Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The global Data Analytics Market has been estimated to reach USD 24.63 billion in 2021 and is projected to grow at a CAGR of 25% during the forecast period till 2030.
Important information can be used to optimize processes to increase the overall efficiency of a system or business. This can be done by various techniques to reveal trends and metrics that would otherwise be lost in the mass of information. The process of data analysis includes the following steps –
1. To determine how the data is grouped.
2. The process of collecting data.
3. Organization of data for analyzing.
4. Finally the data is cleaned before analysis. This step is very important to check for any duplications or error.
The growing volume of raw data from various sources will help to boost the growth of the data analytics market. For instance, the healthcare segment has a large amount of unstructured and structured data which need to be analyzed in order to make quick decisions. Other business segments where large amount of data need to be handled rapidly are retail industry, media & entertainment, IT sector, and others. However, the cost of data storage and data tools are high. Further, the privacy issues related to data extraction are restraining the growth of the market.
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The demand for technologies like big data, IoT, machine learning, artificial intelligence, and other integrated advanced technologies will help the market to grow rapidly and also open up new job opportunities in most industries. For instance, according to the report by World Economic Forum in 2018, 85% of companies will adopt data analytics and big data by 2022, which will generate jobs with related roles.
Some Significant Market Developments Considered in the Report:
- In April 2021, a no-code startup enables analytics on cloud, Upsolver announced its financing by Scale Venture Partner worth USD 25 million. The company said that the funds will be used to scale its market efforts and hire engineers.
- HawkEye 360, provider of radio frequency data & analytics announced in April 2021, about its funding of worth USD 55 million led by NightDragon and including existing investors Shield Capital, Advance, Razors Edge Ventures, Adage Capital, Dorilton Ventures, and Esri International.
- Nymbus, the U.S. based financial service platform, announced in April 2021 about its collaboration with Segmint, data and analytics company to enhance its transaction across its banking services and products.
- In April 2021, Tredence Inc, leading AI analytics services company launched ML Works, state-of-the-art machine learning platform for engineers, data scientists, and analysts.
- In March 2021, Exasol, analytics database company won the title of “Overall Data Analytics Company of the Year” in 2021 Data Breakthrough Awards. The program is conducted by independent market intelligence organization, Data Breakthrough.
COVID-19 Impact on Global Data analytics Market
The QMI team is closely monitoring the impact of COVID-19 on the global data analytics industry, and it has been observed by our team that the demand for data analytics is slowing down during the pandemic time. But it is anticipated to grow with a healthy rate from mid-2021. To control the spread of the pandemic, many countries across the globe have put strict lockdown norms, which is hampering all kinds of business activities.
The demand and supply of raw materials and product manufacturing and distribution have been completely disrupted due to the closing down of the marketplace. Among various industries, transportation, aviation, IT & telecommunication, and electronic industries have suffered huge financial losses. This has created weak demand for several products and components, and data analytics is one of them. All these factors have been analysed in details in this report.
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Global Data Analytics Market, By Type
Based on type, the data analytics market is segmented into predictive, prescriptive, descriptive, customer, and others. The rise in the adoption of machine learning and artificial intelligence in predicting financial scenarios will contribute to the growth of predictive analytics. The COVID-19 pandemic has also forced various business segments to adopt these advanced technologies to get the overview of future trends.
Global Data Analytics Market, By Solution
Based on solution, the data analytics market is segmented into data management, fraud and security intelligence, data monitoring, and data mining. The data management segment is expected to become the largest segment during the forecast period. The process of acquiring, storing, validating, protecting and processing raw data into reliable data is necessary in every business segment.
Global Data Analytics Market, By Organization Size
Based on organization size, the data analytics market is segmented into large enterprise and small & medium enterprises. Large enterprises are expected to grow continuously during the forecast period. Factors like huge amount of data generated from various business segments and customers, and quick delivery of services and products will boost the growth of data analytics in large organizations.
Global Data Analytics Market, By Deployment
Based on deployment, the data analytics market is segmented into on-premises and cloud. Cloud deployment segment is expected to grow with the highest CAGR during the forecast period. The current COVID-19 pandemic is forcing the employers to work remotely with the help of cloud-based data analysis, which will fuel the growth of data analytics market. The managing of one or more business segments from single cloud service driving companies to adopt automated cloud orchestration and optimization. This in result will boost the growth of cloud segment in data analytics market.
Global Data Analytics Market, By Function
Based on function, the data analytics market is segmented into marketing analytics, sales analytics, accounting & finance analytics, and others. Marketing analytics is expected to grow significantly in during the forecast period. Data analytics will help the companies to create business models to target their audience for marketing and sales purposes.
Global Data Analytics Market, By Application
Based on application, the data analytics market is segmented into supply chain management, database management, human resource management and others. Database management is expected to grow significantly in the market during the forecast period. The rising trend of applying big data in every business vertical and its ability to handle any type of data like structured or unstructured will surge the demand for database management. This will have a positive impact on the growth of the data analytics market.
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Global Data Analytics Market, By End User
Based on end user, the market is segmented into BFSI, IT & telecom, retail & e-commerce, manufacturing, energy & power, healthcare, transport & logistics, and others. The banking and finance industry is expected to become the largest segment in the market during the forecast period. In insurance and finance industry, risk and fraud detection are very important and analyzing data related to customer expenditure can help companies to analyze risk and threat circumstances. Customer analytics, threat analysis, regulatory compliance analysis is a few of the key factors that will contribute to the growth of the data analytics market.
Global Data Analytics Market, By Region
Based on region, the global data analytics market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The North America region is expected to exhibit significant growth during the forecast period. The North America region is expected to exhibit significant growth during the forecast period. The presence of key leaders in this region will great contribute to the growth of the market. The early adoption of advanced technologies like big data, IoT in various sectors including healthcare, education, media, and others will boost the growth of the market.
Some Major Findings of the Data analytics Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
- An in-depth global data analytics market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global data analytics market, which include IBM Corporation, Microsoft, Oracle, SAP SE, Amazon Web Services, Tableau Software, SiSense Inc, Zoho Corporation, ThoughtSpot, Mu Sigma, Looker Data Sciences, Datameer Inc, Alteryx Inc, Dell Inc, and SAS Institute.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global data analytics market.
- Impact of COVID-19 on the global data analytics market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Data Analytics Market, By Type (Predictive, Prescriptive, Descriptive, Customer and Others), Solution (Data Management, Fraud And Security Intelligence, Data Monitoring And Data Mining), Deployment (On-Premises And Cloud), Function(Marketing Analytics, Sales Analytics, Accounting & Finance Analytics And Others), Organization Size (Large Enterprises And Small & Medium Enterprises), Application (Supply Chain Management, Database Management, Human Resource Management, and Others), End-use Industry (BFSI, IT & Telecom, Retail & E-Commerce, Manufacturing, Energy & Power, Healthcare, Transport & Logistics and Others), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting (2018-2030)” in depth analysis along with the table of contents (ToC).
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