The Global Data Analytics Market has been estimated to reach around USD 24.63 billion in 2021 and is projected to grow at a CAGR of 25% during the forecast period. The analyzing of raw data in order to make conclusions from that information is referred to as data analytics. The important information can be used to optimize the processes to increase the overall efficiency of a system or business. This can be done by various techniques to reveal trends and metrics that would otherwise be lost in the mass of information.
The process of data analysis includes the following steps:
- To determine the data requirements or how the data is grouped. For instance, data can be separated by age, gender, demographic, etc. It can be numerical or divided by category.
- The process of collecting data. For example, the data can be collected through various sources like online text data, images, personal, etc.
- Organization of data for analyzing. For instance, statistical software like spreadsheet can be used to organize the valid data.
- Finally, the data is cleaned before analysis. This step is very important to check for any duplication or error.
From providing better services and products for customer satisfaction to making better business decisions, data analytics has a wide range of opportunities in various fields of industries. For instance, in any industry, sales are important and hence, with the help of descriptive analytics, data engineers can analyze what has happened over time and what necessary steps should be taken next.
The growing number of raw data from various sources will help boost the growth of the data analytics market. For instance, the healthcare segment has a large volume of unstructured and structured data, which need to be analyzed in order to make quick decisions. Other business segments where large amount of data needs to be handled rapidly are retail industry, media & entertainment, IT sector, and others. However, the cost of data storage and data tools are high. Further, the privacy issues related to data extraction are restraining the market.
The demand for technologies like big data, IoT, machine learning, artificial intelligence, and other integrated advanced technologies will help the market to grow rapidly and also open new job opportunities in most industries. For instance, according to the report by World Economic Forum in 2018, 85% of companies will adopt data analytics and big data by 2022, which will open jobs with related roles.
FIGURE 1: GLOBAL DATA ANALYTICS MARKET
The global data analytics market report has been segmented by type, solution, function, deployment, organization size, application, end-user, and region.
FIGURE 2: GLOBAL DATA ANALYTICS MARKET SEGMENTATION
Global Data Analytics Market, By Type
Based on type, the data analytics market is segmented into predictive, prescriptive, descriptive, customer, and others. Predictive analytics is expected to grow significantly in the market. The rise in the adoption of machine learning and artificial intelligence in predicting financial scenarios will contribute to the growth of predictive analytics. The COVID-19 pandemic has also forced various business segments to adopt these advanced technologies to get the overview of future trends.
Global Data Analytics Market, By Solution
Based on solution, the data analytics market is segmented into data management, fraud and security intelligence, data monitoring, and data mining. Data management is expected to become the largest segment during the forecast period. This is mainly due to the fact that the process of acquiring, storing, validating, protecting, and processing raw data into reliable data is necessary in every business segment.
Global Data Analytics Market, By Organization Size
Based on organization size, the data analytics market is segmented into large enterprise and small & medium enterprises. Large enterprises are expected to grow continuously during the forecast period. Factors like huge amount of data generated from various business segments and customers, and quick delivery of services and products will boost the growth of data analytics in large organizations.
Global Data Analytics Market, By Deployment
Based on deployment, the data analytics market is bifurcated into on-premises and cloud. Cloud deployment segment is expected to dominate the market during the forecast period. The growing trend of data and analytics at the edge will reduce the latency for data centric solutions and hence, will enable more real-time data analytics. The current COVID-19 pandemic is forcing employers to work remotely with the help of cloud-based data analysis, which will fuel the growth of data analytics market.
Global Data Analytics Market, By Function
Based on function, the data analytics market is segmented into marketing analytics, sales analytics, accounting & finance analytics, and others. Marketing analytics is expected to grow significantly in the market during the forecast period. Data analytics will help the companies to create business models to target their audience for marketing and sales purposes.
Global Data Analytics Market, By Application
Based on application, the data analytics market is segmented into supply chain management, database management, human resource management, and others. Database management is expected to grow significantly in the market during the forecast period. Various organizations and businesses are constantly adopting the cloud-based data management system in order to store, retrieve, and manage data timely. These techniques will help businesses to grow by prioritizing their goals and fulfilling their customer needs. This, in turn, will boost the growth of the data analytics market.
Global Data Analytics Market, By End User
Based on end user, the market is segmented into BFSI, IT & telecom, retail & e-commerce, manufacturing, energy & power, healthcare, transport & logistics, and others. The banking and finance industry (BFSI) will capture the largest market share during the forecast period. In insurance and finance industry, risk and fraud detection is very important and analyzing data related to customer expenditure can help companies to analyze risk and threat circumstances. Customer analytics, threat analysis, regulatory compliance analysis are a few of the key factors that will contribute to the growth of the data analytics market.
Global Data Analytics Market, By Region
Based on region, the global data analytics market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The North America region is expected to exhibit significant growth during the forecast period. The presence of key leaders in this region will contribute to market growth. The early adoption of advanced technologies like big data, IoT in various sectors including healthcare, education, media, and others will boost the growth of the market.
Europe and Asia Pacific region are also expected to grow during the forecast period due to growing research and development activities in various data science related projects.
Recent Developments in the Global Data analytics Market
- Nymbus, U.S. based financial service platform announced in April 2021 about its collaboration with Segmint, data and analytics company to enhance its transaction across its banking services and products.
- In April 2021, Tredence Inc, leading AI analytics service company launched ML Works, state of art machine learning platform for engineers, data scientists and analysts.
- In March 2021, Exasol, analytics database company won the title of “Overall Data Analytics Company of the Year” in 2021 Data Breakthrough Awards. The program is conducted by independent market intelligence organization, Data Breakthrough.
FIGURE 3: GLOBAL DATA ANALYTICS MARKET (USD MILLION), 2021-2030
What does this Report Provide?
A detailed understanding of the global data analytics market demand from a qualitative and quantitative perspective. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global data analytics market.
The major market drivers, challenges, and opportunities for the global data analytics market have also been covered in the report. This report further includes the market share of the leading companies operating in the data analytics market, along with their production capacities and the growth strategies adopted by them.
- Data Management
- Fraud And Security Intelligence
- Data Monitoring
- Data Mining
By Organization Size:
- Large Enterprise
- Small & Medium Enterprises
- Marketing Analytics
- Sales Analytics
- Accounting & Finance Analytics
- Supply Chain Management
- Database Management
- Human Resource Management
By End User:
- IT& Telecom
- Retail & E-commerce
- Energy & Power
- Transport & Logistics
North American Data analytics Market
- North America, by Country
- North America by Type
- North America by Solution
- North America by Organization Size
- North America by Deployment
- North America by Function
- North America by Application
- North America by End User
The European Data analytics Market
- The U.K.
- The Rest of Europe
- Europe by Type
- Europe by Solution
- Europe by Organization Size
- Europe by Deployment
- Europe by Function
- Europe by Application
- Europe by End User
Asia Pacific Data analytics Market
- South Korea
- The Rest of Asia Pacific
- Asia Pacific by Type
- Asia Pacific by Solution
- Asia Pacific by Organization Size
- Asia Pacific by Deployment
- Asia Pacific by Function
- Asia Pacific by Application
- Asia Pacific by End User
Middle East and Africa Data analytics Market
- Middle East and Africa, by Country
- The UAE
- Saudi Arabia
- South Africa
- The Rest of Middle East and Africa
- Middle East and Africa by Type
- Middle East and Africa by Solution
- Middle East and Africa by Organization Size
- Middle East and Africa by Deployment
- Middle East and Africa by Function
- Middle East and Africa by Application
- Middle East and Africa by End User
South American Data analytics Market
- South America, by Country
- The Rest of South America
- South America by Type
- South America by Solution
- South America by Organization Size
- South America by Deployment
- South America by Function
- South America by Application
- South America by End User
Major Companies: In this report, the major companies studied are: IBM Corporation, Microsoft, Oracle, SAP SE, Amazon Web Services, Tableau Software, SiSense Inc, Zoho Corporation, ThoughtSpot, Mu Sigma, Looker Data Sciences, Datameer Inc, Alteryx Inc, Dell Inc, and SAS Institute.
Objectives of this Report:
- Market size estimation of the data analytics market on a regional and global basis
- Unique research usage for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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