Advanced Analytics Market worth $89.8 billion by 2026
According to a research report "Advanced Analytics Market Size by Component (Solutions and Services), Business Function (Sales & Marketing, Operations), Type (Big Data Analytics, Risk Analytics), Deployment Mode (On-premises and Cloud), Vertical and Region - Global Forecast to 2026" published by MarketsandMarkets, the market for Advanced Analytics is projected to grow from USD 33.8 billion in 2021 to USD 89.8 billion by 2026; it is expected to grow at a CAGR of 21.6% during 2021–2026. 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 customeraccount 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 customer’s 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