Data Analytics Market Research Future Insights
The Data Analytics Market is projected to be worth USD 303.4 Billion by 2030, registering a 27.60% CAGR during the forecast period (2023-2030).
Data analytics is referred to the science behind filtering raw data to identify patterns that can be utilized across different businesses. It uses multidimensional tools to collect, organize and interpret insights that facilitate organizations to make informed decisions. Today, almost every industry leverages data analytics to contour strategic thinking. From significant healthcare analytics to local community interventions that fight climate change, the applications of data analytics are diverse and far-reaching. The field of analytics develops on a network of collaborations, from setting up the correct analytical system to the final visualization of the analyzed information.
The Data analytics market is key to improving business processes and reducing data wastage. This service mainly works on four important characteristics: volume, variety, velocity, and veracity. Data analytics facilitates enterprises by configuring deeper insights into unstructured data and discovering data that will assist business assumptions. The analytical tools assist business analysts and business users create business value and experience a competitive advantage. Furthermore, it supports ensure efficiency in procurement, empowers organizations to develop their marketing strategies, help business growth, and differentiate themselves from competitors.
The global Data Analytics Market report furnishes an integrated evaluation of the market. The report tends to a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors playing an eloquent role in the market.
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Regional Analysis
The global Data Analytics Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East Africa.
North America esteemed for the topmost market share due to the presence of major players and technological advancement in the region. Espousal of predictive analytics in big data, as supporting Hadoop architectures are utilized by some major e-commerce giants like Wal-Mart and eBay are contributing to the surging value of data analytics market in the region.
Asia-Pacific is anticipated to be the fastest growing in global data analytics market owing to the massive demand in BFSI, IT, telecommunication, retail, healthcare, food beverage, and government sector. Other factors such as augmenting technology expenditures in countries, including China and India, and requirement for cost-effective advanced analytics software and service across industries.
Market Segmentation
The Data Analytics Market is segmented into the following types;
By Type
- Predictive Analytics
- Prescriptive Analytics
- Descriptive Analytics
- Diagnostic Analytics
By Solutions
- Data Management
- Fraud Security Intelligence
- Data Mining
- Data Visualization
- Data Monitoring
- Others
By Industry
- BFSI
- IT Telecommunication
- Manufacturing
- Retail E-commerce
- Energy and Power
- Healthcare
- Transportation Logistics
- Media and Entertainment
- Others
By Function
- Sales Analytics
- Marketing Analytics
- Accounting
- Financial Analytics
- HR Analytics
- Operational Analytics
- Others
Key Players
The global Data Analytics Market’s substantial key players are Microsoft Corporation (US), SAP SE (Germany), Oracle Corporation (US), Amazon Web Services Inc. (US), SAS Institute Inc. (US), Dell Inc. (US), Alteryx Inc.(US), Datameer Inc. (US), Looker Data Science Inc. (US), IBM Corporation (US), Tableau Software LLC (US), SiSense Inc. (US), Zoho Corporation Pvt. Ltd (India), ThoughtSpot Inc.(US), Mu Sigma (US), ScienceSoft (US), Wipro Limited (US), and Accenture plc (US).
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