How Has the Statistical Analysis Software Market Size Evolved in Recent Years?
The statistical analysis software market has seen considerable growth due to a variety of factors.
• The statistical analysis software market has seen rapid growth in recent years. It will grow from $9.32 billion in 2024 to $10.35 billion in 2025 at a CAGR of 11.0%.
This growth can be attributed to the increasing complexity of data, the rise of data-driven decision-making, regulatory compliance needs, business intelligence expansion, and a greater focus on predictive analytics.
What are the Market Size and Expected Growth Rates for the Statistical Analysis Software Market?
The statistical analysis software market is expected to maintain its strong growth trajectory in upcoming years.
• The statistical analysis software market is expected to grow rapidly, reaching $15.49 billion by 2029, with a CAGR of 10.6%.
Growth is driven by the emergence of industry-specific solutions, cloud-based analytics, real-time data, AI and machine learning integration, and demand for self-service analytics. Key trends include AI-powered features, anomaly detection, natural language processing (NLP), and cloud-based AI services.
Which Key Drivers Are Propelling The Statistical Analysis Software Market's Growth?
The growth of the statistical analysis software market is being propelled by the rapid uptake of cloud computing. As computing services offered over the internet, cloud computing provides resources such as storage, processing power, and software on-demand, eliminating the need for local infrastructure or management. The reasons behind its adoption are full IT infrastructure flexibility, scalability, cost efficiency, and improved collaboration and access. Statistical analysis software in cloud computing environments capitalizes on the scalability, flexibility, cost-effectiveness, and integration capabilities of cloud platforms, facilitating the performance of advanced analytics, data processing, and modeling tasks with simplicity and efficiency. For instance, Flexera, a computer software company based in the US, reported that in 2022, 87% of companies adopted a multi-cloud, 72% a hybrid cloud, 13% multiple public clouds, and 2% a multiple private cloud. Moreover, cloud spending by small and medium-sized businesses (SMBs) shows a considerable increase, with more than $1.2 million being spent by 52% of these businesses in 2022, up from 38% in 2021. As a result, the swift uptake of cloud computing is fueling the growth of the statistical analysis software market.
What Are The Key Segments Within 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
Subsegments:
1) By Software: On-Premise Software, Cloud-Based Software, Desktop-Based Software, Mobile-Based Software
2) By Services: Consulting Services, Integration And Deployment Services, Training And Support Services, Managed Services
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What Emerging Trends Are Influencing The Growth Of The Statistical Analysis Software Market?
Leading firms in the statistical analysis software market are concentrating on modern technological solutions like a new analytical healthcare platform to tackle various crucial industry demands. The new analytical healthcare platform uses data analysis to revolutionize patient care and operational effectiveness. For example, SAS Health, an American organization specializing in analytics and data management, introduced a new analytical healthcare platform in September 2023. The platform aimed to amplify health data management and augment patient results. This comprehensive solution streamlines health data integration, enhances data governance, and quickens insights for healthcare providers, insurance firms, and public health bodies. The platform deploys a Common Health Data Model with pre-established mappings to industry norms, enabling swift data intake in a no-code/low-code format. Using the SAS Viya AI platform, users can quickly obtain crucial insights while ensuring adherence to industry regulations. Primary features include pinpointing gaps in clinical staff and visualizing the location of screening places relative to patient groups.
Who Are the Key Players In The Statistical Analysis Software Market?
Major companies operating in the statistical analysis software market are:
• Microsoft Corp
• International Business Machines Corporation
• Oracle Corporation
• S&P Global
• Pearson Education Inc.
• SAS Institute
• Tableau Software LLC
• MathWorks
• Alteryx Inc.
• MicroStrategy Incorporated
• TIBCO Software Inc.
• Dataiku Ltd.
• Domo Inc.
• JMP Statistical Discovery LLC
• Minitab
• LLC
• Free Software FoundationInc.
• StataCorp LLC
• Wolfram
• OriginLab Corporation
• DataClarity Corporation
• Statwing Inc.
• Lumivero Pty. Ltd.
• AcaStat Software
• StatGraphics Technologies
• GraphPad Software Inc.
What Are The Regional Insights Into 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.
