Market Highlights
Data analytics has gained massive acceptance among enterprises as it helps identify the probability of future outcomes using machine learning and statistical algorithm techniques. data analytics help businesses make more productive decisions, improve operational efficiency, increase revenue, optimize marketing campaigns, and respond to emerging business trends.
Market Research Future (MRFR's) latest report on global data analytics market indicates an impressive CAGR of 30.08% in the market over the forecast period of 2017-2023. the report further asserts that the market is likely to reach a valuation of USD 77.64 Bn by the end of 2023.
Increasing applications across different industry domains is likely to expedite the growth rate of the market in the upcoming years. It also facilitates quick response to dynamic changes in consumer behavior. Thus, the global data analytics market is poised to expand at a substantial rate in the foreseeable future.
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Regional Analysis:
The data analytics market has been segmented into four key regions, namely North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America accounts for the foremost share of the global data analytics market. A robust IT sector combined with the presence of major market players in the region gives North America unprecedented leverage over other regions. Moreover, the adoption of data analytics has been considerably high in the region as compared to others which too is a supporting factor. The US and Canada have witnessed high demand for data analytics services in recent years which has favored the growth of the market. Moreover, the adoption of predictive analytics by the e-commerce sector in the region has also contributed considerably to the market growth.
Europe and the APAC market collectively account for more than one-third share of the market and are likely to capture an advantageous share of the market over the forecast period. The APAC market is anticipated to exhibit a higher CAGR over the forecast period. factors such as economic upturn, growth of the IT and BFSI sector has propelled the growth of the market. Other factors substantiating the growth of the market include increasing technology expenditure in the developing countries of China and India, and heightened demand for effective advanced analytical solutions among SMEs in the region.
Segmentation:
Based on type, the segments of the global data analytics market are predictive analytics, prescriptive, analytics, descriptive analytics, customer analytics, and others. Among these, the predictive segment held the largest share in 2016 and is expected to maintain its holding over the next few years.
On the basis of solution, the segmental assessment of the data analytics market covers data management, data visualization, data mining, fraud & security intelligence, and data monitoring. The data management segment is expected to lead the growth of the market in the years to come.
By application, the segments of the global data analytics market identified in this MRFR report are ERP, SCM, HRM, and database management. Among these, the ERP segment accounts for the maximum share of the market and is anticipated to exhibit the highest CAGR across the projection period.
On the basis of industry, the segments of the data analytics market are BFSI, it & telecom, manufacturing, retail & e-commerce, energy & power, healthcare, transport & logistics, media & entertainment, and others.
Based on deployment, the global data analytics market has been divided into cloud, on-premise
By organization size, the key segments of the data analytics market are small & medium enterprise, and large enterprise.
Competitive Landscape
Oracle Corporation (U.S.), Alteryx, Inc. (U.S.), SAS Institute Inc. (U.S.), Datameer Inc. (U.S.), SAP SE (U.S.), IBM Corporation (U.S.), Amazon Web Services Inc. (U.S.), Microsoft Corporation (U.S.), Looker Data Sciences, Inc. (U.S.), Dell Inc. (U.S.), and others are the leading players in the data analytics market.
Industry Updates
June 2019 - Boston Consulting Group (BCG), a global management consulting firm announced the acquisition of Kernel Analytics, a data science and analytics consultancy. Kernel Analytics and its around 100 employees will be integrated into BCG Gamma, BCG’s data science and analytics powerhouse dedicated to data-driven insights.
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