Data Analytics Market Overview
The global data analytics market size is expected to grow from USD 7.03 billion in 2023 to USD 303.4 billion by 2030, at a CAGR of 27.60%. The growth of the market is driven by the increasing volume of data being generated, the growing need for insights from data, and the rising adoption of data analytics solutions by businesses across all industries.
Key Companies in the Data Analytics Market
Some of the key players in the data analytics market include:
- Amazon Web Services
- TIBCO Software
These companies offer a wide range of data analytics solutions, including data collection, data storage, data processing, data analysis, and data visualization. They also offer consulting and implementation services to help businesses get the most out of their data analytics investments.
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The global data analytics market is segmented by:
- Application: Customer relationship management (CRM), supply chain management (SCM), risk management, fraud detection, predictive maintenance, marketing analytics, and others.
- Vertical: BFSI, healthcare, retail, manufacturing, government, and others.
- Geography: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Top Impacting Factors
The following are the top impacting factors of the data analytics market:
- Increasing volume of data being generated
- Growing need for insights from data
- Rising adoption of data analytics solutions by businesses across all industries
- Technological advancements in data analytics
- Availability of skilled workforce
- Government regulations
The key strategies adopted by the players in the data analytics market include:
- Acquisitions and partnerships
- Expansion into new markets
- Launch of new products and services
- Investments in research and development
- Collaboration with academic institutions
The North American region is the leading market for data analytics, followed by Europe and Asia Pacific. The growth of the market in these regions is driven by the increasing adoption of data analytics by businesses to gain insights into their customers, operations, and markets.
Industry Latest News
- In April 2023, IBM announced the acquisition of Databand.ai, a provider of data observability solutions. This acquisition will help IBM to expand its data analytics portfolio and offer customers a more comprehensive solution for managing and monitoring their data.
- In March 2023, Microsoft announced the launch of Azure Databricks, a cloud-based platform for data engineering and machine learning. Azure Databricks is designed to make it easier for businesses to build and deploy data analytics solutions.
- In February 2023, SAP announced the launch of SAP Analytics Cloud, a cloud-based platform for data analytics and business intelligence. SAP Analytics Cloud is designed to help businesses make better decisions by providing them with insights into their data.
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