies.
Due to the COVID-19 pandemic, there is an increase in the deployment of advanced analytics in businesses to secure business continuity and process optimization. Advanced analytics is gaining popularity due to its deployment in the businesses along with the improvements in the latest technologies like data mining, neural networks, machine learning, multivariate statistics, semantic analysis, and the growing data volumes generated by organizations.
Based on Type, the market is segmented into Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis and Others. The big data analytics segment dominated the market in 2020, with the largest share in the market. The factors responsible for the massive growth of this segment are the rising popularity of social media and the growing number of digital or virtual offices that generate large volumes of data. Information management is arising as a section where big data analytics have a positive impact on business productivity and processes.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The on-premise segment acquired the largest share in revenue in 2020. Companies are adopting on-premise analytics to get the authority and more flexibility to personalize their IT infrastructure. It also provides the facility to the organizations to secure their data from any illegal activities & failures, and decrease the dependency on the internet infrastructure.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. With the growing number of small and medium enterprises in nations like Japan, Singapore, Australia, and China, there is an increase in the adoption of cutting-edge analytics. Several governments of the nations are taking initiatives to offer funds to small and medium enterprises for implementing cloud-based solutions that will contribute to the growth of the small and medium enterprises segment.
End User Outlook
Based on End User, the market is segmented into BFSI, IT & Telecom, Military & Defense, Healthcare, Government and Others. The IT & Telecommunications segment is rising the demand for collaboration tools like web conferencing and video conferencing, thereby propelling the growth of the advanced analytics market during the forecast period. Companies are deploying analytical tools and techniques to avoid illegal transactions like cloning, unauthorized access, and illegitimate authorization. Telecom operators having a large subscriber base are deploying big data analytics to make micro-segmentation and customize the needs of the individual customer.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific regional market would witness a promising growth rate during the forecast period. Companies in the region are highly deploying big data analytics tools and solutions to cope up with the growing cases of digital fraud. The rise in the e-commerce industry in nations like Malaysia, China, Singapore, India, and Japan, has contributed to the rising demand for predictive analytics over the forecast period.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Advanced Analytics Market. Companies such as Oracle Corporation, IBM Corporation and SAP SE are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAS Institute, Inc., SAP SE, IBM Corporation, Oracle Corporation, Dell Technologies, Inc., Microsoft Corporation, RapidMiner, Inc., Altair Engineering, Inc., Fair Isaac Corporation (FICO), and KNIME AG
Recent Strategies Deployed in Advanced Analytics Market:
Partnership, Collaborations, and Agreements:
May-2021: SAP extended its partnership with Team Liquid, a leading worldwide professional esports organization. By using the power of SAP HANA, predictive & machine learning functionalities, and the SAP Business Technology Platform, Team Liquid would more rapidly and efficiently evaluate opponents’ approaches.
Mar-2021: Oracle came into partnership with Red Bull Racing Honda. Under this partnership, Red Bull would leverage the ML and data analytics offerings of Oracle Cloud Infrastructure (OCI) to optimize how data is utilized over its business; from on-track tasks to putting more data in the hands of the Team’s global fan base. In addition, the OCI-powered offerings would assist the team to sharpen its already formidable competitive edge.
Mar-2021: Oracle entered into a partnership with Saama Technologies, an AI-powered clinical analytics cloud platform. The capability of Saama’s purpose-built clinical applications to boost validation of clinical trial data is technology-agnostic and enables biopharma to get the power of AI further with Intelligent Clinical Cloud architecture.
Mar-2021: FICO came into a partnership with Intermatica, one of the main Italian players in the TLC field. This partnership aims to deliver a variety of FICO’s solutions for AI-powered decision optimization to Italian companies. In this partnership, FICO and Intermatica will provide the market solutions for data-driven business transformation utilizing robust mathematical models. FICO’s predictive analytic and optimization tools help companies to take better decisions within a small timeframe, control business performance, and know their customers to deliver what they want.
Feb-2021: IBM entered into a partnership with Palantir Technologies, a public American software company. This partnership includes IBM’s hybrid cloud data platform developed to provide AI for business, with Palantir’s next-generation operations platform for developing applications. The product is estimated to streamline the way companies build and implement AI-infused applications with IBM Watson and assist customers’ access, evaluate, and take action on the huge volume of data, which is scattered over hybrid cloud environments.
Jan-2021: SAS extended its 40-year partnership with the US Food and Drug Administration (FDA). Under this expansion, SAS aimed to expand its capabilities in natural language processing, AI, and ML capabilities via the SAS Viya platform with the support of the FDA’s mission as an important public health agency. This partnership would help FDA to advance CDER’s initiative to modernize drug regulatory programs, better meet the center’s mission, offer analytically driven drug manufacturing facility surveillance via other core initiatives.
Jan-2021: SAP SE extended its partnership with Microsoft, an American multinational technology company. This partnership aimed to combine Microsoft Teams with SAP’s intelligent portfolio of solutions and boost the adoption of SAP S/4HANA on Microsoft Azure. In addition, the companies also focus on simplifying and streamlining users’ journeys to the cloud.
Nov-2020: FICO formed a partnership with Linktera, a consultancy and digital solutions provider specializing in risk management. This partnership aimed to improve the usage of AI-powered credit risk technology in Turkey and the Middle East. In addition, Linktera would sell and deploy FICO’s decision management solutions that assist banks and other credit grantors control risk and boost lending growth.
Nov-2020: IBM came into partnership with Tech Data, a leader in VADs and end-to-end technology distributors, and Microsoft Azure. This partnership would enable customers to more rapidly develop a strong information architecture by allowing faster & easier access to IBM Cloud Pak for Data, a united data & AI platform, which offers cost-effective and containerized services for boosting the journey to AI.
Oct-2020: KNIME came into partnership with H2O.ai, a leading AI technology software company. This partnership aimed to integrate Driverless AI for AutoML and KNIME Server for workflow management over the complete data science life cycle from data access to optimization & deployment. Through this partnership, the companies provide a comprehensive no-code enterprise data science solution to boost value in every industry for an end to end data science automation.
Sep-2020: SAS came into partnership with RTI International, an independent, nonprofit institute. In this partnership, RTI and SAS would further strengthen and enhance service to customers by integrating subject matter expertise, improved analytics, scientific rigor, and technical & software products into comprehensive solutions. By integrating experts with powerful software, companies can generate more & better data insights to fulfill customers’ greatest requirements.
Jul-2020: SAS partnered with the National Health Authority (NHA). This partnership aimed to enable data analytics for the latter’s National Anti-Fraud Unit (NAFU) to assist in monitoring fraud and abuse in the deployment structure of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) scheme.
Jul-2020: KNIME entered into a partnership with BOLD, a Dutch management consulting firm. Under this partnership, BOLD joined the partner ecosystem of KNIME and the companies aimed to offer the customers the best data-science tools.
Jun-2020: Oracle Health Sciences joined hands with the Wake Forest Institute for Regenerative Medicine (WFIRM). Both the entities teamed up as part of the Innovation Quarter’s iQ Healthtech Labs to make a consortium of industry, government, and academic members, which would study novel approaches to setting up the security of new drugs that are approaching clinical investigation in humans & FDA approval.
Jun-2020: SAP SE collaborated with Honeywell, an American publicly traded, multinational conglomerate. This collaboration aimed to develop a joint cloud-based solution based on Honeywell Forge, an enterprise performance management offering, and SAP Cloud Platform, which would streamline and integrate operational & business data to improve decision-making and efficiencies.
Jun-2020: SAS entered into a partnership with Microsoft, an American multinational technology company. Under this partnership, Microsoft’s Azure became SAS’s preferred cloud and deep integrations of SAS’s several products into Microsoft’s cloud portfolio that varies from Azure to Dynamics 365 and PowerBI. In addition, both the companies also intended to introduce collaborative solutions for their customers.
Mergers and Acquisitions:
Jan-2021: SAS acquired Boemska, a privately held technology company. This acquisition aimed to improve SAS Viya, a cloud-native, advanced analytics platform, with enriching capabilities that accelerate SAS’ objective of supporting the whole analytics life cycle and facilitating customer transformation to the cloud.
Sep-2020: Altair acquired Ellexus an input/output (I/O) analysis tool. This acquisition aimed to combine Ellexus into the storage-aware scheduling functionality of Altair PBS Works, which is appropriate in these domains as storage-aware scheduling for big data applications is crucial.
Jul-2020: IBM acquired WDG Automation, a software provider of RPA. The acquisition aimed to improve IBM’s comprehensive AI-infused automation capabilities, ranging from business processes to IT operations.
Jun-2020: Microsoft took over ADRM Software, the leader in large-scale, industry-specific data models. The integration of comprehensive industry models from ADRM with limitless storage & compute from Azure enables the creation of the intelligent data hub where data from various places of business can be synchronized together more rapidly. Along with Microsoft Azure, such capabilities would be provided at scale, helping the customers to boost digital progress, and minimize the risk in various major initiatives.
Product launches and Product Expansions:
Jun-2021: Altair unveiled Altair SmartWorks, its next-generation, cloud-native platform. This platform aims to empower increased data-driven decision making, along with that, SmartWorks utilizes the full power of AI, the Internet of Things (IoT) and analytics, to assist companies to enhance and ensure better production quality, optimize maintenance schedules, develop connected product lines, and deploy recurring revenue models. In addition, this platform also enables organizations to personalize automate financial systems, marketing analytics, and more.
Jun-2021: Dell Technologies launched new solutions to assists clients in better manage the convergence of high-performance computing (HPC), data analytics, and artificial intelligence (AI). To assist companies to manage data-intensive workloads like genome sequencing to product development simulations. In addition, Dell also expands HPC on-demand services & Dell EMC PowerEdge server accelerator support.
Dec-2020: Oracle launched Oracle MySQL Database Service with integrated MySQL Analytics Engine. This service is optimized for and exclusively accessible in Oracle Cloud Infrastructure (OCI).
Dec-2020: Microsoft unveiled a new data governance solution on its cloud platform called Azure Purview. This latest service helps in automating the discovery of data and cataloging along with decreasing the compliance threats and assists users map all their data, regardless of its locations, to offer an end-to-end view of their data estate.
Oct-2020: SAP SE unveiled the SAP Customer Data Platform. This platform enables companies to develop individual but anonymized 360-degree customer profiles utilizing data from various sources in and outside of a company that includes online sources and social channels.
Jul-2020: IBM launched Watson Advertising Social Targeting with Influential, a new solution that uses artificial intelligence (AI) to help brands identify influencers that best align with their brand values. The new solution within the Watson Advertising suite of targeting products is the result of IBM’s expanded collaboration with Influential, a leader in advanced social media technology. The social targeting tool helps brands communicate with an audience. The solution uses IBM Watson Natural Language Understanding on the IBM public cloud to process and analyze social media data to help expedite influencer identification.
Jun-2020: RapidMiner introduced a new release of its platform, RapidMiner 9.7. This new update computes the team element for improved & successful data science initiatives, which continue to put people at the center of the company’s AI journey by emancipating customers of different backgrounds and abilities.
Scope of the Study
Market Segments covered in the Report:
• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
By Deployment Type
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• IT & Telecom
• Military & Defense
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• SAS Institute, Inc.
• SAP SE
• IBM Corporation
• Oracle Corporation
• Dell Technologies, Inc.
• Microsoft Corporation
• RapidMiner, Inc.
• Altair Engineering, Inc.
• Fair Isaac Corporation (FICO)
• KNIME AG
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