What Has Been the Progress and Growth of the Data Analytics Market in Recent Years?
The data analytics market has seen considerable growth due to a variety of factors.
• The size of the data analytics market has seen significant expansion in recent years, projected to expand from $74.83 billion in 2024 to $94.86 billion in 2025, a compound annual growth rate (CAGR) of 26.8% is expected. The growth experienced in the historical period is credited to the surge in data volume, demand for business intelligence, regulatory compliance demands, improvements in cost efficiency and productivity, as well as endeavors to gain a competitive edge.
What Is The Expected Growth In The Data Analytics Market Size Evolve over the Forecast Period?
The data analytics market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the data analytics market is projected to experience dramatic growth over the coming years, increasing to $257.96 billion in 2029, with a compound annual growth rate (CAGR) of 28.4%.
This expansion during the forecast period can be attributed to factors such as the incorporation of ai and machine learning, the rise of predictive analytics, broadening applications across various sectors, the emphasis on real-time analytics, and issues related to data privacy and security. Key trends during the forecast period encompass the use of data analytics in cybersecurity, the emphasis on explainable ai for interpreting data, the increasing importance of data analytics in enhancing customer experience, the role of data analytics in optimizing supply chains, and cross-sector collaboration for gaining insights from data.
What Main Forces Are Fueling Expansion In The Data Analytics Market?
The surging use of real-time data analytics is set to boost the expansion of the data analytics market. Real-time data analytics is a potent tool that examines data while it's being generated, enabling firms to take immediate action and make on-the-spot decisions. By analyzing data as it is produced, businesses can detect trends, patterns, and discrepancies in real-time, paving the way for timely adjustments and interventions in sectors like finance, healthcare, and manufacturing, where speed is of the essence. For example, in May 2022, KX Systems Inc., a British software company specializing in time series databases, published a report surveying over 1,200 companies, revealing that approximately 80% of firms acknowledged a revenue boost due to real-time data analytics in the US, France, and Germany. Additionally, 62% reported smoother process rollouts after implementing real-time data systems in American and Australian companies. Moreover, real-time data analytics accounted for saving $321 billion in non-staff-related operational expenses in 2022, predicted to rise to $379 billion if the technology were fully deployed across all enterprises in prominent industry sectors. Consequently, the escalating use of real-time data analytics is the driving factor behind the data analytics market's growth. As for the driving force in the data analytics market, it is the escalating adoption of big data. Big data refers to voluminous and complex datasets, which are too challenging to be processed by conventional data-processing software applications. The utilization of big data necessitates advanced analytics tools capable of handling and scrutinizing vast volumes of data from diverse sources. The skyrocketing growth of big data from varied sources such as social media, IoT devices, and sensors, has escalated the demand for advanced analytics tools for the processing and extraction of meaningful insights from enormous datasets. For instance, in December 2022, big data was used by 78% of extremely large organizations (with a workforce exceeding 10,000), 48% of large organizations (with over 1,000 employees), and 43% of medium-sized organizations (with a staff complement of more than 100). Thereby, the growing application of big data is fueling the expansion of the data analytics market.
What Are The Primary Segments In The Global Data Analytics Market?
The data analytics market covered in this report is segmented –
1) By Type: Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, Other Types
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By Application: Supply Chain Management, Enterprise Resource Planning, Database Management, Human Resource Management, Other Applications
5) By End-User: Banking, Finance, And Insurance (BFSI), Government, Healthcare, Information Technology (IT) And Telecom, Military And Defense, Other End-Users
Subsegments:
1) By Big Data Analytics: Predictive Analytics, Prescriptive Analytics, Descriptive Analytics
2) By Business Analytics: Performance Management, Business Intelligence, Data Visualization
3) By Customer Analytics: Customer Segmentation, Customer Lifetime Value Analysis, Sentiment Analysis
4) By Risk Analytics: Credit Risk Analytics, market Risk Analytics, Operational Risk Analytics
5) By Statistical Analysis: Inferential Statistics, Regression Analysis, Time Series Analysis
6) By Other Types: Text Analytics, Web Analytics, Social Media Analytics
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What Emerging Trends Are Influencing The Growth Of The Data Analytics Market?
Prominent enterprises that are active in the data analytics industry are currently focusing on the innovation of more advanced tools which include unified analytics platforms as a means to both strengthen their market position and better serve their customers. A unified analytics platform serves as a consolidated software solution providing an environment for gathering, storing, analyzing, and presenting data from various sources. For example, Microsoft Corporation, a software corporation from the US, initiated Microsoft Fabric in May 2023, a unified analytics platform providing a comprehensive solution integrating all data analytics tools. The platform brings together technologies like Azure Data Factory, Azure Synapse Analytics, and Power BI in a harmonious package, proposing a sound basis for the upcoming AI era and granting data and business professionals the opportunity to maximize the data potential. Fabric offers a unified experience with all necessary features to help developers extract insights from data and translate them for business users, all available in one platform. The platform is enriched with Azure Open AI Service, which empowers developers to apply generative AI to the data, helping business users to uncover valuable insights.
Who Are the Key Players In The Data Analytics Market?
Major companies operating in the data analytics market report are:
• Google LLC
• Microsoft Corp
• Dell Inc.
• Amazon Web Services Inc.
• IBM Corporation
• Oracle Corporation
• SAP SE
• Salesforce Inc.
• SAS Institute Inc.
• Teradata Corp
• Databricks Inc.
• TIBCO Software Inc.
• Alteryx Inc.
• Zoho Corporation Pvt Ltd.
• Qlik International AB
• Mu Sigma Inc.
• BOARD International S.A.
• ThoughtSpot Inc.
• Pyramid Analytics BV
• Absolutdata Technologies Inc.
• GoodData Corporation
• Logi Analytics Inc.
• SiSense Inc.
• Yellowfin International Pty Ltd.
• Datameer Inc.
• Plotly Technologies Inc.
• Chartio
What Is The Most Dominant Region In The Data Analytics Market?
North America was the largest region in the data analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
