The global Data Analytics market size is expected to reach USD 160.31 billion by 2030 and exhibit a CAGR of 30.4% in the forecast period (2023−2030), according to Skyquest’s latest research report. The big data explosion, business intelligence and decision making, increasing adoption of cloud computing, advancements in artificial intelligence (AI) and machine learning (ML), growing demand for real-time analytics, Industry-specific analytics solutions, regulatory compliance and risk management are fueling the market’s growth.
Westford, USA, July 31, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Data Analytics market, increased focus on real-time analytics, augmented analytics and natural language processing (NLP), increasing importance of data privacy and security, expansion of predictive and prescriptive analytics, emphasis on explainable AI and ethical data practices, shift towards self-service analytics and citizen data scientists, integration of big data and Internet of Things (IoT) analytics, rising demand for data visualization and storytelling are the market trends promoting the growth.
Browse in-depth TOC on “Data Analytics Market”
Pages – 157
Tables – 121
Figures – 72
Data analytics is the process of collecting, cleaning, analyzing, and interpreting data to gain insights that can be used to make better decisions.
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Prominent Players in Data Analytics Market
Amazon Web Services
Software Component Demand to Grow Substantially in the Forecast Period
Software Component type dominated the global market owing to its core functionality. It also allows organizations to tailor the analytics process according to their specific needs and requirements. It offers customization options, allowing users to configure and adapt the software to their data sources, business goals, and analytical models.
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Customer Analytics is the Leading Application Segment
In terms of application, customer analytics is the leading segment due to the demand for a customer-centric approach. In addition, by understanding customer needs, preferences, and purchase patterns, organizations can optimize pricing strategies, identify cross-selling and upselling opportunities, and improve customer retention. Customer analytics plays a vital role in driving revenue growth by enabling targeted marketing campaigns and enhancing customer loyalty.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. North America is home to several leading players in the data analytics market, including software vendors, consulting firms, and service providers. These companies offer a wide range of data analytics solutions and services, attracting customers.
A recent report thoroughly analyzes the major players operating within the Data Analytics market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Data Analytics.
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Key Developments in Data Analytics Market
In January 2023, Google partnered with IBM to develop a new cloud-based data analytics platform.
In February 2023, Microsoft partnered with SAP to integrate its Power BI analytics platform with SAP’s HANA platform.
Key Questions Answered in Data Analytics Market Report
What specific growth drivers are projected to impact the market during the forecast period?
Can you list the top companies in the market and explain how they have achieved their positions of influence?
In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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