The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on data analytics market. The growth sectors of the data analytics market are identified with precision for a better growth perspective.
Market Highlights
The global data analytics market 2020 to watch for many possibilities in the situation of COVID 19 and also in the long run, predicts Market Research Future. The study conducted on the market states that it would exhibit a CAGR of 30.08% forecast period (2017-2023) to outshine a valuation of USD 77.64 billion.
Top Impactful Factors
The data analytics market has witnessed a steady growth since from the year of 2017. Data analytics techniques are extensively used in commercial industries to facilitate organizations to make more productive business decisions. The data analytics tool also helps businesses with revenue increase, optimize marketing campaigns, improve operational efficiency, respond faster to emerging trends, and gain a competitive gain. All these factors have the latest recorded to be the key motivators for the market’s expansion for the future timeframe.
The rapidly escalating volume and complexity of data are happening due to cloud-computing traffic, growing mobile data traffic, burgeoning development, and adoption of technologies, including IoT and AI. These factors are driving the growth of the data analytics market. The study further states that over 2.5 quintillion bytes of data are generated every day. Data is created by every click, share, swipe, search, and stream, thus proliferating the demand of the data analytics market globally. In fact, in a survey, several firms investing in data and AI, more than US$ 50 Mn that rose from 27% in 2018 to 33.9% in 2019. The global expenditure on big data analytics was more than US$ 180 Bn in 2019 globally, and the count is rising in the present, which would continue to increase in the coming years. All these are thus, bolstering the data analytics market growth.
The study further finds that by the year 2020, 90% of business professionals and enterprise analytics would expertise on data and analytics as a critical thing to their organizations along with digital transformation initiatives. Furthermore, a recent research study by MRFR also reveals that around 58% of organizations worldwide plan to adopt big data technology in a couple of years. The organizations shall adopt hybrid IT infrastructure management capabilities. The mounting adoption of big data and AI in industries such as BFSI, IT & Telecom, and Healthcare will further fuel the demand of the data analytics market.
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Segmentation:
In this study, an in-depth segmental analysis of the global data analytics market has been conducted based on type, solution, application, industry, deployment, and organization size.
In terms of type segment, the market has included prescriptive analytics, predictive analytics, descriptive analytics, and customer analytics.
In terms of solution, the market has included fraud & security intelligence, data management, data visualization, data mining, and data monitoring.
In terms of the application segment, the data analytics market has included supply chain management, enterprise resource planning, database management, human resource management, and others.
Regional Outlook
Furthermore, under significant geographies such as South America, North America, Asia Pacific, Europe, the Middle East & Africa (MEA) and Rest of the World, the study of the market has been conducted.
North America region usher the data analytics market and deems a share of more than 35% of the total revenue. The region shall sustain its lead during the forecast years for being one of the early adopters of technological advancements.
Asia Pacific region is predictable to register the highest growth in the growth course of the market. This region is expected to grow at a CAGR of more than 15% throughout the forecast period as the region witnessed increasing adoption of advanced technology, mainly in countries such as China, Japan and India, and more.
Top Market Players
SAP SE (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services Inc. (U.S.), Dell Inc. (U.S.), SAS Institute Inc. (U.S.), Datameer Inc. (U.S.), Alteryx, Inc. (U.S.), IBM Corporation (U.S.) and Looker Data Sciences, Inc. (U.S.).
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Global 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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Country: India
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