The expansion of the Data Analytics Market is anticipated to be driven by the rising use of data analysis tools for applications including predicting and forecasting trade markets, healthcare data, research analysis, and traffic trend forecasting. Demand forecasting using data analytics can help companies make more profitable decisions and increase productivity. Government organizations and other sectors, including banking, e-commerce, and IT services, have made large investments in big data and business intelligence technologies recently, which has fuelled the market demand. The Global Data Analytics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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The Global Data Analytics Market is divided on the basis of Type, Deployment, Enterprise Size, and Geography.
Data Analytics Market, By Type
Big Data Analytics
Business Analytics
Customer Analytics
Risk Analytics
Statistical Analytics
Others
On the basis of Type, the market is divided into Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analytics, and Others. In 2021, the Big Data Analytics Market share was higher in revenue terms. The rise of social media sites and the development of online companies that generate massive amounts of data can be explained by the growth of the segment. SaaS-based data analytics have also simplified automation installation and facilitated the building of powerful analytical models using self-service paradigms. In order to gain a competitive advantage over the increasing demand for big data analytics solutions, big data solution providers have been compelled to make more investments in cloud technologies.
Data Analytics Market, By Deployment
On-Premise
Cloud
By Deployment, the market is segmented into On-Premise and Cloud. In 2021, the on-premise segment holds the highest market share. Companies have greater freedom and autonomy in how to tailor their IT infrastructure with on-premise installations, which also decreases their dependency on the internet and safeguards sensitive company information against fraud and theft. All these advantages are expected to cause big companies to utilize on-premise deployment. BFSI sector companies also prefer the on-premise method due to increasing account takeover and new account fraud concerns. This is a good sign for the growth of the segment since on-premise companies are less susceptible to these scams.
Data Analytics Market, By Enterprise Size
Large Enterprises
Small & Medium Enterprises (SMEs)
Segmented by Enterprise Size, the market is divided into Large Enterprises and Small & Medium Enterprises (SMEs). The largest market share belongs to the large enterprise segment in 2021. The growth of the segment is due to the increasing adoption of advanced analytics solutions, including customer & business analytics, by large corporations to efficiently manage their large customer and asset databases. Many large organizations are also putting data analytics into practice to drive sales, build analytics expertise, and enhance risk management capabilities. Firms can also gain from data analytics through enhancing data analysis and sharing critical information to the appropriate parties.
Data Analytics Market, By Geography
North America
Europe
Asia Pacific
Rest of the world
According to geographical classification, the Global Data Analytics Market is divided into North America, Europe, Asia Pacific, and the Rest of the world. In 2021, North America accounted for an important share of the global data analytics market. This is because infrastructure to apply advanced analytics is easily available, and since advanced technologies such as AI and machine learning are being used more and more.
Key Players
The “Global Data Analytics Market” research report will offer significant insight with a focus on the global market along with some of the key players like Alteryx, Inc., IBM Corporation, SiSense Inc., Microsoft, Zoho Corporation Pvt. Ltd., Oracle, ThoughtSpot, Inc., SAP SE, Mu Sigma, Dell Inc., Amazon Web Services, Inc., Looker Data Sciences, Inc., Tableau Software, LLC., Datameer, Inc., SAS Institute Inc., and others. The competitive landscape segment also contains major development strategies, market share, and market ranking analysis of the aforementioned players across the world.
Key Developments
Wipro and the Augmented Intelligence firm DataRobot partnered in April 2022. The partnership aims to help customers become AI-driven organizations and drive commercial impact more quickly by offering scaled augmented intelligence. As a result of the tie-up, businesses will gain their “data to value” in a shorter amount of time and AI strategy will be executed more rapidly.
In April 2022, in order to aid academic research and help foster students’ AI and analytics abilities, Clemson University entered into a partnership with SAS Institute Inc.
Accenture acquired Avieco in April 2022. Amidst a time when increased regulation and emerging standards are growing the need for reliable data in client decision-making across industries, the acquisition will reinforce Accenture’s dedication to weaving sustainability into all that the company does to drive business value and sustainable impact for all it serves.
Ace Matrix Analysis
The Ace Matrix that is given in the report would assist to comprehend the way in which the key players who are major in this industry are performing while we are giving a ranking for these firms based on certain factors like service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Ruling the firms into four types as Active, Cutting Edge, Emerging, and Innovators based on these factors,.
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What Are the Main Factors Behind the Surge in the Data Analytics Market?
The growth of the market for data analytics is anticipated to be led by increasing use of real-time data analytics. Real-time data analytics, a very potent tool used to analyze data as it’s being generated, allows businesses to make decisions in real time. The capacity of businesses to identify trends, patterns, and anomalies in real time with data analytics encourages timely changes and actions, especially in industries like finance, healthcare, and manufacturing where timely decision-making is paramount.
For example, a survey conducted by KX Systems Inc., which is a UK-based software company with expertise in time-series databases, reported in May 2022 that approximately 80% of the 1,200 companies analyzed cited revenue increases as a result of real-time data analytics in the US, France and Germany, while 62% experienced improved process rollouts after real-time data system implementation in American and Australian firms. In addition, operational costs of non-staff decreased by $321 billion in 2022 by virtue of real-time data analytics, a trend that is set to increase to $379 billion if real-time data analytics had been implemented across all major industrial sectors. As such, the growing use of real-time data analytics is likely to support the data analytics industry.
