Data Analytics Market Size Set to Achieve USD 329.8 Billion
LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) — The Global Data Analytics Market Size accounted for USD 31.8 Billion in 2021 and is projected to occupy a market size of USD 329.8 Billion by 2030 growing at a CAGR of 29.9% from 2022 to 2030.
The growing adoption of big data and predictive analytics is fueling the data analytics market growth and is expected to continue during the forecast period. The data analytics trends have already gained popularity in recent years and have become even more significant since the emergence of COVID-19. The importance of data analytics in a post-COVID-19 world cannot be overstated now that the entire world has gone digital in 2020, with more data being produced than ever before. As a result, demand for data analytics is increasing and is projected to grow rapidly between 2022 and 2030.
Data Analytics Market Statistics
- Global data analytics market revenue valued at USD 31.8 Billion in 2021, with a 29.9% CAGR from 2022 to 2030
- Data analytics estimates reveal that more than 181 zettabytes of data is generated worldwide by 2025
- Each person generated 1.7 megabytes per second of data in 2020
- North America data analytics market share occupied around 46% in 2021
- Asia-Pacific data analytics market growth is estimated to attain 33% CAGR from 2022 to 2030
- By type, the big data analytics sub-segment grabbed 36% market share in 2021
- Based on industry vertical, the IT & telecom sub-segment gathered US$ 7.6 billion in revenue in 2021
- An increasing number of IoT devices is a prominent data analytics market trend driving the industry demand
- In 2021, there were 35.8 billion IoT devices present in the world
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Data Analytics Market Coverage:
|Market||Data Analytics Market|
|Data Analytics Market Size 2021||USD 31.8 Billion|
|Data Analytics Market Forecast 2030||USD 329.8 Billion|
|Data Analytics Market CAGR During 2022 – 2030||29.9%|
|Data Analytics Market Analysis Period||2018 – 2030|
|Data Analytics Market Base Year||2021|
|Data Analytics Market Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Deployment, By Enterprise Size, By Industry Vertical, And By Geography|
|Data Analytics Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Amazon Web Services Inc., Datameer Inc., IBM Corporation, Looker Data Sciences Inc., Microsoft, Mu Sigma, Oracle, SAP SE, SiSense Inc, Tableau Software LLC., ThoughtSpot Inc., and Zoho Corporation Pvt. Ltd.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Data Analytics Market Dynamics
Growing Application of Data Analytics Tools for Forecasting
The increasing use of data analysis tools for applications such as predicting and forecasting trade markets, healthcare data, research analysis, and traffic trend forecasting is expected to drive the data analytics market growth. The application of data analytics in demand forecasting can assist organizations in making informed decisions and increasing profitability. In recent years, government agencies and various industries such as banking, e-commerce, and IT services have made significant investments in big data and business intelligence tools, thereby fueling the industry demand.
Rapidly Growing E-Commerce Sector Boost the Data Analytics Industry
Customers’ traditional shopping experiences have been enhanced by the e-commerce sector. Email campaigns, dedicated online/social media advertising, and customer service analysis are the most important factors in increasing company sales. Because of the increasing popularity of connected devices, retailers are focusing on real-time analysis of consumer shopping behavior. The results of real-time analytics can also be used to create tailored offers to increase customer retention. However, security issues with data may hamper the market from growing.
Opportunities from Big Data Analytics
Advancements in the big data space have aided in enhancing the evaluation skills of data science experts. Enterprises can improve crucial business processes, goals, and functions by utilizing big data analytics. By transforming information into intelligence, organizations can meet stakeholder demands, manage r isks, manage data volumes, enhance process controls, and improve administrative performance. As a result, our research analysis predicts that the big data industry will garner over USD 473 billion revenue by 2030.
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Data Analytics Market Segmentation
The global market has been split into types, deployment model, application, industry vertical, and region.
The type segment is further split into business analytics, big data analytics, statistical analytics, customer analytics, risk analytics, and others (prescriptive, predictive, and text). Based on the deployment model, the market is bifurcated into on-premises and cloud-based. The enterprise size segment includes large enterprises and small & medium-sized enterprises. Furthermore, the industry vertical of the market is categorized into BFSI, IT & telecommunication, healthcare, government, military & defense, and others.
Data Analytics Market Share
According to our data analytics market forecast, the big data analytics type is expected to lead the market with notable shares from 2022 to 2030. According to the deployment mode sector, the on-premise sub-segment occupied a significant market share in 2021, whereas the cloud-based sub-segment is poised to grow with significant market growth from 2022 to 2030. Based on our analysis of the data analytics market, the big data analytics application held the largest market share in 2021 and will do so going forward. Additionally, from 2022 to 2030, BFSI will dominate the market in terms of revenue, while IT & telecom will dominate the market in terms of growth.
Data Analytics Market Regional Outlook
North America accounted for the largest market share of 46% in 2021 because of the presence of major players and technological advancement in the region. Deployment of predictive analytics in big data, as supported by Hadoop architectures used by some major e-commerce giants such as Walmart and eBay, is contributing to the region’s growing data analytics market value. On the other hand, the Asia-Pacific data analytics market is likely to gain significant traction from 2022 to 2030 owing to the frequent adoption of big data analytics tools and solutions. In addition, several enterprises in the region are heavily investing in customer analytics in order to optimize business efficiency and productivity.
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Data Analytics Market Players
Some prominent data analytics companies covered in the industry include Amazon Web Services Inc., Datameer Inc., IBM Corporation, Looker Data Sciences Inc., Microsoft, Mu Sigma, Oracle, SAP SE, SiSense Inc, Tableau Software LLC., ThoughtSpot Inc., and Zoho Corporation Pvt. Ltd.
Questions Answered By This Report
- What was the market size of Data Analytics Market in 2021?
- What will be the CAGR of Data Analytics Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Data Analytics Market?
- Which region held the largest share Data Analytics Market in 2021?
- What are the key market drivers Data Analytics Market?
- Who is the largest end user Data Analytics Market?
- What will be the Data Analytics Market value in 2030?
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