Market Highlights
Global market for data analytics is witnessing a significant growth primarily due to the growing adoption of predictive analytics across various industry verticals. The global data analytics market is set to expand at 30.08% CAGR during the forecast period (2017-2023). Predictive analytics is used to identify the probability of future outcomes based on historical data and trends using statistical algorithms and machine learning techniques. It aims to leverage historical data to provide the best assessment of what will happen in the future.
Top Impactful Factors
The data analytics market has witnessed a steady growth since from the year of 2017. Data analytics techniques are extensively used in commercial industries to facilitate organizations to make more productive business decisions. The data analytics tool also helps businesses with revenue increase, optimize marketing campaigns, improve operational efficiency, respond faster to emerging trends, and gain a competitive gain. All these factors have the latest recorded to be the key motivators for the market’s expansion for the future timeframe.
The rapidly escalating volume and complexity of data are happening due to cloud-computing traffic, growing mobile data traffic, burgeoning development, and adoption of technologies, including IoT and AI. These factors are driving the growth of the data analytics market. The study further states that over 2.5 quintillion bytes of data are generated every day. Data is created by every click, share, swipe, search, and stream, thus proliferating the demand of the data analytics market globally. In fact, in a survey, several firms investing in data and AI, more than US$ 50 Mn that rose from 27% in 2018 to 33.9% in 2019. The global expenditure on big data analytics was more than US$ 180 Bn in 2019 globally, and the count is rising in the present, which would continue to increase in the coming years. All these are thus, bolstering the data analytics market growth.
The study further finds that by the year 2020, 90% of business professionals and enterprise analytics would expertise on data and analytics as a critical thing to their organizations along with digital transformation initiatives. Furthermore, a recent research study by MRFR also reveals that around 58% of organizations worldwide plan to adopt big data technology in a couple of years. The organizations shall adopt hybrid IT infrastructure management capabilities. The mounting adoption of big data and AI in industries such as BFSI, IT & Telecom, and Healthcare will further fuel the demand of the data analytics market.
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Segmentation:
In this study, an in-depth segmental analysis of the global data analytics market has been conducted based on type, solution, application, industry, deployment, and organization size.
In terms of type segment, the market has included prescriptive analytics, predictive analytics, descriptive analytics, and customer analytics.
In terms of solution, the market has included fraud & security intelligence, data management, data visualization, data mining, and data monitoring.
In terms of the application segment, the data analytics market has included supply chain management, enterprise resource planning, database management, human resource management, and others.
Regional Outlook
The market has been segmented on the basis of the region into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA) and Rest of the world (RoW). North America accounts for the largest market share and is likely to dominate in the future as well. This is primarily owing to the existence of well-established IT sector and presence of major players coupled with rapid adoption of predictive analytics in the region.
Europe and Asia Pacific are also expected to account considerable share of the data analytics market during the forecast period. Currently, both the regions collectively account for more than one-third share of the global data analytics market. In APAC, the market is projected to exhibit a relatively higher CAGR during the assessment period. Factors such as the growing investment in data analytical tools, growing technology expenditure in the developing countries and government initiatives in the development of smart cities is supporting the growth of the market in APAC.
Top Market Players
SAP SE (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services Inc. (U.S.), Dell Inc. (U.S.), SAS Institute Inc. (U.S.), Datameer Inc. (U.S.), Alteryx, Inc. (U.S.), IBM Corporation (U.S.) and Looker Data Sciences, Inc. (U.S.).
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Global Data Analytics Market, By Type (Predictive, Prescriptive), Solution (Data Management, Data Visualization), Application (ERP, SCM), Industry (BFSI, IT & Telecom, Manufacturing), Deployment (Cloud, On-Premise), Organization Size – Forecast (2017-2023)
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