Data Analytics Market Size, Share, Growth Analysis, By Type(Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics), By Deployment(On-premise, Cloud), By Enterprise Size(Large Enterprises, Small & Medium Enterprises), By End-Use(BFSI, Government, Healthcare, Healthcare), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45A2112 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 121 |Figures: 72

Data Analytics Market Insights

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.

Market Snapshot - 2024-2031

Global Market Size

USD 39.41 billion

Largest Segment

Prescriptive

Fastest Growth

Prescriptive

Growth Rate

30.4% CAGR

Global Data Analytics Market ($ Bn)
Country Share for North America Region (%)

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Data Analytics Market Segmental Analysis

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.

Global Data Analytics Market Size By Type (%), 2019 (%)

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Data Analytics Market Regional Insights

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.

Global Data Analytics Market Size By Geography, 2024-2031
  • Largest
  • Fastest

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Data Analytics Market Dynamics

Data Analytics Market Drivers

Edge computing is growing

  • As a result of machine learning algorithms, the internet of things, and artificial intelligence, IoT device connection is increasing. According to the international data corporation, 150,000 IoT devices will be linked per minute by 2025. The need for connected devices is increasing, hastening the introduction of edge computing. Edge computing solutions, as opposed to clouds, place processors closer to the data source or destination.
  • Data that is local to the source or destination decreases network and server strain while also speeding up data uploads to on-premises or cloud systems. Edge computing is particularly relevant to industrial IoT due to its capacity to process data in real-time and with a faster reaction time.

Data Analytics Market Restraints

Security is the biggest concern

  • The technology creates major security concerns, such as the need for real-time security, client data privacy, and security, among others. Remote storage, poor identity management, a lack of investment in system and network security, human error, connected devices, and IoT applications are among the most important challenges that must be addressed. Overcoming these problems will be a huge effort for the firm. The surge in data loss events and cyberattacks on consumer data stored across enterprises is expected to stymie industry growth.

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Data Analytics Market Competitive Landscape

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

  • SAP SE
  • Mu Sigma
  • Dell Inc.
  • Amazon Web Services, Inc.
  • Looker Data Sciences, Inc.
  • Tableau Software, LLC.
  • Datameer, Inc.
  • SAS Institute Inc.
  • Alteryx, Inc
  • IBM Corporation
  • SiSense Inc
  • Microsoft

Data Analytics Market Recent Developments

  • In April 2022, DataRobot, an Augmented Intelligence company, and Wipro have struck a strategic relationship. The alliance's purpose is to help clients accelerate their business impact by offering augmented intelligence at scale and aiding them in becoming AI-driven enterprises. This partnership will expedite the implementation of AI strategies and the delivery of "data to value" to enterprises. In the month of August 2021
  • In April 2022, Clemson University partnered with SAS Institute Inc. to assist students to develop AI and analytics abilities while also supporting academic research.

Data Analytics Key Market Trends

  • The data analytics market is facing considerable challenges due to a scarcity of competent employees with experience in big data analytics. When a large amount of data (Volume) is created every minute, it is critical to analyze the various forms of data (variety) (velocity). As a result of the massive quantity of data being created, opportunities for data scientists and big data analysts are expanding at an exponential rate. For organizations with limited resources, hiring a Data Scientist with interdisciplinary skills, awareness of big data assessment, and the capacity to work on velocity, diversity, and volume of data, technology, and business processes is critical.
  • The information technology sector is in disarray. According to experts, the IT industry would confront a labor-skills shortage of 4.3 million employees by 2030. Tech companies around the world are waking up to this fact, investing time and money in a host of programs aimed at enticing more people to work in technology and increasing retention rates for those they do employ. Similarly, global corporations will need to adapt to overcome a technical skills deficit in the coming decade. As a result of the quick and broad adoption of new technologies, there are several difficulties in the IT sector for which there are insufficient skills in today's markets.

Data Analytics Market SkyQuest Analysis

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 2019 USD 39.41 billion
Market size value in 2031 USD 160.31 billion
Growth Rate 30.4%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, Others
  • Deployment
    • On-premise, Cloud
  • Enterprise Size
    • Large Enterprises, Small & Medium Enterprises
  • End-Use
    • BFSI, Government, Healthcare, Healthcare, Military & Defense, Others
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
  • SAP SE
  • Mu Sigma
  • Dell Inc.
  • Amazon Web Services, Inc.
  • Looker Data Sciences, Inc.
  • Tableau Software, LLC.
  • Datameer, Inc.
  • SAS Institute Inc.
  • Alteryx, Inc
  • IBM Corporation
  • SiSense Inc
  • Microsoft
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Data Analytics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Data Analytics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Data Analytics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the 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.

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FAQs

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)

Competition in the data analytics market is expected to increase during the forecast period because new players is expected to enter in the market and the number of devices compatible with Data Analytics will also increase. Currently, only few key players are providing their services in market but these numbers will increase in the upcoming years. 'Zoho Corporation Pvt. Ltd.', 'Oracle', 'ThoughtSpot, Inc.', 'SAP SE', 'Mu Sigma', 'Dell Inc.', 'Amazon Web Services, Inc.', 'Looker Data Sciences, Inc.', 'Tableau Software, LLC.', 'Datameer, Inc.', 'SAS Institute Inc.', 'Alteryx, Inc', 'IBM Corporation', 'SiSense Inc', 'Microsoft'

As a result of machine learning algorithms, the internet of things, and artificial intelligence, IoT device connection is increasing. According to the international data corporation, 150,000 IoT devices will be linked per minute by 2025. The need for connected devices is increasing, hastening the introduction of edge computing. Edge computing solutions, as opposed to clouds, place processors closer to the data source or destination.

The data analytics market is facing considerable challenges due to a scarcity of competent employees with experience in big data analytics. When a large amount of data (Volume) is created every minute, it is critical to analyze the various forms of data (variety) (velocity). As a result of the massive quantity of data being created, opportunities for data scientists and big data analysts are expanding at an exponential rate. For organizations with limited resources, hiring a Data Scientist with interdisciplinary skills, awareness of big data assessment, and the capacity to work on velocity, diversity, and volume of data, technology, and business processes is critical.

North America accounted for the largest share of the 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.

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