Data Analytics Market to Witness Staggering 27% CAGR during 2022 – 2028
The global data analytics market is growing at a high CAGR because of the increasing adoption of advanced technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), etc. Moreover, the rising popularity of data analytics tools and technologies among small and medium-sized businesses is also propelling the market forward?
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global data analytics market was worth USD 39.3 billion in 2021 and is projected to grow at a CAGR of 27.80%, reaching revenues of around USD 218 billion by 2028. The global data analytics market is registering significant growth owing to the increasing adoption of advanced technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), Big Data, Machine Learning, etc., to improve their business efficiency and performance. Furthermore, the rising popularity of data analytics tools and technologies among small and medium-sized businesses, coupled with an increasing number of data analytics startups, is anticipated to provide lucrative growth opportunities to the market during the forecast period.
Rising Application of Database Management is Driving the Data Analytics Market
Based on applications, the global data analytics market is segmented into enterprise resource planning, supply chain management, human resource management, database management, and others. Among these, the database management segment accounts for the largest market share. The huge volume of data that is being generated through various mediums including social media platforms and IoT devices is stored in database management systems, which is then used by the data analytics tools to generate insights. Thus, the global data analytics market is driven by the growing application of database management.
Increasing Demand for Cloud Deployment is Propelling the Global Data Analytics Market Forward
Based on deployment, the data analytics market is grouped into cloud and on-premises segments. Cloud deployment holds the largest market share owing to its cost-effectiveness and higher possibility of scalability. The increasing adoption of data analytics among small and medium-sized enterprises is playing a crucial role in driving the growth of cloud deployment. Moreover, the popularity of cloud deployment, especially among SMEs, can be attributed to the availability of data analytic tools and applications, based on the requirements and budget of the company, which is significantly driving the overall market growth.
Global Data Analytics Market - By End-User
Based on end-users, the global data analytics market is segmented into BFSI, IT & telecom, manufacturing, retail & eCommerce, energy & power, healthcare, transport & logistics, media & entertainment, and others. Among these, the BFSI segment holds the largest market share. The integration of data analytics tools helps the BFSI sector to lower its operational cost besides minimizing financial losses by detecting the chances of fraud and manipulation. Following BFSI, the e-commerce sector covers a substantial market share as it deploys these tools to track market trends and customer behavior.
Global Data Analytics Market - Regional Insights
Geographically, the global data analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the global data analytics market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period owing to the flourishing end-user industries, such as e-commerce, manufacturing, retail, BFSI, etc., in countries such as Singapore, China, India, Japan, etc. Middle-East & Africa is also projected to witness a substantial growth rate during the forecast period owing to the increasing number of data analytics solutions and service providers in this region.
Impact of COVID-19 on the Global Data Analytics Market
The global data analytics market significantly proliferated after the COVID-19 pandemic outbreak. The adoption of data analytics gained significant traction among small and medium-sized enterprises during the pandemic. These tools and technologies helped businesses track market trends and make a predictive and descriptive analysis of the situation to make necessary decisions during the ups and downs in the market. Furthermore, the insights provided by data analytics tools helped businesses improve their efficiency and adjust to the changing market scenario. These factors significantly drove the overall data analytics market.
Global Data Analytics Market-Competitive Landscape
The leading players in the global data analytics market are Alteryx, Databricks, Fractal Analytics, Latentview Analytics Corporation, Tableau Software, Absolutdata, Sisense, Oracle Corporation, Sigma Data Systems, Accenture plc, Datameer, ThoughtSpot, Inc., Salesforce, Cloudera, Inc., Qlik, HatchWorks Technologies, Informatica, Microsoft Corporation, Splunk Inc., and other prominent players.
The global data analytics market is fragmented due to the presence of many regional and global industry players. Several startups are also emerging that are offering advanced data analytics solutions and giving tough competition to established players. The market players offer a wide range of solutions and services and often launch innovative applications to gain a competitive edge. Furthermore, the adoption of strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global data analytics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global data analytics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.