Increasing Amount of Data and Need for Reducing the Processing Time To Drive The Global Data Analytics Market

Market Research Future (MRFR) will be publishing a cooked research report on the “Global Data Analytics  Market” that contains information from 2023 to 2030. 

MRFR recognizes the following companies as the key players in the global Data Analytics market: Microsoft Corporation (US), SAP SE (Germany), Oracle Corporation (US), Amazon Web Services, Inc. (US), SAS Institute Inc. (US), Dell Inc. (US), Alteryx Inc.(US), Datameer, Inc (US), Looker Data Science, Inc. (US), IBM Corporation (US), Tableau Software, LLC (US), SiSense Inc. (US), Zoho Corporation Pvt. Ltd (India), ThoughtSpot, Inc.(US), Mu Sigma (US), ScienceSoft (US), Wipro Limited (US), and Accenture plc (US).

Market Highlights

The global Data Analytics market is projected to be valued at USD 303.4 Billion by the end of 2030, registering a CAGR of 27.60% during the forecast period.

The spread of novel coronavirus across the globe had resulted in lockdowns in the countries, which had compelled the people to stay at home and forced the companies to allow the employees to work at home to contain the spread of the epidemic. People staying at home have increased the usage of the Internet. The rise in the number of social media users and connected devices has generated a large amount of data, which fuels the demand for data analytics among enterprises. Data analytics plays a crucial role in examining a large amount of data. As more and more people go online, it creates immense opportunities for enterprises to use data in new ways to learn more about customers, strengthen their business cycles, and built a platform of digital information.

The platform is built on the foundation of cloud computing, social networking, mobility, and big data. Additionally, during the pandemic, the healthcare industry has widely adopted big data and predictive analytics to better understand the virus and its spread. Health systems and hospitals have leveraged predictive models to gain insight into pandemic risk, the virus’ potential impact on resources, and disease outcomes.

It has been observed that a significant amount of data is generated through Enterprise Resource Planning (ERP) systems, Programmable Logic Controllers (PLCs), and Laboratory Information Management systems (LIMS). The data generated from embedded systems such as MP3 players, traffic lights, and MRI scanners has grown to a level where it is openly challenging the data storage practices in the current data centers. It is observed that the data is generated from forty types of devices such as RFID tags & sensors, supercomputers & supercolliders, PCs, servers, and others. Both machine and human-generated data are undergoing a 10x rapid growth rate compared to traditional business data; machine data is rising with an even faster, i.e., 50x growth rate. Various such data sources generate high volumes of data, thereby fueling the need for data analytical services. Thus, the increasing amount of data is expected to drive the growth of the global data analytics market during the forecast period.

COVID-19 Impact Analysis

Companies from diverse sectors in different parts of the globe started to work together to find solutions. Industry participants are also contributing heavily to artificial intelligence and data analytics to fight against the pandemic. For instance, Microsoft Corporation has contributed USD 20 million to advance data analytics and artificial intelligence in the research of novel COVID-19 with a focus on hospital resources, diagnostics, and other critical areas. Researchers focus on the insights and data related to the virus to analyze the economic impacts and development of therapeutics, vaccines, and diagnostics. The company has also partnered with the Institute for Health Metrics and Evaluation to accelerate the fight against the epidemic. The institute is publishing a set of epidemic data visualizations and forecasts that the hospital administrators, governors, and White House can use to mobilize resources.

Segment Analysis

The global Data Analytics market has been segmented on the basis of type Solution, industry, function, and region.

The global Data Analytics market, based on type, has been segmented into predictive analytics, prescriptive analytics, descriptive analytics, and diagnostic analytics.

The global Data Analytics market, based on solutions, has been segmented into Data Management, Fraud & Security Intelligence, Data Mining, Data Visualization, Data Monitoring, and Others.

The global Data Analytics market, based on industry, has been segmented into BFSI, IT & telecommunication, manufacturing, retail & e-commerce, energy and power, healthcare, transportation & logistics, media and entertainment, and others

The global Data Analytics market, based on function, has been segmented into sales analytics, marketing analytics, accounting, financial analytics, hr analytics, operational analytics, and others.