Data Analytics Market

GMI Research analysis indicates that the Data Analytics Market is slated to register a CAGR of 25.3% over the forecast period from 2022 to 2029.

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Key Drivers

The significant factors driving the global data analytics market are the increasing adoption of advanced technologies to carry-out businesses and the growing requirement of data analytics for faster decision-making processes and reducing costs. The implementation of data analytics techniques enhances the efficiency and productivity of business operations and boosts the organizational workforce. Data analytical techniques help to detect and correct the errors in data sets with the help of data filtration tools, which further enhances the quality of data to benefit both customers and institutions, including insurance companies, banks, and finance companies. These advantages are responsible for the rapid growth of the global data analytics market. Moreover, the growing volume and complexity of data due to increasing mobile data traffic, expanding adoption and development of technologies including AI and IoT, and cloud-computing traffic is boosting the growth of the global data analytics market. The Covid-19 pandemic has rapidly increased the adoption of data analytics solutions and services. Researchers have developed predictive analytics models to monitor Covid-19 surges in various countries. These factors provide substantial growth to the global data analytics market.

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Solution – Segment Analysis

Based on the solution, the market is segmented into data management, fraud & security intelligence, data mining, and data monitoring. The data management segment is expected to grow at a higher CAGR over the forecast period. Data management is the process of maintaining and organizing data to fulfill organizations’ information needs. Data management offers organization with the classification of entire data and fast retrieval of data. These advantages are likely to surge the growth of the data management segment in the global data analytics market.

Application – Segment Analysis

Based on the application, the market is segmented into enterprise resource planning, supply chain management, human resource management, database management, and others. The enterprise resource planning segment is anticipated to grow at a faster CAGR over the forecast period. Data analytics plays a significant role in structuring enterprise resource planning data. It becomes highly essential for manufacturers across various industry verticals to implement predictive analytics on large enterprise resource planning data to increase revenues, gain profits, gain competitive advantage, and optimize costs. These factors are responsible for propelling the growth of the enterprise resource planning segment in the global data analytics market.

Deployment – Segment Analysis

Based on the deployment, the market is segmented into on-premises and cloud. The cloud segment is projected to grow at a higher CAGR during the forecast period. Most of the organizations adopt cloud models for the implementation of data analytics due to the lack of resources. These models allow organizations to take the benefits of real-time data analytics. During the Covid-19 pandemic, organizations have emphasized on deploying cloud-based collaboration tools in order to enable employees working remotely to sustain the productivity. All these factors significantly contribute to the growth of the cloud segment in the global data analytics market.

Organization Size – Segment Analysis

Based on the organization size, the market is segmented into small & medium enterprises and large enterprises. The large enterprises segment is anticipated to grow at a faster CAGR over the forecast period. Large enterprises mainly focus on their productivity and timely delivery of their products & services, which increases the importance of deploying data analytics solutions and services. In large enterprises, a massive amount of data is generated from customers and business functions to allow data-driven decisions. These factors play a crucial role in bolstering the growth of the large enterprises segment in the global data analytics market.

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Regional – Segment Analysis

Based on the region, North America region is expected to grow at a higher CAGR over the forecast period owing to the increasing demand for data analytical solutions in the U.S. and Canada. The primary reason for the increase in demand is the generation of a huge volume of raw and unstructured data from the industrial Internet of Things (IoT) and smart connected devices. This data needs to be synchronized for smooth and efficient business processes by using end-to-end analytical techniques. There has also been increased adoption of big data by the e-commerce industry in this region. All these factors play a crucial role in surging the growth of the data analytics market in North America.

Top Market Players

Various notable players operating in the market include Microsoft, Amazon Web Services Inc. (AWS), SAP, Oracle, Dell Inc., SAS Institute Inc., Datameer Inc., IBM, Alteryx Inc., and Looker Data Sciences, Inc., among others. 

Key Developments:

• • In 2020, IBM developed 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 announced the addition of 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.

Segments covered in the Report:

The global data analytics market has been segmented on the basis of type, solution, application, vertical, deployment, organization size and regions. Based on type, the market is segmented into predictive analytics, prescriptive analytics, descriptive analytics, and customer analytics. Based on solution, the market is segmented into data management, fraud & security intelligence, data mining, and data monitoring. Based on application, the market is segmented into enterprise resource planning, supply chain management, human resource management, database management, and others. Based on vertical, the market is segmented into BFSI, IT & telecommunication, manufacturing, retail & ecommerce, energy & power, healthcare, transport & logistics, media & entertainment, and others. The manufacturing segment is further segmented into process manufacturing and discrete manufacturing. Based on deployment, the market is segmented into cloud and on-premises. Based on organization size, the market is segmented into small & medium enterprises and large enterprises. Based on Function, the market is segmented into Marketing Analytics, Sales Analytics, Operational analytics, Accounting and Finance analytics, and HR Analytics Based on region, the global data analytics market is segmented into North America, Europe, Asia-Pacific, and RoW. 

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Key questions answered in this research report:

• • At what pace is global data analytics market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in data analytics market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global data analytics market?
  • Which type generated maximum revenues in 2021 and identify the most promising type during the forecast period?
  • What are the various solution areas of global data analytics market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Data Analytics Market by Type

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

Global Data Analytics Market by Solution

• • Data Management
  • Data Mining
  • Fraud & Security Intelligence
  • Data Monitoring

Global Data Analytics Market by Application

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

Global Data Analytics Market by Vertical

• • BFSI
  • IT & Telecommunication
  • Manufacturing
    • Process Manufacturing
    • Discrete Manufacturing
  • Retail & Ecommerce
  • Energy & Power
  • Healthcare
  • Transport & Logistics
  • Media & Entertainment
  • Others

Global Data Analytics Market by Deployment

• • Cloud
  • On premises

Global Data Analytics Market by Organization Size

• • Small & Medium Enterprises
  • Large Enterprises

Global Data Analytics Market by Function

• • Marketing Analytics
  • Sales Analytics
  • Operational analytics
  • Accounting and Finance analytics
  • HR Analytics

Global Data Analytics Market by Region

• • North America Data Analytics Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Solution
    • By Application
    • By Vertical
    • By Deployment
    • By Organization Size
    • By Function
    • US Market All-Up
    • Canada Market All-Up
  • Europe Data Analytics Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Solution
    • By Application
    • By Vertical
    • By Deployment
    • By Organization Size
    • By Function
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Data Analytics Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Solution
    • By Application
    • By Vertical
    • By Deployment
    • By Organization Size
    • By Function
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Data Analytics Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Solution
    • By Application
    • By Vertical
    • By Deployment
    • By Organization Size
    • By Function
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Data Analytics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Microsoft
  • Amazon Web Services Inc. (AWS)
  • SAP
  • Oracle
  • Dell Inc.
  • SAS Institute Inc.
  • Datameer Inc.
  • IBM
  • Alteryx Inc.
  • Looker Data Sciences, Inc.