Market Scope
The global data
analytics market is expected to project revenues at 28.9% CAGR over the
forecast period. The ubiquitous presence of data and development of new methods
to leverage data for forging new partnerships and pushing innovations can drive
market growth. Companies are introducing new departments dedicated to data
analysis for creation of new products and catering to new demands. Novel
opportunities created for the market owing to heavy reliance on the Internet
can fetch huge returns in the coming years. Social media is a prime example
with a large scope of data analytics owing to high frequency of visits and
large number of interactions on these platforms.
The COVID-19 outbreak has had its effect on all industries. This is
evident by its somber response to customer demand in the initial years of
lockdowns initiated by nations. But data analytics has become a reliable source
for accumulating data and pinpointing emerging trends in products and consumption
of data. The healthcare industry, in particular, has leveraged on data
analytics to trace COVID-19 patients and contain the virus in high spots. It
has also used the data effectively to dole out vaccines and provide healthcare
support in necessary areas.
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Segmentation
By type, the global data analytics market has been segmented into
customer analytics, predictive analytics, prescriptive analytics, descriptive
analytics, and others.
By solution, the global data analytics market has been segmented into
data mining, data management, fraud & security intelligence, and data
monitoring.
By application, the global data analytics market has been segmented into
database management, enterprise resource planning, human resource management,
supply chain management, and others.
Based on deployment, the data analytics market has been divided into
cloud and on-premises.
By organization size, the data analytics market is bifurcated into large
enterprises and small & medium enterprises.
By function, the data analytics market is segmented into accounting
& finance analytics, HR analytics, marketing analytics, sales analytics,
operational analytics, and others.
By vertical, the global market is segmented into BFSI, IT & telecom,
media & entertainment, manufacturing, retail & e-commerce, energy &
power, transport & logistics, healthcare, and others. The BFSI segment
accounted for the largest market share of 22.3% in 2019, with a market value of
USD 5,127.7 million; it is expected to register the highest CAGR of 30.9%
during the forecast period. The IT & telecom segment was valued at USD
4,444.9 million in 2019; it is projected to exhibit a CAGR of 30.6%.
Regional Analysis
Among the regions, North America is expected to dominate the market and
exhibit a CAGR of 26.4% over the forecast period. This is attributed to use of
analytic software in industries of media, retail, oil & gas, mining, and
others. The data has been employed in influencing decisions pertaining to
purchased of new technology or upgrades in infrastructure. The U.S. is the
biggest contributor to the market with a share of 86.7% in 2019. It can
register 26.2% CAGR over the forecast period owing to the use of data analytics
by streaming platforms and financial institutions to pinpoint customer trends.
Europe is the second-largest market with a growth projection of 29.8%
over the forecast period. Rapid pace of innovative technology and
implementation of insights in core processes and operations can drive the data
analytics market. The U.K. is the biggest contributor to the regional market
followed by Germany. New data governance policies and adherence to strict
regulatory laws can drive the market demand significantly.
Competition Analysis
IBM Corporation, Datameer, Inc., Alteryx, Inc, SiSense Inc, Mu Sigma,
Looker Data Sciences, Inc., SAP SE, SAS Institute Inc., ThoughtSpot, Inc.,
Microsoft, Zoho Corporation Pvt. Ltd., Tableau Software, LLC., Dell Inc.,
Amazon Web Services, Inc., and Oracle are key players of the data analytics
market.
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