Statistical Analysis Software Market Size, Development Analysis, Key Trends, Growth Rate And Future Forecast (2024-2033)

The new report published by The Business Research Company, titled Statistical Analysis Software Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the statistical analysis software market size has grown rapidly in recent years. It will grow from $8.45 billion in 2023 to $9.32 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The statistical analysis software market size is expected to see rapid growth in the next few years. It will grow to $14.00 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.

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The Adoption Of Cloud Computing Fuels Growth In The Statistical Analysis Software Market
The rapid adoption of cloud computing is expected to propel the growth of the statistical analysis software market going forward. Cloud computing is delivering computing services over the internet, offering resources such as storage, processing power, and software on-demand, without the need for local infrastructure or management. The adoption of cloud computing is due to complete IT infrastructure flexibility, scalability, cost-effectiveness, and enhanced collaboration and accessibility. Statistical analysis software is used in cloud computing environments to leverage cloud platforms' scalability, flexibility, cost efficiency, and integration capabilities, empowering users to perform advanced analytics, data processing, and modeling tasks with ease and efficiency. For instance, according to data by Flexera, a US-based computer software company, in 2022, 87% of organizations adopted a multi-cloud, of which 72% adopted a hybrid cloud, 13% adopted multiple public clouds, and 2% a multiple private cloud. Furthermore, the cloud spending by small and medium-sized businesses (SMBs) reflects a massive uptake, with 52% of the expenditure being more than $1.2 million in 2022, up from 38% reported in 2021. Therefore, the rapid adoption of cloud computing is driving the growth of the statistical analysis software market.

Innovative Solutions Transforming The Statistical Analysis Software Market
Major companies operating in the statistical analysis software market are developing innovative solutions, such as Minitab Statistical Software, to sustain their position in the market. Minitab statistical software is a powerful statistical software package that provides a wide range of statistical tests and analyses, such as t-tests, ANOVA, regression, and more. For instance, in November 2021, Minitab LLC, a US-based company that distributes statistical analysis programs, launched the latest version of Minitab Statistical Software, a tool with enhanced visualizations, expanded capabilities for the Graph Builder, and strengthened predictive analytics with the inclusion of Cox regression and automated machine learning. Users can use automated machine learning (AutoML) at all levels of data analysis experience and can harness the power of machine learning to optimize their analysis effortlessly. This innovation aims to democratize data science, empowering professionals to make better decisions, drive revenue growth, and reduce costs. Minitab statistical software ensures maximum accuracy and transparency in predictive analytics.

The statistical analysis software market covered in this report is segmented -

1) By Component: Software, Services
2) By Products: Cloud-Based, On-Premises
3) By Functionality: Descriptive, Predictive, Prescriptive
4) By Industry Vertical: Healthcare, Finance, Education, Manufacturing, Retail, Government, IT And Telecom

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Major companies operating in the statistical analysis software market are Microsoft Corp, International Business Machines Corporation, Oracle Corporation, S&P Global, Pearson Education Inc, SAS Institute, Tableau Software LLC, MathWorks, Alteryx Inc., MicroStrategy Incorporated, TIBCO Software Inc., Dataiku Ltd, Domo Inc., JMP Statistical Discovery LLC, Minitab, LLC, Free Software Foundation, Inc., StataCorp LLC, Wolfram, OriginLab Corporation, DataClarity Corporation, Statwing Inc., Lumivero Pty. Ltd, AcaStat Software, StatGraphics Technologies, GraphPad Software Inc.

Contents of the report:
1. Executive Summary
2. Statistical Analysis Software Market Report Structure
3. Statistical Analysis Software Market Trends And Strategies
4. Statistical Analysis Software Market - Macro Economic Scenario
5. Statistical Analysis Software Market Size And Growth
…..
27. Statistical Analysis Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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