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Data Analytics Market Growth is Driven by Growing Adoption of Cloud-Based Data Analytics Software | Market Forecast 2030

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Data Analytics Market Growth is Driven by Growing Adoption of Cloud-Based Data Analytics Software | Market Forecast 2030

April 18
16:28 2022
Data Analytics Market Growth is Driven by Growing Adoption of Cloud-Based Data Analytics Software | Market Forecast 2030
Data Analytics Market

Data Analytics Market Research Report: Information By Type (Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, Customer Analytics, and Others), Solution (Data Management, Fraud & Security Intelligence, Data Mining, and Data Monitoring), Application (Enterprise Resource Planning, Supply Chain Management, Human Resource Management, Database Management, and Others), Deployment (Cloud and On-Premises), Organization Size (Large Enterprises and Small & Medium Enterprises) – Forecast till 2030

Data Analytics Market Research Report- Forecast till 2030

Market Highlights

The global data analytics market will touch USD 346.24 billion at a 30.7% CAGR by 2030, states the latest Market Research Future report.

The increasing adoption of cloud-based data analytics software especially by SMEs will offer lucrative opportunities for this market in the forecast period. Further, the widespread usage of innovative technologies for business operations, the burgeoning need for data analytics for quicker decision making processes, cost reduction, better understanding of social media analytics via data analytics, growing disposable income, as well as the burgeoning need for gaining better insights into the emerging trends and business planning are fueling the global data analytics market growth in the region.

Drivers and Restraints

Need for Various Technologies to Bolster Market Growth

The growing need for various technologies such as big data, artificial intelligence, the internet of things, and machine learning will bolster market growth in the forecast period.

Integration of Data from Different Sources to act as Market Restraint

The integration of data from different sources may act as a market restraint over the forecast period.

Lack of Effective Communication to Serve as Market Restraint

The lack of effective communication and the increasing penetration of alternatives may act as a market restraint over the forecast period. Besides, the high cost of data tools & data storage and privacy associated to data extraction may also impede market growth.

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Segmentation:

The global data analytics market is bifurcated based on type, solution, application, deployment, organization size, function, and vertical.

By type, the data analytics market is segmented into descriptive analytics, predictive analytics, customer analytics, predictive analytics, and others.

By solution, the data analytics market is segmented into data mining, data monitoring, data management, and fraud & security intelligence.

By application, the data analytics market is segmented into human resource management, enterprise resource planning, data management, enterprise resource planning, and others.

By deployment, the data analytics market is on-premises and cloud.

Based on organization size, the global data analytics market is segmented into SMEs and large enterprises.

Based on function, the global data analytics market is segmented into HR analytics, accounting and finance analytics, operational analytics, sales analytics, marketing analytics, and others.

By vertical, the data analytics market is segmented into media and entertainment, transport and logistics, healthcare, energy and power, retail and ecommerce, manufacturing, IT and Telecom, IT, BFSI, and others.

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COVID-19 Analysis

On the data analytics market, the COVID-19 epidemic had a mixed impact. The supply and demand of raw materials, as well as product manufacturing and distribution, have been severely disrupted as a result of the market’s closure. Electronics, aviation, IT and telecommunications, and transportation, among other businesses, have suffered significant financial losses. This resulted in a low demand for a number of components and goods, including data analytics. On the plus side, the crisis has compelled employers to work remotely using cloud-based data analysis, which has benefited the market. Companies are adopting automated cloud orchestration and optimization because they can manage one or more business segments from a single cloud service. As a result, the cloud segment of the data analytics market saw an increase in demand. As a result of the outbreak, more people are using data analytics services and solutions. Researchers have developed predictive analytics algorithms to track COVID-19 outbreaks in several nations, resulting in increased market growth.

Regional Analysis

North America to Head Data Analytics Market

North America will head the data analytics market over the forecast period. Immense use of smartphones, wearables, and other forms of connected devices, increase in competition amid key players that offers personalized experience and better customer satisfaction, and increase in the number of customers getting more involved in data analytics are adding to the data analytics market growth in the region.

Key Players

Key players profiled in the global data analytics market report include IBM Corporation (US), Microsoft (US), Oracle (US), SAP SE (Germany), Amazon Web Services, Inc. (US), Tableau Software, LLC. (US), SiSense Inc (US), Zoho Corporation Pvt. Ltd. (India), ThoughtSpot, Inc. (US), Mu Sigma (US), Looker Data Sciences, Inc. (US), Datameer, Inc. (US), Alteryx, Inc (US), Dell Inc. (US), and SAS Institute Inc. (US).

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Data Analytics Market Research Report: Information By Type (Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, Customer Analytics, and Others), Solution (Data Management, Fraud & Security Intelligence, Data Mining, and Data Monitoring), Application (Enterprise Resource Planning, Supply Chain Management, Human Resource Management, Database Management, and Others), Deployment (Cloud and On-Premises), Organization Size (Large Enterprises and Small & Medium Enterprises), Function (Marketing Analytics, Sales Analytics, Operational Analytics, Accounting & Finance Analytics, HR Analytics, and Others), Vertical (BFSI, IT & Telecom, Manufacturing, Retail & Ecommerce, Energy & Power, Healthcare, Transport & Logistics, Media & Entertainment, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030

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