Global Data Analytics Market

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

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

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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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