The Asia Pacific Data Analytics Market would witness market growth of 27.7% CAGR during the forecast period (2023-2030).
Recent advances in big data analytics are expected to open up a lot of new business opportunities. Additionally, because social media is more effective than traditional advertising, many firms are using it as their primary source for a variety of product promotions, advertising campaigns, and events. Additionally, the growth in prominence of mobile devices with internet access, like tablets and smartphones, as well as the increase in users on social media platforms, drive the development of social media analytics.
Till 2026, China will have the highest average annual growth rate of social media advertising spend. In order to get insights and identify historical trends and patterns, businesses consult historical data about their prior performances alongside current data on their clients, products, services, and operational procedures. Numerous sectors have embraced data analytics software and solutions in order to investigate these trends, identify fresh business prospects, and develop strategies based on current revelations. The growth of the market is then expected to be further accelerated by this.
Singapore's healthcare spending made up 5.9% of GDP in 2019 and might increase to 9% by 2029, according to data published by the International Trade Administration in 2020. Given the aging population along with a trend toward earlier diagnosis, attentive monitoring, and follow-up for chronic illnesses, this growth is mostly attributable to increased government healthcare spending as well as the local people's consumption of healthcare services. According to estimates, government healthcare spending will be $36 billion in 2029. Asia's top healthcare system is available there and acts as the region's healthcare and medical center. Hence, there is a higher need for data analytic tools owing to the significant healthcare sector. Thus, the region presents lucrative growth prospects for the market throughout the forecast period.
The China market dominated the Asia Pacific Data Analytics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $24,343.7 million by 2030. The Japan market is estimated to grow at a CAGR of 26.9% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 28.4% during (2023 - 2030).
Based on Type, the market is segmented into Predictive Analytics, Customer Analytics, Descriptive Analytics, Prescriptive Analytics and Others. Based on Application, the market is segmented into Supply Chain Management, Enterprise Resource Planning, Database Management, Human Resource Management and Others. Based on Solution, the market is segmented into Security Intelligence, Data Management, Data Monitoring and Data Mining. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Data Analytics Market is Projected to reach USD 301.8 Billion by 2030, at a CAGR of 26.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon Web Services Inc., IBM Corporation, Google LLC (Alphabet Inc.), Mu Sigma, Inc., Oracle Corporation, SAP SE, Sisense Inc, Microsoft Corporation, ThoughtSpot Inc. and Zoho Corporation Pvt. Ltd.
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