The Global Data Analytics Market size is expected to reach $301.8 billion by 2030, rising at a market growth of 26.8% CAGR during the forecast period.
North America region is the leader in utilizing data analytics in different industries. Consequently, North America would account for more than 33% share of the market by 2030. Prominent companies from various sectors are present in the region and use data analytics software extensively. For instance, utilizing data analytics, Twitter, Facebook, and Instagram gather user information about their tastes and send relevant adverts. The market expansion in North America may be attributed to the availability of the infrastructure required to enable data analytics as well as the rising use of cutting-edge tools like AI and machine learning.
Moreover, over the past few years, the demand for healthcare data analytics has only grown. The Centers for Disease Control and Prevention (CDC) reported that in the US, national healthcare spending made up 17.7% of GDP in 2019. The World Bank estimated that healthcare spending accounted for 5.59% of GDP in 2020. Consequently, the use of healthcare data analytics is being encouraged by numerous healthcare institutions. Therefore, with the expansion of the healthcare sector, the market will grow rapidly.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In May, 2022, Amazon Web Services collaborated with IBM to enable IBM to provide a wide range of its software catalog as Software-as-a-Service (SaaS) on AWS. Moreover, the collaboration helped the customers of both companies in enhancing their modernization to the cloud and consuming IBM Services in a cloud-native manner on AWS. Additionally, In March, 2022, Microsoft entered into a partnership with FD Technologies to expand the reach of its KX Insights streaming data analytics platform as many companies seek to develop the data infrastructure for real-time decision-making.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Market. In August, 2022, Google extended its collaboration with CoreLogic, a leading global property data and analytics-driven solutions provider. Through this collaboration, Google focused on supporting the launch of the CoreLogic Discovery Platform. The platform was built on Google Cloud’s sustainable and secure infrastructure. The collaboration aims to fulfill CoreLogic’s clients’ demands and allows the provision of efficient and comprehensive solutions for enterprises in the real estate finance market. Companies such as Oracle Corporation, SAP SE, IBM Corporation are some of the key innovators in the Market.
Businesses can easily get over important contemporary business issues that may act as barriers to effective data projects by using data analytics as the commonality that runs through digital transformation, both at the beginning and throughout. The process of digital transformation is ongoing and is based on data analytics rather than being a one-time endeavor. It also demands a cultural shift within the firm centered on placing data at the core of decision-making, not merely adopting new technologies. Hence, with the rapid adoption of digitalization, the demand will increase, propelling the market's growth.
Smart manufacturing, or Industry 4.0, is also becoming more prevalent. The IoT is the machine-to-machine integration of commonplace devices. The Internet of Things (IoT) will rise due to rising bandwidth consumption as connected devices increase. Data center colocation services will also help the IoT industry flourish. Increased demand for OTT video content, increased internet access, and an increase in the number of total connected devices in households are further factors boosting internet demand. Because of all of these causes, more people are using the Internet, which has increased the use of data analytics and is driving the market's expansion.
Data gathering can occasionally violate a customer's privacy because the companies whose services they are utilizing have access to information about their online transactions, purchases, and subscriptions. Some businesses might trade datasets with other businesses for mutual gain. There is a possibility that some of the data obtained could be used maliciously against an individual, nation, or society. Companies need to be careful about the kind of data they are gathering from clients and make sure the data is secure and protected. Only the data necessary for the analysis must be collected, and any sensitive data must be anonymized in order to keep it secure. As a result, these privacy concerns are hampering the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Based on type, the market is segmented into prescriptive analytics, predictive analytics, customer analytics, descriptive analytics, and others. The predictive analytics segment garnered the highest revenue share in the market in 2022. Predictive analytics offers precise and trustworthy insights that assist firms in finding solutions to issues and seeing opportunities, such as spotting fraud, improving marketing campaigns, enhancing decision-making, and increasing operational efficiency. Today's businesses are flooded with data, which can range from log files to photos and video, stored in various locations around the company. Data scientists employ machine learning and deep learning algorithms to identify patterns in this data and forecast future events.
On the basis of solution, the market is fragmented into security intelligence, data management, data monitoring, and data mining. The security intelligence segment acquired the highest revenue share in the market in 2022. The segment is expanding because sophisticated analytics are used more frequently to spot fraud, streamline procedures, and manage data risks. Over the projection period, segment expansion is anticipated to be fueled by an increase in the adoption of data analytics software that offers secure transaction processing, control access to client records, and enhanced customer service.
By application, the market is divided into supply chain management, enterprise resource planning, database management, human resource management, and others. The enterprise resource planning segment garnered a remarkable growth rate in the market in 2022. Applications for data analytics can connect data lakes, traditional databases, and data warehouses to combine Big Data with data from business applications to enhance analysis, forecasting, and planning. Additionally, the requirement to access and evaluate databases is growing as firms depend more on data-driven decision-making. The rapid expansion of big data, which created even more complexity for organizations to manage due to the segment's growth, was fueled by the quick development of artificial intelligence, IoT, hybrid cloud, and edge computing.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 47.6 Billion |
| Market size forecast in 2030 | USD 301.8 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 26.8% from 2023 to 2030 |
| Number of Pages | 278 |
| Number of Table | 403 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Application, Solution, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region acquired a substantial revenue share in the market in 2022. This results from the growth of other industries, including automotive, BFSI, healthcare, and retail. Additionally, it is anticipated that the demand will grow as social media, the internet, cell phones, and communication technology advances all become more widely used. Data analytics is becoming increasingly popular due to adoption of information-intensive AI and ML features throughout several Asian nations, including China, India, and Japan. Market growth is accelerated by the increasing use of data analytics techniques and solutions.
Free Valuable Insights: Global Data Analytics Market size to reach USD 301.8 Billion by 2030
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.
By Type
By Application
By Solution
By Geography
The Market size is projected to reach USD 301.8 billion by 2030.
More companies and businesses are favoring digitalization are driving the Market in coming years, however, Increase in privacy and security breaches among businesses restraints the growth of the Market.
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.
The Supply Chain Management segment is leading the Global Data Analytics Market by Application in 2022 thereby, achieving a market value of $88.2 billion by 2030.
The North America market dominated the Global Data Analytics Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $101.8 billion by 2030.
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