Fort Collins, Colorado, Oct. 19, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Data Analytics Market size was valued at USD 37.2 Billion in 2022 and is expected to be USD 405.2 Billion by 2032 with a CAGR of 27.1%.
Data analytics examines, transforms, and interprets data to gain insights and make informed decisions. It involves various techniques and tools to interpret large and complex data sets to uncover patterns, trends, and correlations that inform business strategies, optimize processes, and drive improvements. Developing advanced technologies such as cloud computing, distributed computing, and storage solutions have facilitated the processing and storage of large datasets.
Big data technologies provide scalable and cost-effective infrastructure to handle massive data volumes, making data analytics more accessible to businesses of all sizes. With the advent of these digital technologies, there has been a massive explosion in the volume and variety of data generated by organizations. This includes structured data from databases and unstructured data from social media, emails, and sensors. Data analytics provides the means to extract insights from this vast amount of data and derive value from it.
Data analytics has applications in various industries, including retail, healthcare, finance, manufacturing, and telecommunications. Each industry has unique challenges and opportunities that can be addressed through data analytics, leading to its widespread adoption across sectors. Furthermore, the rise of artificial intelligence (AI) and machine learning (ML) technologies has significantly impacted the data analytics market. AI and ML algorithms help analyze vast amounts of data quickly and accurately, uncovering complex patterns and making predictions. These technologies enable automation, anomaly detection, and the development of advanced predictive models, enhancing data analytics capabilities.
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Segmentation Overview:
The global data analytics market has been segmented into type, deployment, enterprise size, end-use, and region. The Big Data Analytics segment is leading the market with a major share. The segment's growth is attributed to the increased use of social media sites for virtual businesses, which generate vast amounts of data. The BFSI segment is expected to hold a large share of the market.
North America has been a dominant player in the data analytics market, primarily driven by the presence of major technology companies and advanced IT infrastructure. The United States, in particular, has a large market share due to its strong emphasis on technological innovation. The region has a mature market with a high adoption rate of data analytics solutions across various industries, including finance, healthcare, retail, and manufacturing.
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Data Analytics Market Report Highlights:
- The global data analytics market growth is anticipated at a CAGR of 27.1% by 2032.
- Data analytics empowers decision-makers with actionable insights, enabling them to understand customer behavior, optimize operations, identify market trends, and drive business growth.
- The e-commerce segment is predicted to grow significantly in the forecast period. Retailers and e-commerce companies utilize data analytics to gain insights into customer preferences, optimize pricing strategies, personalize marketing campaigns, manage inventory, and enhance supply chain efficiency.
- The healthcare industry leverages data analytics to improve patient care, optimize clinical operations, manage electronic health records (EHRs), and conduct medical research.
- Some prominent players in the data analytics market report include Alteryx, Inc., IBM Corporation, SiSense Inc., Microsoft, Zoho Corporation Pvt. Ltd., Oracle, ThoughtSpot, Inc., SAP SE, Mu Sigma, Dell Inc., Amazon Web Services, Inc., Looker Data Sciences, Inc., Tableau Software, LLC., Datameer, Inc., and SAS Institute Inc.
Industry Trends and Insights:
- In 2023, Blend360 acquired Forth Point to strengthen global data capability and expansion in European markets. Blend360 is a data, analytics, and talent solution firm, whereas Forth Point is an AI and ML solutions and data engineering company.
- In 2023, G7 CR, a leader for cloud managed services, acquired Azure, a leading organization for advanced specialization in analytics. This aims to strengthen the company’s position to solve complex analytics and maintain a competitive edge in data analytics and interpretation.
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Data Analytics Market Segmentation:
- By Type: Big data analytics, business analytics, customer analytics, risk analytics, statistical analysis, others.
- By Deployment: On-premise, cloud.
- By Enterprise Size: Large enterprises, small & medium enterprises
- By End-use: BFSI, government, healthcare, IT & Telecom, military & defense, others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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