The incorporation of data analytics facilitates the organization to accelerate the revenue generation process by optimizing market campaigns, improving operational efficiency and gain a competitive edge by responding swiftly to the trend shifts of the market. The increased adoption of data analytics by various organizations to identify the future outcomes by extrapolating historical data and trends is driving the expansion of the global data analytics market towards higher verticals.
The accuracy of data provided through data analytics as it relies on statistical algorithms and machine learning technology has created traction for data analytics in various industry domains. The increasing application of data analytics in various industrial sectors such as healthcare, manufacturing, BSFI, IT and telecommunication, and others is majorly fueling the expansion of the global data analytics market.
The benefits of data analytics through deployment of advanced analytical techniques to organize the workforce and for improving the efficiency and productivity of the field operations are inducing demand for data analytics in the global market. The increasing focus of service providers towards the expansion of their business on a global level through new product launch is anticipated to fuel the expansion of the global data analytics market during the forecast period.
However, low penetration of advanced technology in underdeveloped regions and lack of awareness regarding the availability of such solutions in these regions is likely to impact negatively on the growth of the global data analytics market during the forecast period.
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Major Key Players
SAS Institute (U.S.),
Microsoft Corporation (U.S.),
Amazon Web Services (U.S.),
Cogito Corporation (U.S.),
Datameer (U.S.), Looker (U.S.) among others.
Market Research Future (MRFR) has published a report on Global Data Analytics Market suggesting that the global market for data analytics is anticipated to expand at a robust CAGR of 30.08% during the forecast period of 2017-2023 and is estimated to reach the valuation of USD 77.64 Bn by the end of 2023.
The increasing investments in research and development for providing advanced solutions have aided the players in the global data analytics market to gain a competitive edge in the market. The strategic mergers and acquisitions by the players are fueling the expansion of their businesses in order to sustain the highly competitive environment of the global data analytics market.
On 23rd July 2018, Market Xcel Data Matrix (India) has created a data analytics proposition by setting up a new division that includes data scientists and consultants to utilize smart analytics and data modeling.
On 23rd July 2018, Publicis Health (U.S.), the health division of Publisic Group, has announced the acquisition of Payer Sciences, a data analytics health marketing agency.
Geographically, the global data analytics market is segmented into major four regions such as North America, Europe, Asia Pacific and the rest of the world. Among these, the North America region accounts for the largest share in the global data analytics market and is anticipate to dominate the global data analytics market during the forecast period. Whereas, Asia Pacific is projecting the fastest growth in the global data analytics market owing to the increased demand for synchronization of industrial internet of things (IoT) using end-to-end analytical tools and growing technological expenditure in emerging economies such as India and China. The rapid adoption of advanced technology coupled with increasing industrialization is driving the growth of the global data analytics market.
The global data analytics market has been segmented on the basis of type, solution, application, industry, deployment, and organization size. Based on type, data analytics market is segmented into predictive analytics, prescriptive analytics, descriptive analytics and customer analytics. Based on solution, data analytics market is segmented into data management, fraud and security intelligence, data mining, data visualization and data monitoring.
Based on application, data analytics market is segmented into enterprise resource planning, supply chain management, human resource management, database management, and others. Based on industry, the data analytics market is segmented into BSFI, IT and telecommunication, manufacturing, retail and e-commerce, energy and power, healthcare, transport and logistics, media and entertainment, and others. Based on deployment, the data analytics market is segmented into cloud and on premise. Based on organization size, the data analytics market is segmented into small and medium enterprises (SMEs) and large enterprises.
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- Data Analytics Companies
- Analytics Service Providers
- Software Developer Companies
- Service Providers
- Manufacturing Companies
- Big Data Analytics Service Providers
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