DATA ANALYTICS MARKET REPORT OVERVIEW

At a compound annual growth rate (CAGR) of 23.7%, the size of the worldwide data analytics market, estimated at USD 48 billion in 2024, is projected to reach USD 329 billion by 2033. The data analytics market's largest shareholder is North America.

Analyzing and interpreting data to find important insights and support well-informed decision-making is known as data analytics. Data gathering, cleansing, transformation, and analysis are some of the stages involved. To investigate patterns, relationships, and trends in data, data analytics uses statistical methodologies, machine learning algorithms, and visualization approaches. For businesses in all sectors, this area is essential because it helps them make data-driven decisions, improve customer experiences, forecast future events, and optimize operations.

Furthermore, big data analytics, which uses cutting-edge technology like machine learning and natural language processing for predictive and prescriptive analytics, has allowed data analytics to handle enormous datasets. To preserve data accuracy and privacy compliance, data governance and security must be guaranteed. All things considered, in today's data-driven world, data analytics is essential for fostering innovation and competition.

COVID-19 IMPACT

Increased Demand for Healthcare Analytics to Boost Demand Significantly

The COVID-19 pandemic has been spectacular and unusual, and demand for data analytics has exceeded expectations in every location when compared to pre-pandemic levels. The market's demand is now back to its pre-pandemic levels, which explains the sharp increase in CAGR.

Globally, COVID-19 changed people's lives. The market for data analytics was greatly impacted. The virus affected different markets in different ways. Several countries implemented lockdowns. Numerous organizations experienced interruptions as a result of this unpredictable outbreak. As the number of cases increased during the epidemic, restrictions became more stringent. Many industries were impacted. Nonetheless, there was a rise in demand for data analytics.

A lot of data analytics was done to evaluate the pandemic's economic effects. Data was used by governments and businesses to comprehend the financial effects of supply chain interruptions, lockdowns, and shifting customer behavior. As working remotely became more common, businesses stepped up their attempts to change digitally. In order to facilitate remote data analysis, collaboration, and decision-making, cloud-based data analytics tools and platforms were adopted.

The need for healthcare analytics increased as a result of the pandemic. In order to track the virus's progress, analyze medical data, and forecast the need for healthcare resources, data analytics was essential. It was crucial in directing vaccine distribution and public health decisions. During the epidemic, telehealth and remote patient monitoring services grew quickly. In order to remotely monitor patient health and give healthcare practitioners real-time information, data analytics was essential. After the pandemic, the market is expected to accelerate the expansion of the data analytics industry.

LATEST TRENDS

Explainable AI to Broaden Market Prospects

Machine learning (ML) and artificial intelligence (AI) were increasingly being included into data analytics procedures. These technologies were being utilized to improve decision-making, forecast trends, and automate data processing. There was a greater emphasis on "explainable AI" (XAI), which sought to make AI and ML models easier for people to grasp and comprehend, in order to address concerns about accountability and transparency. Large and complicated datasets may now be processed and analyzed with greater ease thanks to the ongoing evolution of big data technologies like Apache Hadoop and Apache Spark.

Edge analytics, which examines data at the network's edge (for example, on Internet of Things devices or in remote areas), has becoming more popular. This eliminated the need to move all data to centralized computers and enabled real-time analysis. In order to foster a data-driven culture, data democratization programs sought to make data and analytics technologies available to a wider variety of employees within enterprises.

DATA ANALYTICS MARKET SEGMENTATION

By Type

Based on type, the market is divided into Predictive and Prescriptive.

Predictive holds a major segment by type of the global market.

By Application

Based on application, the market is bifurcated into ERP and SCM.

ERP as application holds a major segment by application of the global market.

DRIVING FACTORS

Data-Driven Decision-Making to Boost Market Demand

Organizations are shifting toward a data-driven culture where decisions are based on evidence and data analysis rather than intuition or gut feeling. This approach increases the accuracy of decision-making. The digital era has led to an explosion in the volume of data generated by individuals, organizations, and devices. This abundance of data provides a vast source of information to analyze for valuable insights. Businesses recognize that data analytics can provide a competitive edge by uncovering trends, customer preferences, and operational efficiencies that lead to better decision-making and improved performance.

Predictive Analytics to Boost Market Flux

The ability to predict future trends and events using historical data empowers businesses to proactively address challenges, seize opportunities, and mitigate risks. Data analytics plays a crucial role in risk assessment and management, especially in finance and insurance industries, by identifying potential risks and fraud patterns. In the healthcare sector, data analytics enhances patient care, streamlines operations, and supports medical research by analyzing patient data and treatment outcomes. The proliferation of Internet of Things (IoT) devices generates vast amounts of sensor data. Data analytics is essential for extracting meaningful insights from this data for various applications, including smart cities and industrial IoT. These factors are anticipated to drive the data analytics market share.

RESTRAINING FACTORS

Data Privacy and Security to Hamper Market Necessity

Increasing concerns about data privacy and security, along with regulations like GDPR, require organizations to invest in robust data protection measures, which can add complexity and cost. Poor data quality, incomplete datasets, and challenges in integrating data from disparate sources can hinder the accuracy and effectiveness of analytics efforts. Data stored in separate, isolated systems (data silos) can make it challenging to access and analyze all relevant data for comprehensive insights. Employees and stakeholders may resist changes driven by data analytics, particularly if they are accustomed to traditional decision-making methods.

DATA ANALYTICS MARKET REGIONAL INSIGHTS

North America to Dominate the Market Owing to Robust Economy

North America is the major shareholder for the data analytics market. The region has been a global leader in data analytics due to a combination of factors. It is home to a thriving technology industry, including major tech giants which heavily invest in data analytics. Additionally, many renowned universities and research institutions drive innovation in the field. The country's robust economy, entrepreneurial spirit, and focus on innovation have contributed to its leadership in data analytics.

KEY INDUSTRY PLAYERS

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Top Data Analytics Companies

• Dell Inc. [U.S.]
• Amazon Web Services Inc. [U.S.]
• Alteryx, Inc. [U.S.]
• Microsoft Corporation [U.S.]
• SAP SE [Germany]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.