Global Data Analytics Market Insights Forecasts to 2033

• The Global Data Analytics Market Size was Valued at USD 61.44 Billion in 2023.
• The Market Size is Growing at a CAGR of 25.20% from 2023 to 2033
• The Worldwide Data Analytics Market Size is Expected to Reach USD 581.34 Billion by 2033
• Asia-Pacific expected to Grow the fastest during the forecast period

 

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The Global Data Analytics Market Size is Anticipated to Exceed USD 581.34 Billion by 2033, Growing at a CAGR of 25.20% from 2023 to 2033.

 

Market Overview

Data analytics is the process of examining, transforming, and analyzing large amounts of data in order to gain meaningful insights and make sound decisions. It entails applying a variety of statistical and mathematical techniques to identify patterns, correlations, and trends in data. Also, a wide range of tasks, including data collection, cleaning, modeling, visualization, and interpretation. It is a multidisciplinary field that uses mathematics, statistics, computer science, and domain knowledge to extract useful information from unstructured data. Furthermore, it helps organizations uncover hidden patterns and gain a better understanding of their operations, customers, and market dynamics by utilizing advanced analytical tools and technologies. Data analytics insights can help drive evidence-based decision-making, optimize processes, identify risks and opportunities, improve customer experiences, and boost overall business performance. The growing need to extract meaningful insights and actionable intelligence from this wealth of data is providing significant support to the market. Businesses can use these insights to make data-driven decisions that improve performance, optimize processes, and improve customer experiences, all of which contribute to growth. Furthermore, the availability of scalable and cost-effective big data infrastructure enables organizations to store, process, and analyze massive amounts of data, contributing to a positive market outlook.

 

Report Coverage

This research report categorizes the market for the global data analytics market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global data analytics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global data analytics market.

 

Driving Factors

The process of digital transformation is ongoing and based on data analytics, rather than a one-time event. It also necessitates a cultural shift within the organization that focuses on putting data at the center of decision-making rather than simply implementing new technologies. As a result, as digitalization becomes more widely adopted, demand will rise, boost market over the forecast period. Smart manufacturing, is becoming more prevalent. The Internet of Things is the machine-to-machine integration of commonplace devices. The Internet of Things (IoT) will grow owing to increased bandwidth consumption as connected devices increase. Also, data center colocation services will also help the IoT industry grow. Increased demand for OTT video content, increased internet access, and an increase in the total number of connected devices in households are all driving up internet demand. Because of all of these factors, more people are accessing the Internet, which has increased the use of data analytics and is driving the global data analytics market during forecast period.

 

Restraining Factors

The technology raises serious security concerns, such as the need for real-time security, the confidentiality of client data, and security, among others. Some of the most pressing issues that need to be addressed include remote storage, poor identity management, a lack of investment in system and network security, human error, linked devices, and IoT applications. Furthermore, the company faces a significant challenge in overcoming these obstacles. Also, the increase in data loss incidents and cyberattacks on customer data stored across businesses may hamper global data analytics market growth during forecast period.

 

Market Segmentation

The global data analytics market share is classified into type, solution, application, and deployment.

 

• The predictive analytics segment is expected to hold the largest share of the global data analytics market during the forecast period.   

Based on the type, the global data analytics market is categorized into prescriptive analytics, predictive analytics, customer analytics, and descriptive analytics. Among these, the predictive analytics segment is expected to hold the largest share of the data analytics market during the forecast period. Predictive analytics provides accurate and reliable insights that assist organizations in solving problems and identifying opportunities, such as detecting fraud, optimizing marketing campaigns, making better decisions, and increasing operational efficiency.

 

• The security intelligence segment is expected to hold the largest share of the global data analytics market during the forecast period.   

Based on the solution, the global data analytics market is divided into security intelligence, data management, data monitoring, and data mining. Among this the security intelligence segment is expected to grow at fastest pace in the data analytics market during the forecast period. The growth can be attributed by growing adoption of advanced analytics to identify fraudulent activity, optimize processes, and address data risks drives the segmental growth. Furthermore, increased deployment of business intelligence software to provide control access to customer databases, transaction security, and enhanced customer experience is also expected to drive segmental growth during the forecast period.

 

• The supply chain management segment is expected to hold the largest share of the global data analytics market during the forecast period.

Based on the application, the global data analytics market is divided into supply chain management, enterprise resource planning, database management, human resource management, and others. The supply chain management segment is expected to grow at greatest pace in the data analytics market during the forecast period. This growth is attributed to the data analytics in supply chain management help organizations increase profits by allowing for more efficient production planning. Also, the use of data analytics in supply chain management promotes the use of advanced technologies like artificial intelligence and machine learning to uncover hidden patterns and gain valuable insights from available supply chain information. Furthermore, manufacturing companies can use data analytics to optimize their supply chain processes, resulting in increased segmental growth during forecast period.

 

• The on-premises segment is expected to hold the largest share of the global data analytics market during the forecast period.

Based on the deployment, the global data analytics market is divided into cloud and on-premises. The on-premises segment is expected to grow at greatest pace in the data analytics market during the forecast period. For industries that handle sensitive data, such as finance, healthcare, and government, data security and compliance regulations are critical. Hence, on-premises deployment enables organizations to maintain direct control over their data while implementing stringent security measures tailored to their specific needs. Also, it provides greater control and visibility over data access, reducing the risks associated with external breaches and unauthorized access, which is driving demand in the market segment during forecast period.

 

Regional Segment Analysis of the Global Data Analytics Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global data analytics market over the predicted timeframe.

 

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North America is projected to hold the largest share of the global data analytics market over the predicted years. The region is home to prominent businesses from various industries, and the software is widely used. For instance, Facebook, Twitter, and Instagram collect user preferences through data analytics and send targeted advertisements. The availability of infrastructure for data analytics, as well as the increased use of advanced technologies such as AI and machine learning, are driving data analytics market growth in North America. The United States is expected to grow rapidly due to increased demand for analytics tools that provide advanced and enhanced compliance analytics, which are critical in detecting policy violations, fraud, and other business misconduct.

 

Asia Pacific is projected to hold the significant share of the global data analytics market over the forecast period owing to the growth of retail, BFSI, healthcare, automotive, and other industries. Furthermore, rising adoption of social media platforms, the internet, and smartphones, as well as advances in communication technologies and digitalization, are expected to boost data analytics' market share in Asia Pacific. Many Asian countries, including India, China, and Japan, are incorporating information-intensive AI and ML technologies into a variety of industries, resulting in an increased use of data analytics. The growing adoption of big data analytics tools and solutions is also driving data analytics market growth over the forecast period.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global data analytics along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Amazon Web Services Inc.
• International Business Machines Corporation
• Looker Data Sciences, Inc.
• Mu Sigma
• Oracle Corporation
• SAP SE
• Sisense Inc.
• Tableau Software LLC.
• ThoughtSpot Inc.
• Zoho Corporation Pvt. Ltd.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In May 2023, SAP SE and Google Cloud announced a significant expansion of their partnership, introducing a comprehensive open data solution designed to reclaim the power of company data and streamline data environments.

 

• In March 2022, Microsoft recently announced that the Azure Sentinel solution has been made generally available. It has received feedback from 12,000 users since the preview's release in February of this year, as well as more than two petabytes of data analysis to evaluate.

 

• In March 2022, Oracle Corporation and Cerner Corporation have announced an agreement for Oracle to acquire Cerner. As Oracle expands Cerner's business into several new countries around the world, Cerner will remain a significant additional income growth engine for Oracle for many years to come.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Data Analytics Market based on the below-mentioned segments: 

 

Global Data Analytics Market, By Type

• Prescriptive Analytics
• Predictive Analytics
• Customer Analytics
• Descriptive Analytics

 

Global Data Analytics Market, By Solution

• Security Intelligence
• Data Management
• Data Monitoring
• Data Mining

 

Global Data Analytics Market, By Application

• Supply Chain Management
• Enterprise Resource Planning
• Database Management
• Human Resource Management
• Others

 

Global Data Analytics Market, By Deployment

• Cloud
• On-Premises

 

Global Data Analytics Market, By Region

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• Uk
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia Pacific
• South America
• Brazil
• Argentina
• Rest of South America
• Middle East & Africa
• UAE
• Saudi Arabia
• Qatar
• South Africa
• Rest of the Middle East & Africa