USD 39.41 billion
Report ID:
SQMIG45A2112 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
121 |
Figures:
72
Data Analytics Market size was valued at USD 39.41 billion in 2019 and is poised to grow from USD 51.48 billion in 2023 to USD 160.31 billion by 2031, at a CAGR of 30.4% during the forecast period (2024-2031)
The advent of machine learning and artificial intelligence to create personalized customer experiences, the growing popularity of social networking platforms and the rise of online commerce are the primary reasons driving the market's progress. In reaction to the COVID-19 outbreak, several organizations have deployed data analytics and AI technology to manage tremendously complex supply chains and engage customers online. Furthermore, the pandemic has encouraged the use of cutting-edge technology in many other areas, like data mining, semantic analysis, and artificial neural networks.
In recent years, the amount of data created by businesses throughout the world has expanded tremendously. The obtained data gives insights that assist diverse organizations in making better, timelier, and fact-based decisions. This has raised demand for sophisticated analytics solutions, particularly in data management and strategic decision-making. Furthermore, improvements in the big data sector have contributed to the improvement of data science experts' evaluation skills. Using big data analytics, businesses may enhance critical business processes, goals, and activities. Firms may satisfy stakeholder needs, handle massive data quantities, improve process controls, manage risks, and improve administrative performance by translating information into insight.
US Data Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 39.41 billion
Largest Segment
Prescriptive
Fastest Growth
Prescriptive
Growth Rate
30.4% CAGR
To get more reports on the above market click here to Buy The Report
The Global Data Analytics market is segmented based on type, deployment, enterprise size, end-use, and region. By type, the market is segmented into Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, and Others. By deployment, the market is divided into on-premises and cloud. By enterprise size, the market is divided into Large Enterprises, Small & Medium enterprises. By end-use, the market is divided into BFSI, Government, Healthcare, Healthcare, Military & Defense, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Data Analytics Market Analysis by End-use
The market is expected to grow due to the rising usage of data analytics tools in jobs such as estimating and projecting power consumption, as well as traffic trend and trade market projections. Data analytics for demand forecasting can help organizations make successful decisions. Governments and other industries, such as manufacturing, finance, and professional services, have lately made considerable investments in data analytics. International banks, for example, are attempting to optimize information, such as that acquired from social media feeds, support inquiries, and client money transfers, in order to construct data-driven business intelligence models and adopt sophisticated predictive analytics. This is done to keep their data sets useful and competitive in the market. The sector is being driven by Geographical Information Systems' continual integration of advanced analytics and the creation of location-based services for the best data management.
To get detailed analysis on other segments, Request For Free Sample Report
North America accounted for the largest share of the global data analytics market in 2021, and it is expected to maintain its dominance during the projected year. The presence of top data analytics organizations and increased investment in the development of sophisticated analytics solutions are the primary factors driving the growth of the North American big data analytics market. The adoption of cloud computing across many end-use industries, as well as the development of IoT and IIoT infrastructure, are expected to drive the North American big data analytics market over the forecast period. Asia Pacific is expected to be the fastest-growing market throughout the forecast period due to the rising use of sophisticated analytics solutions for managing and analyzing big data generated from commercial, industrial, and residential data sources.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Data Analytics Market Drivers
Edge computing is growing
Data Analytics Market Restraints
Security is the biggest concern
Request Free Customization of this report to help us to meet your business objectives.
Competition in the global data analytics market is expected to increase during the forecast period because new players is expected to enter in the global market and the number of devices compatible with Data Analytics will also increase. Currently, only few key players are providing their services in global market but these numbers will increase in the upcoming years.
Data Analytics Market Top Player’s Company Profiles
Data Analytics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Data Analytics market analysis, Data analytics usage is predicted to expand in nations such as China, India, and Japan in the next years due to the sudden increase in the use of social media apps by enterprises to research client behaviour patterns in order to make their strategies more successful. Many firms are progressively recognizing the profitability and benefits of using data analytics; nevertheless, the industry is hampered by a shortage of qualified in-house workers. Enterprises may use AI and machine learning to examine complicated data and provide efficient solutions. In general, firms in the customer interaction industry use these two technologies to evaluate and anticipate product sales dialogues.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 39.41 billion |
Market size value in 2031 | USD 160.31 billion |
Growth Rate | 30.4% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Data Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Data Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Data Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Data Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONData Analytics Market size was valued at USD 39.41 billion in 2019 and is poised to grow from USD 51.48 billion in 2023 to USD 160.31 billion by 2031, at a CAGR of 30.4% during the forecast period (2024-2031)
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG45A2112