Data analytics leverages cutting edge algorithms to enable management in making efficient decisions. Market Research Future (MRFR) has offered an assessment which unravels that the global data analytics market is expected to garner a valuation of USD 77.64 Bn by 2023 up from USD 12.01 Bn in 2016. It is also expected that the global market I presumed to strike a CAGR of 30.08% over the forecast period 2017 to 2023.
Data analytics enables an organization to utilize the potential of its data by studying historical data and trends along with current operational data. It predicts the future trajectory of the enterprise on the basis of facts which helps to manage effectively. This, in turn, is likely to support the proliferation of the data analytics market over the next couple of years.
Increasing applications across different industry domains is likely to expedite the growth rate of the market in the upcoming years. It also facilitates quick response to dynamic changes in consumer behavior. Thus, the global data analytics market is poised to expand at a substantial rate in the foreseeable future.
Based on type, the segments of the global data analytics market forecast are predictive analytics, prescriptive, analytics, descriptive analytics, customer analytics, and others. Among these, the predictive segment held the largest share in 2016 and is expected to maintain its holding over the next few years.
On the basis of solution, the segmental assessment of the data analytics market covers data management, data visualization, data mining, fraud & security intelligence, and data monitoring. The data management segment is expected to lead the growth of the market in the years to come.
By application, the segments of the global data analytics market identified in this MRFR report are ERP, SCM, HRM, and database management. Among these, the ERP segment accounts for the maximum share of the market and is anticipated to exhibit the highest CAGR across the projection period.
On the basis of industry, the segments of the data analytics market are BFSI, it & telecom, manufacturing, retail & e-commerce, energy & power, healthcare, transport & logistics, media & entertainment, and others.
Based on deployment, the global data analytics market has been divided into cloud, on-premise
By organization size, the key segments of the data analytics market are small & medium enterprise, and large enterprise.
The geographical evaluation of the global data analytics market is covered in this MRFR report on a regional and a country-level basis. The regions analyzed in this report are North America, the Middle East & Africa, Europe, South America, and Asia Pacific (APAC). North America is supposed to maintain the pole position through the assessment period. The rising demand for the product in the U.S. and Canada is expected to lead the growth of the data analytics market in the region over the next couple of years. Asia Pacific is also an important revenue pocket and is anticipated to witness remarkable growth pace in the years to come.
Looker Data Sciences, Inc. (U.S.), Microsoft Corporation (U.S.), Amazon Web Services Inc. (U.S.), SAP SE (U.S.), Oracle Corporation (U.S.), Dell Inc. (U.S.), Alteryx, Inc. (U.S.), SAS Institute Inc. (U.S.), Datameer Inc. (U.S.), and IBM Corporation (U.S.) are some of the noted players of the global data analytics market. These players are emphasizing on the development of advanced analytical tools to gain an edge over other competitors. Some of these expansion strategies expected to be witnessed in the market are mergers & acquisitions, collaborations, product portfolio development, partnerships, etc. the data analytics market is projected to attract new players in the competitive landscape over the next couple of years.