Data Analytics Market Size to Worth Around USD 346.33 Bn by 2030

Ottawa, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the data analytics market size has accounted at USD 41.39 billion in 2022. The introduction of machine learning as well as artificial intelligence to provide individualized consumer experiences, the increased acceptance of social networking platforms, and the rising of online shopping are the main factors propelling the market's expansion.

In response to the COVID-19 epidemic, many businesses have implemented data analytics and AI technologies to manage enormously complicated supply chains and engage customers online. Additionally, the epidemic has increased the usage of cutting-edge technologies in many other industries, including data mining, semantic analysis and artificial neural networks. The amount of data produced by enterprises globally has increased exponentially in recent years. The acquired data provides insights that help various firms make better, timely, and decisions based on real facts. Particularly as it relates to data management as well as strategic decision-making, this has increased demand for advanced analytics solutions.

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Furthermore, advancements in the big data space have aided in enhancing the evaluation skills of data science professionals. Enterprises can improve crucial business processes, goals, and activities by utilizing big data analytics. By transforming information into intelligence, firms may meet stakeholder requests, manage huge data volumes, enhance process controls, manage risks, and increase administrative performance.

The market is anticipated to expand as a result of the increasing use of data analytics tools used in tasks including estimating and predicting electricity consumption, and traffic trend and the trade market predictions. Utilizing data analytics for demand forecasting can support businesses in making profitable decisions. Governmental organizations and other sectors, including manufacturing, banking, and other professional services, have recently made significant investments in data analytics. For example, international banks are trying to optimize information, including the information collected from social media feeds support inquiries, and customer money transfers, to create data-driven business-intelligence models and implement advanced predictive analytics. This is done to make their data sets informative and maintain their competitiveness in the market. Geographical Information Systems' ongoing integration of sophisticated analytics and the development of location-based services for the best data management are driving the industry.

Key Insights:

• The big data analytics market share was more than 35% in 2021.
• The on-premise segment has held for 45% revenue share in 2021.
• By enterprise size, the large enterprise segment has accounted 60% revenue share in 2021.
• The BFSI sector has accounted revenue share of 25% in 2021.
• North America region has captured highest revenue share of over 45% in 2021.
• The Asia Pacific market is growing at a CAGR of 23.5% from 2022 to 2030.

Regional Snapshots

In 2021, North America accounted for the highest share of the global data analytics market, and it is predicted that it will continue to have a dominant position during the forecast year. The main factors propelling the growth of the North American big data analytics market are the presence of top data analytics businesses and rising investment in the creation of advanced analytics solutions. The adoption of cloud computing across numerous end-use sectors and developing IoT and IIoT infrastructure are anticipated to boost the North American big data analytics market during the projected period.

Due to the increasing usage of advanced analytics solutions for managing and analyzing big data produced from industrial, commercial, and residential data sources, Asia Pacific is predicted to have the fastest expanding market throughout the projection period.

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Scope of the Report

Report highlights

• Based on application, over the forecast period, the customer analytics segment held the biggest market share. The rising competition among major corporations to provide better client satisfaction and personalized experiences is what is driving this segment's growth.
• The dashboard & data visualization tools sector is anticipated to hold a sizable share over the projected period based on the deployment model. This is because more companies are using data visualization tools to extract reports from a diverse and constantly growing volume of data.
• During the forecast period, North America had the biggest market share by region. This is brought on by a rise in end-user demand for digital transformation across a broad spectrum, as well as the convergence of numerous technologies including big data and analytics and artificial intelligence (AI), which have an impact on the sector and increased its IT expenditure.
• Service is anticipated to be one of the most profitable categories, component by component.
• BFSI is anticipated to be the most profitable sector throughout the projection period based on industry vertical.
  
  

Drivers

Growing Edge Computing use to increase demand for analytics tools due to the increased use of the Internet of Things (IoT), artificial intelligence (AI), and machine learning algorithms, there are more connected IoT devices available (MLA). IDC statistics estimates that by 2025, 152,200 IoT devices will be connected per minute.

Additionally, the increased use of edge computing is being facilitated by the expanding need for connected gadgets. Edge computing is primarily relevant to industrial IoT due to its real-time data processing capabilities and quicker response times. During the projected time, it is anticipated that this aspect will encourage the expansion of the big data analytics market.

Restraints

One of the intimidating issues of big Data is protecting these enormous repositories of knowledge. Companies frequently put data security to later phases because they are so busy understanding, storing, and analyzing their data sets. Unprotected data repositories might serve as a breeding ground for hostile hackers, thus doing this is frequently not a wise decision. A stolen document or knowledge breach can cost businesses up to $3.7 million.

Opportunities

Worldwide, the use of more digital solutions in industries including healthcare, finance, BFSI, retail, agriculture, and telecommunications and media is considerably boosting data. Artificial intelligence, for instance, has significantly changed risk management, pest control, and precision farming in the agricultural industry. Big data is produced by smart machinery, GPS-equipped tractors, and soil sensors. Data analytics is used in agriculture to analyse large data sets, including advanced risk assessment, natural tracks, supply tracks, optimal crops, and others.
Similar to how businesses are using bots to automate and reform working scenarios Additionally, digital assistants like Google Assistant, Apple Siri, and Amazon Alexa produce a ton of data. 8.2 billion digital voice assistants are projected to exist. Global social media usage has increased as a result of improvements in smartphone technology and network access. The amount of data produced by Facebook, Whatsapp conversations, Instagram, SnapChat, and other platforms is enormous. Therefore, it is projected that the industrial revolution would result in vast datasets thanks to advanced technology in various industries, expanding smart application use, and emerging social media platforms. Thus, it is anticipated that a growing database across industries will drive demand for the data analytics market.

Challenge

The data analytics market is facing significant difficulties due to a lack of qualified personnel who are familiar with big data analytics.

When a significant amount of data (Volume) is produced every minute, it is imperative to evaluate the different types of data (variety) (velocity). Opportunities for data scientists and big data analysts are growing exponentially as a result of the enormous amount of data being generated. Employing a Data Scientist with multidisciplinary skills, understanding of big data evaluation, and the ability to work on velocity, variety, and amount of data, technologies, and business operations is vital for enterprises with restricted budgets.

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Recent developments

• On September 2020, IBM Corporation joined forces with PMsquare, a renowned data analytics consulting company with offices around Asia-Pacific, Europe, and North America. PMsquare is situated in the US. This collaboration sought to advertise IBM's business analytics products in Sri Lanka.
  
  
• In order to give security, risk, and fraud teams the capacity to manage digital risk comprehensively, including access and identity management, threat detection and response, integrated risk assessment, and Omni channel fraud prevention, Dell Inc. bought RSA (US) in February 2020.
  
  

Market Segmentation

By Type

• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
• Others (Predictive Analytics, Text Analytics, and Prescriptive Analytics)

By Deployment

• On-premise
• Cloud

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By End Use

• BFSI
• Government
• Healthcare
• IT & Telecom
• Military & Defense
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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