Market Analysis
The global data analytics growth is projected to be worth USD 303.4 Billion by 2030, registering a 27.60% CAGR during the forecast period (2023-2030).
Data analytics is referred to the science behind filtering raw data to identify patterns that can be utilized across different businesses. It uses multidimensional tools to collect, organize and interpret insights that facilitate organizations to make informed decisions. Today, almost every industry leverages data analytics to contour strategic thinking. From significant healthcare analytics to local community interventions that fight climate change, the applications of data analytics are diverse and far-reaching. The field of analytics develops on a network of collaborations, from setting up the correct analytical system to the final visualization of the analyzed information.
Key Players
Eminent players profiled in the global data analytics market report include IBM Corporation (US), Microsoft (US), Oracle (US), SAP SE (Germany), Amazon Web Services, Inc. (US), and Tableau Software, LLC. (US), SiSense Inc (US), Zoho Corporation Pvt. Ltd. (India), ThoughtSpot, Inc. (US), Mu Sigma (US), Looker Data Sciences, Inc. (US), Datameer, Inc. (US), Alteryx, Inc (US), Dell Inc. (US), and SAS Institute Inc. (US).
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Drivers
Adoption by Different Organizations to Boost Market Growth
The use of big data analytics software via various organizations that helps to deliver and improve faster decision-making will boost market growth over the forecast period.
Opportunities
Introduction of Cloud-Based Big Data to offer Robust Opportunities
The introduction of cloud-based big data and business-selected analytics will offer robust opportunities for the market over the forecast period. This introduction aids users in accessing all information online from anywhere on the world. Data analytics also aids different big data service providers in increasing their investment plans in cloud technology along with creating a competitive edge over different other service providers.
Restraints
High Implementation Cost to act as Market Restraint
The high implementation cost of data analytics may act as market restraint over the forecast period.
Challenges
Dearth of Skilled Workforce to act as Market Challenge
The dearth of skilled workforce may act as market challenge over the forecast period.
Market Segmentation
The global data analytics market has been bifurcated based on component, deployment, analytics tools, application, and industry.
By component, the software segment will lead the market over the forecast period.
By deployment, the cloud segment will dominate the market over the forecast period.
By analytics tools, the global data analytics market is bifurcated based on reporting, self-service tools, dashboard and data visualization, and data mining and warehousing.
By application, the marketing analytics market will spearhead the market over the forecast period.
By industry, the BFSI segment will have the lions share in the market over the forecast period.
Regional Analysis
North America to Have Astonishing Growth in Data Analytics Market
North America will have astonishing growth in the data analytics market over the forecast period. Immense use of smartphones, wearable devices, and other forms of smart connected devices, increase in competition among key players that offers better customer satisfaction and also personalized experience, customers getting more involved in data analytics, the presence of several key players, and the early adoption of advanced technologies such as IoT and big data in different sectors like media, education, and healthcare are adding to the global data analytics market growth in the region.
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