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Statistical Analysis Software Market Size, Share Analysis, Growth And Overview Report 2024-2033
According to The Business Research Company's, 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 growth in the historic period can be attributed to increased volume and complexity of data, rise in data-driven decision-making, regulatory compliance requirements, the growth of business intelligence, and increased focus on predictive analytics.
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%. The growth in the forecast period can be attributed to the emergence of industry-specific solutions, shift towards cloud-based solutions, focus on real-time analytics, integration with artificial intelligence (AI) and machine learning (ML), and demand for self-service analytics. Major trends in the forecast period include AI-powered features, advanced anomaly detection, natural language processing (NLP) integration, innovation, and cloud-based AI services
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• 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.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Statistical Analysis Software Market 2024 Key Insights:
• 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%.
• The Adoption Of Cloud Computing Fuels Growth In The Statistical Analysis Software Market
• Innovative Solutions Transforming The Statistical Analysis Software Market
• North America was the largest region in the statistical analysis software market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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