Market Research Future published a Cooked research report on “Global Data Analytics Market” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2023
The global data analytics market is set to grow from USD 12.01 Billion in 2016 to USD 77.64 Billion in 2023. Cost reduction, faster decision making and new product or service launch are the key features in which data analytics can be very helpful. High adoption rate of technology and growing data analytics requirement are the prime drivers of data analytics market.
Deployment of advanced analytical techniques helps in improving the productivity and efficiency of field operations as well as optimize the organizational workforce. The tools detect and correct the errors from data sets with the help of data filtration techniques, which helps in improving the quality of data and consequently benefits both customers and institutions such as banks, insurance, and finance companies. The advantages of big data analytics mentioned above help in optimizing the overall business process.
Some of the key players in the global data analytics market include Microsoft Corporation (U.S.), SAP SE (U.S.), Amazon Web Services Inc. (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Dell Inc. (U.S.), Alteryx, Inc. (U.S.), Datameer Inc. (U.S.), Looker Data Sciences, Inc. (U.S.) and IBM Corporation (U.S.) among others. The extensive growth in data analytics market is highlighting the huge investments & acquisition made the many of these companies to expand on both regional and global level.
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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.
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.
In 2016, North America accounted for the largest share of the global data analytics market and is expected to retain its position over the review period. Demand for data analytic services has conituned to grow in the U.S. and Canda in recent years. This is mainly attributed to the generation of large volume of unstructured data from smart connected devices and industrial Internet of Things (IoT), which is being synchronized using end-to-end analytical tools. Adoption of predictive analytics in big data by the e-commerce sector in the region is also contributing to the growth of the North America data analytics market.
In Asia Pacific, economic development coupled with the growth of the IT & BFSI sector has spurred a strong demand for data analytics tools. It is also projected to be the fastest growing market for the data analytics. High demand in BFSI, IT & telecommunication, retail, healthcare, food & beverage and government sector is creating growth opportunities for market players. Other factors such as growing technology expenditures in countries such as China and India, and demand for cost-effective advanced analytical software and services among small and medium-sized enterprises (SMEs) also influence the region’s 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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