Market Highlights

Data analytics is a well-known process of analyzing large sets of data to glean vital information on customers and their behaviors. The global data analytics market report by Market Research Future (MRFR) focuses on drivers, challenges, trends, and opportunities to predict the growth trajectory for the forecast period (2020-2027). It takes into consideration geopolitical factors, economic factors, and the COVID-19 pandemic to reach its predictions.

Market Scope

The need to reduce the margin of error in business decisions significantly is estimated to boost the data analytics market 2020. The AI & Analytics reports are made by Market Research Future, which includes market choices for advancement. A CAGR of 30.08 % is foreseen to have an effect on the market income rising to USD 77.64 billion in the forecast period.

The COVID-19 outbreak has had its effect on all industries. This is evident by its somber response to customer demand in the initial years of lockdowns initiated by nations. But data analytics has become a reliable source for accumulating data and pinpointing emerging trends in products and consumption of data. The healthcare industry, in particular, has leveraged on data analytics to trace COVID-19 patients and contain the virus in high spots. It has also used the data effectively to dole out vaccines and provide healthcare support in necessary areas.

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Segmentation:

The segmental investigation of the data analytics market has been based on application, type, solution, deployment, industry, region and organization size. Based on the application, the data analytics market has been segmented into enterprise resource planning, database management, human resource management, supply chain management, and others. On the basis of type, the data analytics market has been segmented into descriptive analytics, prescriptive analytics, customer analytics and predictive analytics. Based on the solution, the data analytics market has been segmented into data management, data mining, data visualization, fraud & security intelligence, and data monitoring. Based on the regions, the data analytics market includes North America, Asia Pacific, Europe, the Middle East, South America and Africa.

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Regional Analysis

Among the regions, North America is expected to dominate the market and exhibit a CAGR of 26.4% over the forecast period. This is attributed to use of analytic software in industries of media, retail, oil & gas, mining, and others. The data has been employed in influencing decisions pertaining to purchased of new technology or upgrades in infrastructure. The U.S. is the biggest contributor to the market with a share of 86.7% in 2019. It can register 26.2% CAGR over the forecast period owing to the use of data analytics by streaming platforms and financial institutions to pinpoint customer trends.

Europe is the second-largest market with a growth projection of 29.8% over the forecast period. Rapid pace of innovative technology and implementation of insights in core processes and operations can drive the data analytics market. The U.K. is the biggest contributor to the regional market followed by Germany. New data governance policies and adherence to strict regulatory laws can drive the market demand significantly.

Competition Analysis

IBM Corporation, Datameer, Inc., Alteryx, Inc, SiSense Inc, Mu Sigma, Looker Data Sciences, Inc., SAP SE, SAS Institute Inc., ThoughtSpot, Inc., Microsoft, Zoho Corporation Pvt. Ltd., Tableau Software, LLC., Dell Inc., Amazon Web Services, Inc., and Oracle are key players of the data analytics market.

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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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