The Market Research Future report projects that the global market for data analytics is touted to show a CAGR of 30.08% during the forecast period (2017-2023) to exceed a valuation of USD 77.64 billion. The market has witnessed yet another year of steady growth in the present with the increase in information communication & technology industry. With this, there has been a significant growth ratio recorded for data analytics market owing to some grossing factors from across the world.
Data analytics techniques are today’s invention that is used in commercial industries to enable organizations by becoming productive with the help of competent and right business decisions. The data analytics tool helps businesses with increasing their revenue, improve operational efficiency, optimize marketing campaigns, collaborate with emerging trends, and gain a competitive advantage. These are also considered to be the chief factors influencing the market for data analytics to spur continuously.
The ability to identify the probability of future outcomes based on historical data and trends using statistical algorithms and machine learning techniques can be recorded as a principal factor working for the growth of the market. With aims to leverage the existing database for assessment of future probabilities could be a propagating factor for the market to ahead with extensive expansion possibilities in the future.
On the other side, today, the businesses are increasingly adopting predictive analytics as it collects data from various other sources and offers insights to make predictions about future events. These events help companies with their improvement in operational efficiency. Predictive analytics are also there to support business dynamics like consumer demand, changes in market strategy, and commotions in the business cycle, thus, making it proactive by creating an insight to see future of any project. These factors have also come into the picture of market proliferation, which is anticipated to continue during the assessment period, as well.
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The study offers a detailed segmental analysis of the market, which is based on type, solution, application, and industry.
In terms of application, the market is segmented as enterprise resource planning, supply chain management, human resource management, database management, and many more. Among these, the enterprise resource planning segment currently holds the largest market share and is likely to endure highly attractive during the review period.
In terms of industry, the market is segmented into BFSI, IT & telecommunication, manufacturing, process manufacturing, discrete manufacturing, retail & e-commerce, energy & power, healthcare, transport & logistics, and media & entertainment. In 2016, the BFSI segment was further valued at over USD 2.49 Billion and is now anticipated to uphold healthy progress over 2023.
In terms of deployment, the market has been segmented into the cloud and on-premise. The cloud segment is likely to stay at the top position over 2023.
The market for data analytics globally has been studied under the main regions of North America, Europe, Asia Pacific, the Middle East & Africa, and the Rest of the world (RoW).
Among all, North America has the largest market share and is likely to lead in the future as well with the existence of well-established IT sector and the presence of significant players and rapid adoption of predictive analytics.
Europe and the Asia Pacific are on a similar path to account a substantial share of the data analytics market during the estimated period. Presently, both regions communally have added one-third segment of the global data analytics market. In APAC, the market is probable to show a relatively higher CAGR during the assessment period owing to cumulative investment in data analytical tools, growing technology expenditure in the developing countries and government initiatives in the development of smart cities is supporting the growth of the market in APAC.
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.) are some of the top listest market players who are continuously contributing to the market growth over the years.
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