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(IT-NEWSWIRE.COM, August 28, 2024 ) The advanced analytics market is projected to grow from USD 64.3 billion in 2023 to USD 226.2 billion by 2028, at a compound annual growth rate (CAGR) of 28.6% during the forecast period. The advanced analytics market is expected to grow significantly during the forecast period, owing to various business drivers like the rising adoption of big data and other related technologies to leverage real-time data processing and the growing demand for cloud-based analytics solutions for better accessibility and cost-effectiveness.
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By offering, services to register for the highest CAGR during the forecast period
The scope of the services segment comprises training and consulting, system integration and implementation, and support and maintenance. The services segment of the advanced analytics market is growing rapidly. These services play a vital role in properly functioning advanced analytics solutions. Advanced analytics vendors require technical support and consulting services to deploy their solutions quickly and smoothly in the market.
Advanced Analytics Market Advantages:
Organisations may extract valuable insights from massive and complicated databases using advanced analytics. Organisations may make better decisions based on data-driven insights by utilising tools like predictive analytics, machine learning, and data mining as opposed to depending on gut feeling or educated guesswork.
Businesses can obtain a market advantage by utilising the potential of advanced analytics. Organisations can predict market changes, improve operations, and create targeted strategies by identifying trends, patterns, and client preferences through extensive data analysis.
Organisations can improve operations and streamline procedures with the use of advanced analytics. Organisations can find bottlenecks, inefficiencies, and opportunities for improvement by analysing data on production, supply chains, and customer behaviour, which results in lower costs and more productivity.
Organisations can better understand their customers thanks to advanced analytics. Organisations may personalise marketing campaigns, enhance customer service, and create products that better satisfy customer demands by analysing customer data to determine purchase trends, preferences, and behaviours.
Organisations that use advanced analytics can effectively identify and reduce risks. Organisations can identify possible risks, such as fraud, security breaches, or market swings, by analysing past data, and then take preemptive steps to lessen their impact.
Innovative and profitable opportunities can be unlocked by using advanced analytics. Organisations can discover new product or service offerings, explore new markets, and create creative business models by analysing market trends, customer insights, and emerging technology.
Organisations may use advanced analytics to make quick choices and acquire real-time insights into their operations. Organisations can track important performance indicators, spot abnormalities, and react quickly to shifting market conditions by utilising technology like big data analytics and real-time data processing.
Organisations that use sophisticated analytics promote a culture of data-driven decision-making. It fosters a mindset of continuous improvement, encourages the use of data and evidence in decision-making processes, and makes it possible for organisations to adjust to quickly changing market conditions.
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Top Key Companies in Advanced Analytics Market:
Some major players in the advanced analytics market include IBM (US), Oracle (US), Google (US), SAP (Germany), Microsoft (US), SAS Institute (US), KNIME (Switzerland), FICO (US), Altair (US), AWS (US), Salesforce (US), TIBCO Software (US), Alteryx (US), Teradata (US), Adobe (US), Absolutdata Analytics (US), Moody’s Analytics (US), Qlik (US), Databricks (US), Dataiku (US), Kinetica (US), MathWorks (US), Anaconda (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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Source: EmailWire.Com 
Source: EmailWire.com
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