USD 39.41 billion
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 44.30 Billion in 2022 and is expected to grow from USD 56.22 Billion in 2023 to USD 378.05 Billion by 2031, at a CAGR of 26.90% during the forecast period (2024-2031).
The expansion of technologies like AI and ML which focuses on directly satisfying the clients’ needs is consider as some of the major factors that has led to the emergence of the data analytics market. For instance, In July 2022, IBM acquired Databand.ai, to enhance IBM’s AI, data and automation software portfolio to be more clearly defined across the observability spectrum and to help enable companies to assure the right people have the right data. The market for analytics and data processing is rapidly expanding worldwide due to big data analytics, and increased costs of cloud technology and a large volume of data generated by online offices. Applying big data analytics is beneficial in increasing key performance indicators of business purposes, tasks, and operations. For instance, Accenture wants to allocate greater resources through this purchase to assist clients in choosing the areas of their transformation that should receive the most attention as well as the ways in which data may facilitate improved decision-making throughout the transformation process. Massive databases are anticipated to be produced by the industrial revolution, the growing use of smart apps, and new social media platforms. In addition, social media networks generate a tremendous amount of data. Data analytics market growth will therefore be fuelled by expanding databases across industries. Smart machines, GPS-equipped tractors, and soil sensors are just a few examples of the agricultural equipment that produces enormous data sets. Additionally, data analytics is utilised in agriculture to analyse vast data sets, which promotes market expansion.
Market Snapshot - 2024-2031
Global Market Size
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, solution, application and region. By type, the market is segmented into prescriptive, predictive, customer, descriptive, others. By solution, the market is segmented into security intelligence, data management, data monitoring, data mining. By application, the market is segmented into supply chain management, enterprise resource planning, database management, human resource management, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
With a revenue share of 32.4% in 2023, the category for predictive analytics will rule the market. Use of predictive analytics provide an accurate and reliable data, helping in decision-making regarding challenges and opportunities. They also include such insights as may be of help in identifying fraud cases, improving marketing techniques, bolstering decision making as well as increasing operational efficiency. Based on our findings, a UK-based firm, recently acquired the predictive analytics division of a US-based data analytics and artificial intelligence player, J. D. Power & Associates that offers hyper-vertically specialized hyper-prediction PaaS (predictive analytics as service). Thus, the usage of this acquisition will contribute to the possibility of assessing the origins of financial risks more accurately, as this approach will provide more detailed, comprehensive insight into repair costs.
The customer analytics market is predicted to grow at a CAGR of 27.4% thanks to the rising demand for client experience management, customer retention, and better lead management. Retail uses customer information to develop individualized communications and marketing initiatives. The retail sector's expansion has been driven by consumers' rising need for an omnichannel experience. Well-known businesses like Walmart and Amazon have benefited from the advantages of numerous social media platforms like Facebook. The market is anticipated to expand as more retail companies concentrate on offering their clients omni channel offerings.
Analysis by Application
With a revenue share of 30.5% in 2023, the supply chain management sector will rule the market. Organizations boost their profits by performing comprehensive data analysis on the supply chain, this is only possible through an effective production plan. Any supply chain that uses this kind of technology (Data Analytics) integrates it with the most recent technological advancements such as artificial intelligence and machine learning that help bring out undisclosed trends while ensuring all useful information is extracted from available data sets. Manufacturing businesses can utilize data analytics for demand forecasting, business intelligence, and capacity planning to optimize their supply chain procedures, which drives the segment's growth.
Looking at the projected period, the enterprise resource planning category must likely grow at the fastest compound annual growth rate. The leveraging of specifics of Big Data with specifics of business application data during the usage of data analytics apps will improve the results of forecasting, analysis, and planning with the thread of unification of data warehouses, conventional databases, and data lakes. Also, there is a bigger demand for databases as organizations use data more frequently in their operations and decisions. These interconnected innovations were fuelling the exponential increase of big data, which had created even more headache to businesses to manage with the help of the quick mileage of edge computing, hybrid cloud, artificial intelligence, IoT, and edge computing.
Global Data Analytics Market Size By Type (%)
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Data Analytics Market Regional Insights
During the year 2023, North America held the largest market share of 34.7%. This region is home to several organizations in diverse sectors of the economy in which innovation is adopted at scale. For instance, Facebook, Twitter, and Instagram employ data analytics to track the customers’ details on what they like so that suitable advertisements may be offered to them. It can be concluded that North America market might be driven by such factors as the presence of the infrastructure necessary for carrying out data analytics and an increasing demand for sophisticated approaches, including AI and machine learning. That is why the demands for analytics technologies that provide better and more extensive compliance analytics, which play a key role in exposing policy, fraud, and other company misconduct, are expected to grow rapidly in the U.S.
Due to the growth of the retail, BFSI, healthcare, automotive, and other industries during the predicted period, Asia Pacific experienced a substantial CAGR of 34.2%. In addition, it is anticipated that the market share of data analytics would rise as more people use social media, the internet, and smartphones, as well as communication technologies evolve, and society becomes more digital. Several Asian nations like India, China and Japan are using AI and ML technologies that are information intensive in different industries which has seen an uptake in data analytics. Market expansion is being driven through wider use of big data analytics tools and solutions.
Global Data Analytics Market Size By Geography
- Largest
- Fastest
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Data Analytics Market Dynamics
Market Dynamics
Drivers
Growing Volume and Variety of Data
● Data analytics market is greatly influenced by the rapid increase of data generation through diverse sources like social media, IoT devices, and digital platforms. The more data increases in volume and type, the more there is lots of rich information to be discovered and decisions to be made by organizations.
Increasing Demand for Data-Driven Decision Making
● Various institutions have realized that using big data in making decisions is vital in getting an edge over other players in the market. Business intelligence consequently forms the centre of data analytics that involves tracking large datasets in a bid to facilitate better decision making, drive efficiency, productivity and forecast the future line of action. The demand is thus caused by the necessity to optimize organizational processes, manage customer relationships and determine the revenue sources.
Restraints
Data Quality and Reliability
● The effectiveness of data analytics heavily relies on the quality and reliability of the data being analysed. Poor insights and bad decisions might result from inaccurate, sparse, or inconsistent data. Data cleansing, data integration, and data validation processes become critical to ensure the accuracy and reliability of the data used in analytics.
Data Privacy Concerns
· Data privacy issues are significant barriers to the Data Analytics market. In the same line, the rise in data breaches and stringent data protection laws such as GDPR and CCPA are prompting businesses to crutch numbers behind data and security compliance by matching that particular criteria tightly sucking the budget into compliance and security related spending inorganizations thus making their returns on investment hard to come by in this sector thus hampering the integration of data analytics into strategic digital processes because unlike data monetization business prefer protecting sensitive merchandize instead of utilizing it rightfully.
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Data Analytics Market Competitive Landscape
In the competitive landscape of data analytics market, few big foreign players dominate the industry which is very much a competitive one insofar as market share is concerned. Big industry players are IBM, Microsoft, Google, and SAP who led with quite extensive analytics platforms and sound cloud platforms. These companies give a lot of resources towards its R&D to incorporate aspects such as the AI or machine learning, boosting the data analytics. The industry focus is on new product development and collaboration between the main decision-makers. Market expansion is being realized by the advanced application of techniques and solutions in the use of big data analytics.
Top Player’s Company Profiles
- Zoho Corporation Pvt. Ltd. (India)
- Oracle (US)
- ThoughtSpot, Inc. (US)
- SAP SE (Germany)
- Mu Sigma (US)
- Dell Inc. (US)
- Amazon Web Services, Inc. (US)
- Looker Data Sciences, Inc. (US)
- Tableau Software, LLC. (US)
- Datameer, Inc. (US)
- SAS Institute Inc. (US)
- Alteryx, Inc (US)
- IBM Corporation (US)
- SiSense Inc (US)
- Microsoft (US)
- Qlik Technologies Inc. (US)
- MicroStrategy Inc. (US)
- Pyramid Analytics (Netherlands)
- Teradata Corporation (US)
- RapidMiner Inc. (US)
Recent Developments
- In June 2024, MapmyIndia, a company in digital mapping and location technology, has unveiled ClarityX, an AI-driven data analytics and consulting firm. This initiative seeks to bolster MapmyIndia's enterprise services and widen its market presence, offering tailored AI-driven analytics and strategic insights.
- In May 2023, Oracle revealed a new product which goes by the name of Oracle Analytics Cloud. Concisely, the platform is aimed at improving decision-making within an organization through the illumination of the available data.
- In March 2023, IBM unveiled a new product called IBM Cloud Pak for Data. It is a unique working environment aimed at assisting business of various scale and types in effective managing, analyzing, and visualizing their data.
- In February 2023, Google Cloud was introduced as the new partner for Databricks to facilitate customers’ path toward data transformation. The deal will enable customers to gain easy access to Databricks’ Unified Data Analytics Platform that comprises of various tools and services for data analytics.
Data Analytics Key Market Trends
Rising Popularity of Data Democratization
- The process of data democratization is to share data and analytics with a larger population within an organization. This trend is about offering customer-facing BI tools, reports, and data visualization in the form of dashboards and scorecards so users can analyze and use data without IT intervention. Analysis showed that when workers at various company tiers receive data analytics training, the topic’s adaption can reach deeper levels.
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 the robust Secondary Desk research.
According to our analyses, the global Data Analytics Market has experienced significant growth and transformation in recent years. It estimates that the sheer volume of data, needs for insights and analytics and the growth of analytics technologies have led to the market size. The market consists of various kinds of analytics solutions such as descriptive, predictive, prescriptive analytics, and others that can be categorized in special segments like big data analytics, business intelligence, and machine learning segments. However, the growth of the data analytics market is not without some challenges they include; quality and reliability of data, scarcity of data analytics professionals, difficulty in integrating data from multiple sources, and ethical issues. To maintain the rates of growth and bring about this type of change across the world these issues need to be effectively managed. In the future, it is anticipated that the Data Analytics Market will keep on growing as result of the new technological frontiers as well as the development of new frontiers such as, AI & Ml for Real time analytics, IoT, edge computing, and blockchain among others.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 44.30 Billion |
| Market size value in 2031 | USD 378.05 Billion |
| Growth Rate | 26.90% |
| Base year | 2023 |
| 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:-
|
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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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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.
Data Analytics Market Report Snapshots
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