Advanced Analytics Market Size

Advanced Analytics Market size was over USD 52.33 Billion in 2023 and is projected to exceed USD 913.07 Billion by the end of 2036, growing at over 24.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of advanced analytics is evaluated at USD 63.92 Billion.

The industry growth is attributed to the advent of machine learning, artificial intelligence, and other advanced analytics solutions for gaining better insights. Further, the increasing digital penetration and social media use by people is another factor estimated to contribute to the growth of the market in the forecast period. For instance, digital transformation spending in 2022 was estimated to be USD 2 Trillion and is predicted to grow throughout the forecast period.

In addition to these, factors that are believed to fuel the advanced analytics market growth include the rise in investments and collaboration between major key players. For instance, on April 2022, Wipro collaborated with DataRobot, an augmented intelligence business to boost the business with consumer insights. Moreover, it also mediates the increased adoption of AI and other advanced analytics. Additionally, the developments in the big data field are estimated to contribute to the industry growth in the forecast period. Furthermore, the use of advanced analytics solutions by end-user verticals is slated to boost market growth.