What Is The Scope Of The Global Statistical Analysis Software Market?
Statistical analysis software (SAS) refers to computer programs that analyze, manipulate, and visualize data to uncover patterns, trends, and relationships within datasets. These software tools provide a wide range of statistical techniques and methods to help researchers, analysts, and data scientists make sense of complex data and derive meaningful insights.
Statistical Analysis Software Global Market Report 2024 provides data on the global statistical analysis software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Statistical Analysis Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Statistical Analysis Software Sector?
The statistical analysis software market size has grown rapidly in recent years. It will grow from $8.45 billion in 2023 to $9.32 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increased volume and complexity of data, rise in data-driven decision-making, regulatory compliance requirements, the growth of business intelligence, and increased focus on predictive analytics. The statistical analysis software market size is expected to see rapid growth in the next few years. It will grow to $14.00 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to the emergence of industry-specific solutions, shift towards cloud-based solutions, focus on real-time analytics, integration with artificial intelligence (AI) and machine learning (ML), and demand for self-service analytics. Major trends in the forecast period include AI-powered features, advanced anomaly detection, natural language processing (NLP) integration, innovation, and cloud-based AI services.
Which Factors Are Boosting Growth In The Statistical Analysis Software Market?
The rapid adoption of cloud computing is expected to propel the growth of the statistical analysis software market going forward. Cloud computing is delivering computing services over the internet, offering resources such as storage, processing power, and software on-demand, without the need for local infrastructure or management. The adoption of cloud computing is due to complete IT infrastructure flexibility, scalability, cost-effectiveness, and enhanced collaboration and accessibility. Statistical analysis software is used in cloud computing environments to leverage cloud platforms' scalability, flexibility, cost efficiency, and integration capabilities, empowering users to perform advanced analytics, data processing, and modeling tasks with ease and efficiency. For instance, according to data by Flexera, a US-based computer software company, in 2022, 87% of organizations adopted a multi-cloud, of which 72% adopted a hybrid cloud, 13% adopted multiple public clouds, and 2% a multiple private cloud. Furthermore, the cloud spending by small and medium-sized businesses (SMBs) reflects a massive uptake, with 52% of the expenditure being more than $1.2 million in 2022, up from 38% reported in 2021. Therefore, the rapid adoption of cloud computing is driving the growth of the statistical analysis software market, with market sizes reaching $G billion in 2023, $H billion in 2024, and $I billion in 2028.
Get Your Free Sample of the Global Statistical Analysis Software Market Report
What Key Areas Define The Segmentation Of The Global Statistical Analysis Software Market?
The statistical analysis software market covered in this report is segmented –
1) By Component: Software, Services
2) By Products: Cloud-Based, On-Premises
3) By Functionality: Descriptive, Predictive, Prescriptive
4) By Industry Vertical: Healthcare, Finance, Education, Manufacturing, Retail, Government, IT And Telecom
How Are Emerging Trends Reshaping The Dynamics Of The Statistical Analysis Software Market?
Major companies in the statistical analysis software market are developing innovative solutions such as Minitab Statistical Software to maintain their market position. Minitab Statistical Software is a comprehensive tool offering a range of statistical tests and analyses, including t-tests, ANOVA, and regression. For example, in November 2021, Minitab LLC, a US-based statistical analysis software provider, released the latest version of Minitab Statistical Software. This version features enhanced visualizations, an expanded Graph Builder, and advanced predictive analytics capabilities, including Cox regression and automated machine learning (AutoML). This tool is designed to democratize data science, making machine learning accessible at all levels of data analysis experience, thereby enabling better decision-making, revenue growth, and cost reduction with maximum accuracy and transparency in predictive analytics.
Which Region Has The Fastest Expansion In The Statistical Analysis Software Market?
North America was the largest region in the statistical analysis software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the statistical analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
