The data analytics market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the data analytics market highlights the future prediction and the growth alternatives that can be created.
Market Research Future (MRFR’s) latest report on global data analytics market indicates an impressive CAGR of 30.08% in the market over the forecast period of 2017-2023. the report further asserts that the market is likely to reach a valuation of USD 77.64 Bn by the end of 2023.
Data analytics has gained massive acceptance among enterprises as it helps identify the probability of future outcomes using machine learning and statistical algorithm techniques. data analytics help businesses make more productive decisions, improve operational efficiency, increase revenue, optimize marketing campaigns, and respond to emerging business trends.
The ability to identify the probability of future outcomes based on historical data and trends using statistical algorithms and machine learning techniques can be recorded as a principal factor working for the growth of the market. With aims to leverage the existing database for assessment of future probabilities could be a propagating factor for the market to ahead with extensive expansion possibilities in the future.
On the other side, today, the businesses are increasingly adopting predictive analytics as it collects data from various other sources and offers insights to make predictions about future events. These events help companies with their improvement in operational efficiency. Predictive analytics are also there to support business dynamics like consumer demand, changes in market strategy, and commotions in the business cycle, thus, making it proactive by creating an insight to see future of any project. These factors have also come into the picture of market proliferation, which is anticipated to continue during the assessment period, as well.
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The study offers a detailed segmental analysis of the market, which is based on type, solution, application, and industry.
In terms of application, the market is segmented as enterprise resource planning, supply chain management, human resource management, database management, and many more. Among these, the enterprise resource planning segment currently holds the largest market share and is likely to endure highly attractive during the review period.
In terms of industry, the market is segmented into BFSI, IT & telecommunication, manufacturing, process manufacturing, discrete manufacturing, retail & e-commerce, energy & power, healthcare, transport & logistics, and media & entertainment. In 2016, the BFSI segment was further valued at over USD 2.49 Billion and is now anticipated to uphold healthy progress over 2023.
In terms of deployment, the market has been segmented into the cloud and on-premise. The cloud segment is likely to stay at the top position over 2023.
The data analytics market has been segmented into four key regions, namely North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America accounts for the foremost share of the global data analytics market. A robust IT sector combined with the presence of major market players in the region gives North America unprecedented leverage over other regions. Moreover, the adoption of data analytics has been considerably high in the region as compared to others which too is a supporting factor. The US and Canada have witnessed high demand for data analytics services in recent years which has favored the growth of the market. Moreover, the adoption of predictive analytics by the e-commerce sector in the region has also contributed considerably to the market growth.
Europe and the APAC market collectively account for more than one-third share of the market and are likely to capture an advantageous share of the market over the forecast period. The APAC market is anticipated to exhibit a higher CAGR over the forecast period. factors such as economic upturn, growth of the IT and BFSI sector has propelled the growth of the market. Other factors substantiating the growth of the market include increasing technology expenditure in the developing countries of China and India, and heightened demand for effective advanced analytical solutions among SMEs in the region.
Microsoft Corporation (U.S.), SAP SE (U.S.), Amazon Web Services Inc. (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Dell Inc. (U.S.), Alteryx, Inc. (U.S.), Datameer Inc. (U.S.), Looker Data Sciences, Inc. (U.S.) and IBM Corporation (U.S.) are some of the top listest market players who are continuously contributing to the market growth over the years.
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