Data Analytics Market to Gather Income of USD 77.64 Billion by 2023 | Key Market Players are Microsoft Corporation (U.S.), SAP SE (U.S.), Amazon Web Services Inc. (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.) and Dell Inc. (U.S.)

Data Analytics Market Research Report- Forecast till 2023

Market Highlights

The need to reduce the margin of error in business decisions significantly is estimated to boost the data analytics market 2020. The AI & Analytics reports are made by Market Research Future, which includes market choices for advancement. A CAGR of 30.08 % is foreseen to have an effect on the market income rising to USD 77.64 billion in the forecast period.

The escalated use of analytics techniques in commercial industries is estimated to guide the data analytics market share in the impending period. Moreover, the need to raise revenue and increase operational productivity is predicted to spur the data analytics market.

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Segmentation:

The segmental investigation of the data analytics market has been based on application, type, solution, deployment, industry, region and organization size. Based on the application, the data analytics market has been segmented into enterprise resource planning, database management, human resource management, supply chain management, and others. On the basis of type, the data analytics market has been segmented into descriptive analytics, prescriptive analytics, customer analytics and predictive analytics. Based on the solution, the data analytics market has been segmented into data management, data mining, data visualization, fraud & security intelligence, and data monitoring. Based on the regions, the data analytics market includes North America, Asia Pacific, Europe, the Middle East, South America and Africa.

Detailed Regional Analysis

The regional study of the data analytics market includes regions such as the Middle East, North America, South America, Asia Pacific, Europe, and Africa. The North American regional market is foreseen to guide the data analytics market and possesses a portion of more than 35% of the overall market revenue. The region is predicted to withstand its advantage throughout the forecast years being one of the initial users of the technological advancements launched. The regional Asia Pacific market is projected to record the highest development in the development course of the data analytics market. This region is projected to develop at a CAGR 15% approximately in the forecast period as the region observed the growing implementation of cutting-edge technology, primarily in nations such as Japan and India.

Competitive Analysis

The need to effectively engage customers in all of their geographical markets is estimated to help the market overcome the hindrances being faced currently. The market contenders are estimated to support the growth enabling factors and thus are estimated to pull the market out of the depression due to the ongoing global pandemic. The necessity to establish a unique advantage in the market is reviewed to have a substantial influence on the global market. The market is predicted to guide its future growth with the inclusion of a balance of innovation and continual product enhancement. Besides, the need to ensure that the long-term sustainable growth goals are not comprised due to the existing difficulties is foreseen to be extremely important for the market stakeholders. The trends predominant in the market are contributing considerably to the market’s progress. The emphasis on accelerating growth is estimated to take the main stage in the forecast period.

The distinguished companies in the data analytics market are SAP SE (U.S.), Amazon Web Services Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Looker Data Sciences, Inc. (U.S.), SAS Institute Inc. (U.S.), Dell Inc. (U.S.), Alteryx, Inc. (U.S.), Datameer Inc. (U.S.), and IBM Corporation (U.S.).

Industry Updates:

July 2020 Altair, a technology business providing results in high-performance computing (HPC), product development, and data analytics, has introduced a new type of Altair Knowledge Studio that carries even better flexibility, speed, and transparency to predictive analytics and data modelling.

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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)

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