R And D Analytics Market to Significant Growth Foreseen by 2026
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Market drivers & challenges:
There is a large increase in the amount of data and there is a need to effectively manage the database with appropriate tools for converting them to valuable and structured data for accelerating the growth the R&D organizations. There is a need to take decisions regarding what products to develop, customer behavior, competition landscape, intellectual property, patent data, spending and revenue return analysis. Large organizations are finding it difficult to analyze this large sets of unstructured data, so here is advanced R&D analytics tools come in to extract the relevant and appropriate information. Data being stored is growing exponentially everywhere in many formats which need to be organized and utilized appropriately.
Data security and privacy concerns are major challenges faced in R&D analytics market. Another challenge was with nomenclature followed by different companies in their data as several standards are designed by themselves internal of organization or by respective government regulations.
Global R&D Analytics Market: Segmentation
Global R&D analytics market is classified into end-user, Size of enterprise, and region. On the basis of the end user, the global R&D analytics market is segmented into Pharmaceuticals, Life sciences, and Clinical Research, Automobile, Aerospace & Defense and others. On basis of size of enterprise global R&D analytics market can be segmented to Large, Medium and Small enterprises. On basis of region global R&D analytics market is segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).
R&D analytics market is expected to witness a high growth rate during the projected period due to increasing popularity of the use of these solutions in all major industries. North America is dominant in R&D analytics market and followed by Western Europe during the period. Asia-Pacific region is expected to grow at a faster rate during the forecast period.
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Key Market Players:
Key players in R&D analytics market are Teradata, Oracle Corporation, IBM Corporation, SAS Institute Inc., Tableau Software Inc., Microsoft Corporation, Sisense Inc., SAP SE, and TARGIT. Major players in the R&D analytics market follow the strategy of partnership or acquisition of various local players to gain a competitive edge in the market.
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