Press release
Data Analytics Market To See Booming Growth (CAGR of 30.10%) | Size, Share, Trends, and Forecast 2023-2028
Data Analytics Market
IMARC Group's latest report, titled "Data Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the global data analytics market size reached US$ 46 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 222 Billion by 2028, exhibiting a growth rate (CAGR) of 30.10% during 2023-2028.
What is Data Analytics ? :
Data analytics involves the examination, transformation, and analysis of extensive information sets to obtain valuable insights and facilitate informed decision-making. It encompasses various tasks, including data collection, cleaning, modeling, visualization, and interpretation. By utilizing statistical and mathematical techniques, data analytics uncovers patterns, correlations, and trends within the information. This multidisciplinary field combines mathematics, statistics, computer science, and domain knowledge to extract meaningful information from raw data.
Advanced analytical tools and technologies enable organizations to discover hidden patterns and gain a deeper understanding of their operations, customers, and market dynamics. In addition to this, the insights derived from data analytics support evidence-based decision-making, process optimization, risk and opportunity identification, enhanced customer experiences, and overall business performance improvement.
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Who are the key Players Operating in the Industry ? :
• Alteryx Inc
• Amazon Web Services Inc. (Amazon.com Inc.)
• Dell Technologies Inc
• International Business Machines Corporation
• Looker Data Sciences Inc. (Google LLC)
• Microsoft Corporation
• Mu Sigma Inc
• Oracle Corporation
• SAP SE
• SAS Institute Inc
• Tableau Software LLC. (Salesforce.com Inc)
• ThoughtSpot Inc
• Zoho Corporation Pvt. Ltd
What are the Growth Prospects and Trends in the Data Analytics Industry ? :
The expanding information technology (IT) sector across the globe is primarily driving the data analytics market. Besides this, the vast generation and collection of information from several sources, such as customer interactions, social media, sensors, and machines, is further augmenting the market growth. Moreover, the availability of scalable and cost-effective big data infrastructure enables organizations to store, process, and analyze massive volumes of information, which is also catalyzing the global market. Apart from this, the increasing need to extract meaningful insights and actionable intelligence from various sources is acting as another significant growth-inducing factor.
Additionally, the elevating requirement for this process to empower businesses to make data-driven decisions that enhance performance, optimize operations, and improve customer experiences is also stimulating the market growth. Furthermore, the emerging trend of digitization, extensive utilization of these tools across various industries and sectors (finance, healthcare, marketing, retail, manufacturing), and continuous technological advancements are anticipated to propel the data analytics market over the forecasted period.
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What is Included in Market Segmentation ? :
Breakup by Type:
• Prescriptive Analytics
• Predictive Analytics
• Customer Analytics
• Descriptive Analytics
• Others
Breakup by Solution:
• Security Intelligence
• Data Management
• Data Monitoring
• Data Mining
Breakup by Deployment:
• Cloud
• On-premises
Breakup by Application:
• Supply Chain Management
• Enterprise Resource Planning
• Database Management
• Human Resource Management
• Others
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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