New York, United States, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The Global Data Analytics Market Size is to Grow from USD 61.44 Billion in 2023 to USD 581.34 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 25.20% during the projected period.
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Data analytics is the process of examining, transforming, and analyzing large amounts of data in order to derive meaningful insights and make informed decisions. It entails using various statistical and mathematical techniques to detect patterns, correlations, and trends in data. There are also a variety of tasks, such as data collection, cleaning, modeling, visualization, and interpretation. It combines mathematics, statistics, computer science, and domain knowledge to extract useful information from unstructured data. It also helps organizations uncover hidden patterns and gain a better understanding of their operations, customers, and market dynamics by leveraging advanced analytical tools and technologies. Data analytics insights can aid in evidence-based decision-making, process optimization, risk and opportunity identification, customer experience enhancement, and overall business performance. The process of digital transformation is ongoing and data-driven, rather than a one-time event. It also necessitates a cultural shift within the organization that prioritizes data-driven decision-making over simply implementing new technologies. As a result, as digitalization becomes more widely adopted, demand will increase, boosting the market during the forecast period. Smart manufacturing is becoming increasingly prevalent. The Internet of Things refers to the machine-to-machine integration of common devices. However, the technology raises serious security concerns, including the need for real-time security, client data confidentiality, and security, to name a few. Some of the most pressing issues that must be addressed include remote storage, poor identity management, insufficient investment in system and network security, human error, linked devices, and IoT applications.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Data Analytics Market Size, Share, and COVID-19 Impact Analysis, By Type (Prescriptive Analytics, Predictive Analytics, Customer Analytics, Descriptive Analytics), By Solution (Security Intelligence, Data Management, Data Monitoring, Data Mining), By Application (Supply Chain Management, Enterprise Resource Planning, Database Management, Human Resource Management, Others), By Deployment (Cloud, On-Premises), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The predictive analytics segment is expected to hold the largest share of the global data analytics market during the forecast period.
Based on the type, the global data analytics market is categorized into prescriptive analytics, predictive analytics, customer analytics, and descriptive analytics. Among these, the predictive analytics segment is expected to hold the largest share of the global data analytics market during the forecast period. Predictive analytics provides accurate and reliable insights that help organizations solve problems and identify opportunities, such as fraud detection, marketing campaign optimization, better decision-making, and increased operational efficiency.
The security intelligence segment is expected to hold the largest share of the global data analytics market during the forecast period.
Based on the solution, the global data analytics market is divided into security intelligence, data management, data monitoring, and data mining. Among these, the security intelligence segment is expected to grow at the highest pace in the global Data Analytics market during the forecast period. The growing adoption of advanced analytics to identify fraudulent activity, optimize processes, and address data risks is driving segmental growth. Furthermore, increased deployment of business intelligence software to provide control access to customer databases, transaction security, and improved customer experience is expected to drive segmental growth over the forecast period.
The supply chain management segment is expected to hold the largest share of the global data analytics market during the forecast period.
Based on the application, the global data analytics market is divided into supply chain management, enterprise resource planning, database management, human resource management, and others. Among these, the supply chain management segment is expected to hold the largest share of the global data analytics market during the forecast period. The supply chain management segment is expected to grow the fastest in the data analytics market over the forecast period. This growth is attributed to data analytics in supply chain management, which helps organizations increase profits by allowing for more efficient production planning
The on-premises segment is expected to hold the largest share of the global data analytics market during the forecast period.
Based on the deployment, the global data analytics market is divided into cloud and on-premises. Among these, the on-premises segment is expected to hold the largest share of the global data analytics market during the forecast period. Data security and compliance regulations are critical in industries involving sensitive data, such as finance, healthcare, and government. As a result, on-premises deployment allows organizations to have direct control over their data while implementing stringent security measures tailored to their specific needs.
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North America is anticipated to hold the largest share of the global data analytics market over the predicted timeframe.
North America is expected to hold the largest share of the global data analytics market in the forecast period. The region is home to prominent businesses in a variety of industries, and the software is widely used. For example, Facebook, Twitter, and Instagram use data analytics to collect user preferences and deliver targeted advertisements. Data analytics market growth in North America is being driven by the availability of infrastructure and the increased use of advanced technologies such as AI and machine learning. The United States is expected to expand rapidly due to increased demand for analytics tools that provide advanced and enhanced compliance analytics, which are critical in detecting policy violations, fraud, and other forms of business misconduct.
Asia Pacific is expected to hold a sizable share of the global data analytics market over the forecast period, owing to the expansion of retail, BFSI, healthcare, automotive, and other industries. Furthermore, increasing adoption of social media platforms, the internet, and smartphones, as well as advancements in communication technologies and digitalization, are expected to increase data analytics market share in Asia Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global data analytics market are Amazon Web Services Inc., International Business Machines Corporation, Looker Data Sciences, Inc., Mu Sigma, Oracle Corporation, SAP SE, Sisense Inc., Tableau Software LLC., ThoughtSpot Inc., Zoho Corporation Pvt. Ltd., and Others.
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Recent Developments
- In May 2023, SAP SE and Google Cloud announced a significant expansion of their partnership, introducing a comprehensive open data solution designed to reclaim the power of company data and streamline data environments.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Data Analytics Market based on the below-mentioned segments:
Global Data Analytics Market, By Type
- Prescriptive Analytics
- Predictive Analytics
- Customer Analytics
- Descriptive Analytics
Global Data Analytics Market, By Solution
- Security Intelligence
- Data Management
- Data Monitoring
- Data Mining
Global Data Analytics Market, By Application
- Supply Chain Management
- Enterprise Resource Planning
- Database Management
- Human Resource Management
- Others
Global Data Analytics Market, By Deployment
- Cloud
- On-Premises
Global Data Analytics Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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