Data analytics is a well-known process of analyzing large sets of data to glean vital information on customers and their behaviors. The global data analytics market report by Market Research Future (MRFR) focuses on drivers, challenges, trends, and opportunities to predict the growth trajectory for the forecast period (2020-2027). It takes into consideration geopolitical factors, economic factors, and the COVID-19 pandemic to reach its predictions.
The global data analytics market is expected to project revenues at 28.9% CAGR over the forecast period. The ubiquitous presence of data and development of new methods to leverage data for forging new partnerships and pushing innovations can drive market growth. Companies are introducing new departments dedicated to data analysis for creation of new products and catering to new demands. Novel opportunities created for the market owing to heavy reliance on the Internet can fetch huge returns in the coming years. Social media is a prime example with a large scope of data analytics owing to high frequency of visits and large number of interactions on these platforms.
The COVID-19 outbreak has had its effect on all industries. This is evident by its somber response to customer demand in the initial years of lockdowns initiated by nations. But data analytics has become a reliable source for accumulating data and pinpointing emerging trends in products and consumption of data. The healthcare industry, in particular, has leveraged on data analytics to trace COVID-19 patients and contain the virus in high spots. It has also used the data effectively to dole out vaccines and provide healthcare support in necessary areas.
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By type, the global data analytics market has been segmented into customer analytics, predictive analytics, prescriptive analytics, descriptive analytics, and others.
By solution, the global data analytics market has been segmented into data mining, data management, fraud & security intelligence, and data monitoring.
By application, the global data analytics market has been segmented into database management, enterprise resource planning, human resource management, supply chain management, and others.
Based on deployment, the data analytics market has been divided into cloud and on-premises.
By organization size, the data analytics market is bifurcated into large enterprises and small & medium enterprises.
By function, the data analytics market is segmented into accounting & finance analytics, HR analytics, marketing analytics, sales analytics, operational analytics, and others.
By vertical, the global market is segmented into BFSI, IT & telecom, media & entertainment, manufacturing, retail & e-commerce, energy & power, transport & logistics, healthcare, and others. The BFSI segment accounted for the largest market share of 22.3% in 2019, with a market value of USD 5,127.7 million; it is expected to register the highest CAGR of 30.9% during the forecast period. The IT & telecom segment was valued at USD 4,444.9 million in 2019; it is projected to exhibit a CAGR of 30.6%.
Among the regions, North America is expected to dominate the market and exhibit a CAGR of 26.4% over the forecast period. This is attributed to use of analytic software in industries of media, retail, oil & gas, mining, and others. The data has been employed in influencing decisions pertaining to purchased of new technology or upgrades in infrastructure. The U.S. is the biggest contributor to the market with a share of 86.7% in 2019. It can register 26.2% CAGR over the forecast period owing to the use of data analytics by streaming platforms and financial institutions to pinpoint customer trends.
Europe is the second-largest market with a growth projection of 29.8% over the forecast period. Rapid pace of innovative technology and implementation of insights in core processes and operations can drive the data analytics market. The U.K. is the biggest contributor to the regional market followed by Germany. New data governance policies and adherence to strict regulatory laws can drive the market demand significantly.
IBM Corporation, Datameer, Inc., Alteryx, Inc, SiSense Inc, Mu Sigma, Looker Data Sciences, Inc., SAP SE, SAS Institute Inc., ThoughtSpot, Inc., Microsoft, Zoho Corporation Pvt. Ltd., Tableau Software, LLC., Dell Inc., Amazon Web Services, Inc., and Oracle are key players of the data analytics market.
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Data Analytics Market, By Type (Predictive, Prescriptive), Solution (Data Management, Data Visualization), Application (ERP, SCM), Industry (BFSI, IT & Telecom, Manufacturing), Deployment (Cloud, On-Premise), Organization Size – Forecast (2017-2023)
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