Market Research Future (MRFR’s) latest report on global data analytics market indicates an impressive CAGR of 30.08% in the market over the forecast period of 2017-2023. the report further asserts that the market is likely to reach a valuation of USD 77.64 Bn by the end of 2023.
Data analytics has gained massive acceptance among enterprises as it helps identify the probability of future outcomes using machine learning and statistical algorithm techniques. data analytics help businesses make more productive decisions, improve operational efficiency, increase revenue, optimize marketing campaigns, and respond to emerging business trends.
An increasing amount of data generated by enterprises on a daily basis induce the need to analyze them in order to gain market insights from it. Moreover, organizations are increasingly realizing the importance of data analytics which has spurred the demand within the market. Additionally, growth in the number of SMEs who are increasingly leveraging data analytics for business advantage is also encouraging the growth of the market. However, the growth of the market might be hindered by a lack of technical expertise and data privacy and security concerns.
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Oracle Corporation (U.S.), Alteryx, Inc. (U.S.), SAS Institute Inc. (U.S.), Datameer Inc. (U.S.), SAP SE (U.S.), IBM Corporation (U.S.), Amazon Web Services Inc. (U.S.), Microsoft Corporation (U.S.), Looker Data Sciences, Inc. (U.S.), Dell Inc. (U.S.), and others are the leading players in the data analytics market.
The global data analytics market has been segmented based on type, application, industry, solution, deployment, and organization size.
By type, the data analytics market has been segmented into predictive analytics, prescriptive analytics, descriptive analytics, and customer analytics. Type-wise, the predictive analytics segment led the market in 2016.
By solution, the data analytics market has been segmented into data management, fraud & security intelligence, data mining, data visualization, and data monitoring. The data management segment is anticipated to be the largest as well as the fastest-growing segment over the forecast period.
By application, the data analytics market has been segmented into enterprise resource planning, supply chain management, human resource management, database management, and others. The enterprise resource planning segment holds the largest share of the market and is also expected to capture the highest CAGR over the forecast period.
By industry, the data analytics market has been segmented into BFSI, Energy & Power, IT & Telecom, Manufacturing, Retail & E-Commerce, Healthcare, Transport and Logistics, Media & Entertainment, and Others.
By deployment, the data analytics market has been segmented into on-premise and cloud.
By organization size, the data analytics market has been segmented into small & medium enterprise and large enterprise.
The data analytics market has been segmented into four key regions, namely North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America accounts for the foremost share of the global data analytics market. A robust IT sector combined with the presence of major market players in the region gives North America unprecedented leverage over other regions. Moreover, the adoption of data analytics has been considerably high in the region as compared to others which too is a supporting factor. The US and Canada have witnessed high demand for data analytics services in recent years which has favored the growth of the market. Moreover, the adoption of predictive analytics by the e-commerce sector in the region has also contributed considerably to the market growth.
Europe and the APAC market collectively account for more than one-third share of the market and are likely to capture an advantageous share of the market over the forecast period. The APAC market is anticipated to exhibit a higher CAGR over the forecast period. factors such as economic upturn, growth of the IT and BFSI sector has propelled the growth of the market. Other factors substantiating the growth of the market include increasing technology expenditure in the developing countries of China and India, and heightened demand for effective advanced analytical solutions among SMEs in the region.
June 2019 – Boston Consulting Group (BCG), a global management consulting firm announced the acquisition of Kernel Analytics, a data science and analytics consultancy. Kernel Analytics and its around 100 employees will be integrated into BCG Gamma, BCG’s data science and analytics powerhouse dedicated to data-driven insights.
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