Press release
Data Analytics Market 2018 Global Key Leaders: Microsoft, SAP SE , Amazon Web Services Inc., Oracle, SAS Institute, Dell Inc., Alteryx, Datameer, Looker Data Sciences,IBM
Data Analytics Market, By Type (Predictive, Prescriptive), Solution (Data Management, Data Visualization), Application (ERP, SCM), Industry (BFSI, IT & Telecom, Manufacturing), Deployment (Cloud, On-Premise), Organization Size – Forecast (2017-2023)
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.
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Players Covered
Microsoft Corporation (U.S.), SAP SE (U.S.), Amazon Web Services Inc. (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Dell Inc. (U.S.), Alteryx, Inc. (U.S.), Datameer Inc. (U.S.), Looker Data Sciences, Inc. (U.S.) and IBM Corporation (U.S.).
The report provides a comprehensive analysis of the market structure along with future assessment for the next five years of various segments and sub-segments of the data analytics market
Analysis Period
Base Year- 2017
Projection Period- From 2018 to 2023
Market Denomination- USD Million
Conversion Rate- Considered as per the respective financial years
Market Scenario:
The global data analytics material market is set to grow from USD 12.01 Billion in 2016 to USD 77.64 Billion in 2023. Cost reduction, faster decision making and new product or service launch are the key features in which data analytics can be very helpful. High adoption rate of technology and growing data analytics requirement are the prime drivers of data analytics market.
Deployment of advanced analytical techniques helps in improving the productivity and efficiency of field operations as well as optimize the organizational workforce. The tools detect and correct the errors from data sets with the help of data filtration techniques, which helps in improving the quality of data and consequently benefits both customers and institutions such as banks, insurance, and finance companies. The advantages of big data analytics mentioned above help in optimizing the overall business process.
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Regional Overview
In 2016, North America accounted for the largest share of the global data analytics market and is expected to retain its position over the review period. Demand for data analytic services has conituned to grow in the U.S. and Canda in recent years. This is mainly attributed to the generation of large volume of unstructured data from smart connected devices and industrial Internet of Things (IoT), which is being synchronized using end-to-end analytical tools. Adoption of predictive analytics in big data by the e-commerce sector in the region is also contributing to the growth of the North America data analytics market.
In Asia Pacific, economic development coupled with the growth of the IT & BFSI sector has spurred a strong demand for data analytics tools. It is also projected to be the fastest growing market for the data analytics. High demand in BFSI, IT & telecommunication, retail, healthcare, food & beverage and government sector is creating growth opportunities for market players. Other factors such as growing technology expenditures in countries such as China and India, and demand for cost-effective advanced analytical software and services among small and medium-sized enterprises (SMEs) also influence the region’s market.
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