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

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.