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What are the drivers that provide real-time actionable customer insight in the global advanced analytics market?

The global advanced analytics market size is anticipated to grow at a 21.7% CAGR during 2021-2027 and will reach USD 90.4 billion by 2027. The increased adoption of AI-and ML-based technologies to provide real-time actionable customer insights and increased demand to envisage customer intent will fuel the market growth of the advanced analytics market. In addition, the increased demand for monitoring and improving agent performance, as well as the growing demand for voice authentication in mobile banking applications, would propel the advanced analytics market outlook forward. Moreover, the rising demand for industrial automation services and solutions, increased volume of organization data, technological development in analytical tools, increased adoption of cloud technology, development of IT infrastructure, increased number of SMEs in emerging economies, mounting digitalization will accelerate the growth of the advanced analytics market.

The COVID-19 pandemic has prompted many businesses to adopt advanced analytics and artificial intelligence (AI) solutions and implement ground-breaking strategies to better engage customers via digital channels, manage fragile and complex supply chains, and support workers as their work and lives are disrupted. Rather than relying on lagging data, companies should concentrate on where they can gain new insights in the advanced analytics industry.

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According to vertical, the worldwide advanced analytics market is divided into BFSI, IT and telecommunications, retail and consumer goods, healthcare and life sciences, transportation and logistics, government and defense, manufacturing, media and entertainment, and others. BFSI dominates the advanced analytics market owing to the growing requirement for banks and financial institutions to optimize operations, identify fraudulent transactions, and simplify risk management is likely to propel the industry forward.

North America is anticipated to contribute the largest share of the market. Attributed to competition from other firms operating in low-cost countries, the region's prominence is due to its rising use of modern technologies, the existence of supporting infrastructure, and desire for early technological adoption. Furthermore, advanced analytics solution providers have a significant presence in the region, which is expected to fuel the market. SAS Institute Inc., Oracle Corporation, Microsoft Corporation, and IBM Corporation are just a few of the region's vendors.

In October 2021, RapidMiner, a prominent market-leading multi-persona data science platform has partnered with Braincube, a leading Smart IIoT Platform, and Advanced Business App Suite. These technologies, when used together, enable manufacturers to master the use of data to refine their manufacturing processes and increase efficiency. Overall Analytical Effectiveness (OAE) is a notion that builds on the concepts of Overall Equipment Effectiveness (OEE) by emphasizing data that is simple to get and evaluate in order to make data-driven decisions. Users can employ increased analysis through AI/ML predictions and prescriptions to obtain measurable results that can be readily repeated across numerous locations, which is designed for both data experts and citizen data scientists.

The prominent players in the advanced analytics industry include IBM, Oracle, SAS Institute Inc., SAP SE, FICO, Microsoft, Altair Engineering Inc., Amazon Web Services, Inc., Salesforce.com, inc., and RapidMiner, Inc.

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