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 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.