Press release
Data Analytics Global Market Overview: Key Drivers, Opportunities, and Technological Innovations
Data Analytics Global Market
According to The Business Research Company's, The data analytics market size has grown exponentially in recent years. It will grow from $58.47 billion in 2023 to $74.83 billion in 2024 at a compound annual growth rate (CAGR) of 28.0%. The growth in the historic period can be attributed to rising data volume, business intelligence demand, regulatory compliance requirements, cost efficiency and productivity gains, competitive advantage pursuit..
The data analytics market size is expected to see exponential growth in the next few years. It will grow to $199.08 billion in 2028 at a compound annual growth rate (CAGR) of 27.7%. The growth in the forecast period can be attributed to ai and machine learning integration, emergence of predictive analytics, expanding use cases across industries, cloud-based analytics solutions, focus on real-time analytics, data privacy and security concerns.. Major trends in the forecast period include utilization of data analytics in cybersecurity, focus on explainable ai in data interpretation, expanding role of data analytics in customer experience, application of data analytics in supply chain optimization, cross-industry collaboration for data insights..
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Market Drivers and Trends:
The growing adoption of real-time data analytics is expected to propel the growth of the data analytics market going forward. Real-time data analytics is a powerful tool that analyzes data as it is being generated and allows businesses to make decisions and act in real-time. Corporations could identify trends, patterns, and anomalies in real-time through data analytics as it is created, allowing for proactive changes and interventions in industries such as finance, healthcare, and manufacturing, where swift decisions are essential. For instance, in May 2022, according to a survey report surveyed over 1,200 companies published by KX Systems Inc., a UK-based software company that specializes in time series databases, around 80% of companies surveyed reported an increase in revenue because of real-time data analytics in US, France, and Germany, and 62% reported more efficient process rollouts after implementing real-time data systems in American and Australian firms. Further, real-time data analytics saved $321 billion in non-personnel-related operational expenditures in 2022, and it is estimated to reach $379 billion if real-time data analytics were ultimately deployed across all enterprises in the leading industry sectors. Therefore, the growing adoption of real-time data analytics will drive the data analytics market.
Major companies operating in the data analytics market are focused on innovating advanced solutions, such as unified analytics platforms, to provide services to their customers and strengthen their position in the market. A unified analytics platform is a software solution that provides a single environment for collecting, storing, analyzing, and visualizing data from multiple sources. For instance, in May 2023, Microsoft Corporation, a US-based software company, launched Microsoft Fabric, an end-to-end, unified analytics platform that integrates all data and analytics tools. Fabric combines technologies such as Azure Data Factory, Azure Synapse Analytics, and Power BI into one harmonious package, enabling data and business professionals to harness the potential of the data and set the groundwork for the AI era. Customers can access one platform with a unified experience and architecture that includes all the features developers need to extract insights from data and communicate them to the business user. Fabric is infused with the Azure Open AI Service, which enables the developers to leverage the power of generative AI against the data and assist business users in finding insights into the data.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Google LLC, Microsoft Corp, Dell Inc., Amazon Web Services Inc., IBM Corporation, Oracle Corporation, SAP SE, Salesforce Inc., SAS Institute Inc., Teradata Corp, Databricks Inc., TIBCO Software Inc., Alteryx Inc., Zoho Corporation Pvt Ltd., Qlik International AB, Mu Sigma Inc., BOARD International S.A., ThoughtSpot Inc., Pyramid Analytics BV, Absolutdata Technologies Inc., GoodData Corporation, Logi Analytics Inc., SiSense Inc., Yellowfin International Pty Ltd., Datameer Inc., Plotly Technologies Inc., Chartio
Data Analytics Market 2024 Key Insights:
• The Data Analytics Market is expected to grow to $199.08 billion in 2028 at a compound annual growth rate (CAGR) of 27.7%.
• The Role Of Big Data Adoption In Fueling The Growth Of The Data Analytics Market
• Major companies operating in the data analytics market are focused on innovating advanced solutions, such as unified analytics platforms, to provide services to their customers and strengthen their position in the market. A unified analytics platform is a software solution that provides a single environment for collecting, storing, analyzing, and visualizing data from multiple sources. For instance, in May 2023, Microsoft Corporation, a US-based software company, launched Microsoft Fabric, an end-to-end, unified analytics platform that integrates all data and analytics tools. Fabric combines technologies such as Azure Data Factory, Azure Synapse Analytics, and Power BI into one harmonious package, enabling data and business professionals to harness the potential of the data and set the groundwork for the AI era. Customers can access one platform with a unified experience and architecture that includes all the features developers need to extract insights from data and communicate them to the business user. Fabric is infused with the Azure Open AI Service, which enables the developers to leverage the power of generative AI against the data and assist business users in finding insights into the data.
• North America was the largest region in the data analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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