Data Analytics Market is slated to register a CAGR of 25.3% over the forecast period from 2022 to 2029.
The factors driving growth of the Data Analytics Market includes rise in the number of IoT connected devices around the world, commercialization of 5G technology, Government initiative promoting digitalization, increasing volumes of data generated across social media platforms such as Snapchat, Instagram and Facebook and improvements in the living standards. For instance, the market for Internet of Things based devices is estimated to grow by 18% in 2022, to 14.4 billion active connections for 2022, the number of IoT connected devices are estimated to reach 27 billion by the end of 2025, which will accelerate the Data Analytics Market Growth in the approaching years. Moreover, innovations in technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT), rising penetration of smartphones worldwide, increase in the launch of new products and rapid industrialization, are some of the additional factors supplementing the Data Analytics Market size. In addition, the increasing investments by major companies on research and development, strategic mergers and acquisitions between key industry players and growing population growth rates, are further contributing towards the market growth.
However, growth of the Data Analytics Market is hindered attributed to growing concerns related to security.
The prominent players operating in the market are Datameer Inc., IBM, Alteryx Inc., Microsoft, Amazon Web Services Inc. (AWS), SAP, Looker Data Sciences, Inc., Oracle, Dell Inc., and SAS Institute Inc., among others.
Based on Solution, the Data Management segment is predicted to grow at a significant CAGR during the forecast period
Data management solutions provide classification of data and fast retrieval to organizations, which is pushing segment’s growth.
Based on Deployment, the Cloud segment is projected to expand at a remarkable CAGR over the forecast period
Cloud based models provides real time analytics and enhances employee’s productivity, are some of the factors propelling segment’s growth.
Based on Region, the North American region is anticipated to grow at a robust CAGR during the forecast period
As per the Data Analytics Market Forecast, Presence of the leading players such as Microsoft, Amazon Web Services Inc. (AWS), and IBM Corporation, growing penetration of connected devices, roll-out of 5G technology, rapid industrialization, and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Key Developments
- In 2020, IBM introduced new cloud and AI-powered technologies for helping researchers across a wide range of scientific disciplines to accelerate the process of delivery. It aims to help scientists, doctors, and healthcare researchers to increase the processing of Covid-19 drug, from gathering insights to applying the new virus genomic information.
- In 2019, Oracle added Pre-Packaged Enterprise Analytics to applications. The new package is developed for the fusion cloud enterprise resource planning applications which are used by organizations to run their financial processes.
Market Segmentation
Segmentation by Type
- Predictive Analytics
- Prescriptive Analytics
- Descriptive Analytics
- Customer Analytics
Segmentation by Solution
- Data Management
- Data Mining
- Fraud & Security Intelligence
- Data Monitoring
Segmentation by Application
- Enterprise Resource Planning
- Supply Chain management
- Human Resource Management
- Database Management
- Others
Segmentation by Vertical
- BFSI
- IT & Telecommunication
- Manufacturing
- Process Manufacturing
- Discrete Manufacturing
- Retail & Ecommerce
- Energy & Power
- Healthcare
- Transport & Logistics
- Media & Entertainment
- Others
Segmentation by Deployment
- Cloud
- On premises
Segmentation by Organization Size
- Small & Medium Enterprises
- Large Enterprises
Segmentation by Function
- Marketing Analytics
- Sales Analytics
- Operational analytics
- Accounting and Finance analytics
- HR Analytics
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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