Data Analytics Market – Overview:
Data analytics is a statistical tool which allows the organization and data centers to interpret a huge amount of data and gain insightful information which can help in crucial decision making. The global data analytics market has seen tremendous opportunities as the most of the organizations are adopting advance technology in their business process. Growing economy of Asian Countries has made Asia-Pacific an emerging market for data analytics where presence of global players in the North America is helping to dominate the market.
Data Analytics market will be adopted widely around the globe soon. Organization who falls under the umbrella of SMEs have realized that data analytics could help to grow their business on very large scale whereas Tier I and Tier II companies are using data analytics to understand the demand pattern and make the wise decisions accordingly.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said: “Technological growth and need of data interpretation in big organization are the key drivers for the data analytics market. High adoption rate of automation and high dependency on technology will help the big data analytics to explore the new heights in coming period.”
According to the report, Global Data Analytics market has been valued at US billion which is expected to grow at CAGR of 31% and soon hit the market size of US $159 billion. Growing application areas and high adoption rate of analytics software are some key factors which is driving the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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At present there are three main trends that the market has high hopes of and they are as follows:
• Emergence of proficient machine learning algorithms.
• Better computer systems to analyze large datasets.
• Adoption of concepts of artificial intelligence and internet of things IoT.
Market Players & Key Strategies
Some of the most acclaimed names of this industry can be listed as Amazon Web Services, IBM, Looker, Microsoft Corporation and SAS Institute. The two major strategies used by these players to stay ahead in the competitive arena are strategic expansion and investment in research and development.
The prominent players in the market of data analytics market are- IBM (U.S), Alteryx (U.S.) BigPanda (U.S.) SAS Institute (U.S.), Dell (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), Cogito Corporation (U.S.), Datameer (U.S.), Looker (U.S.) among others.
The worldwide data analytics market has been separated into four equal parts. They can be listed as end users, types, geographies and applications.
On the basis of end users, the market has been divided into healthcare, BFSI, manufacturing, software/IT and government.
When it comes to types the industry is trifurcated into descriptive, prescriptive and predictive.
Geographically, the market has its reach across several areas of the world like North America, Europe, Asia Pacific and Rest of the World.
Lastly, based on applications the market has been segmented into DBMS, mining and data mining.
Data analytics market has a very peculiar target audience that comprises of software developer companies, data analytics companies; big data analytics service providers, service providers, manufacturing companies and analytics service providers.
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