Global market for data analytics is witnessing a significant growth primarily due to the growing adoption of predictive analytics across various industry verticals. The global data analytics market is set to expand at 30.08% CAGR during the forecast period (2017-2023). Predictive analytics is used to identify the probability of future outcomes based on historical data and trends using statistical algorithms and machine learning techniques. It aims to leverage historical data to provide the best assessment of what will happen in the future.
It is observed that businesses are increasingly adopting predictive analytics as it collates data from numerous sources and derives insights to make predictions about future events that help companies in improving their operational efficiency. It also creates feasible business scenarios to provide insights into the future of any project. Predictive analytics support business dynamics like consumer demand, changes in market strategy, and commotions in the business cycle.
The report projects that the global market for data analytics will exhibit a CAGR of 30.08% during the forecast period (2017-2023) to surpass a valuation of USD 77.64 billion. This market has witnessed yet another year of steady growth in 2017. Data analytics techniques are widely used in commercial industries to enable organizations to make more productive business decisions. The data analytics tool help businesses increase revenue, improve operational efficiency, optimize marketing campaigns, respond faster to emerging trends and gain a competitive advantage.
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Major key Players
SAS Institute (U.S.),
Microsoft Corporation (U.S.),
Amazon Web Services (U.S.),
Cogito Corporation (U.S.),
Datameer (U.S.), Looker (U.S.) among others.
The report delivers hard-hitting market facts and historical market trends along with correlations between the market dynamics and forecasts. In this report, the user will also come across an in-depth segmental analysis of the market based on type, solution, application, industry, deployment, organization size, and region, delivering valuable insights. The report also explores market dynamics such as drivers, trends, opportunities, and restraints, influencing the growth pattern of key market segments. The section also sheds light on the key micro and macroeconomic factors impactig the overall growth of the market.
By type, the Data Analytics market has been segmented into predictive analytics, prescriptive analytics, descriptive analytics, and customer analytics. By solution, the market has been segmnted into data management, fraud & security intelligence, data mining, data visualization, and data monitoring. By application, the market has been segmented into enterprise resource planning, supply chain management, human resource management, database management and others. All the segments and sub-segments are profiled under six major geographies– North America, South America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Rest of the World, with the respective country-level market sizes. For the scope of the research, the definition of the product/ service “data analytics ” is also included in the report. The report discusses the current prospects of the market and delivers an unbias growth assessment.
MRFR applied a new but highly credible research methodology for making projections. Statistical conclusions drawn in the report are the result of an exhaustive investigation and analysis of the key market elements. A multi-level data collection procedure, which includes both primary and secondary research inputs ensures the delivery of an impactful intelligence. To support the statistical findings and projections, full-scale industry focused primary research was conducted to gain meanighful insights of the market. Primary research also includes surveys and interviews with the key personnels associated with the technology sector (VPs, CEOs, Marketing Directors, Business Development Managers and others). Additionally, the primary data collected is cross-checked using triangulation method. Secondary research was mainly employed for collecting and identifing information useful for technical, market-oriented, and commercial study of the data analytics market.
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- Data Analytics Companies
- Analytics Service Providers
- Software Developer Companies
- Service Providers
- Manufacturing Companies
- Big Data Analytics Service Providers