Data Analytics Market | Acumen Research and Consulting

Data analytics is a collection of tools, technologies, procedures, and methodologies that an organization uses to maximize financial gain from data. Every day, businesses all over the world produce enormous amounts of data in the form of files, transactional data, web servers, and data pertaining to customers. The generation of such a large amount of data makes it challenging for experts to manually analyze the data. As a result, data analytics is employed, which can analyze vast amounts of data and assist organizations in making crucial business decisions. Some of the key trends of data analytics industry include decision intelligence, data stories, augmented analytics, data cloud services, edge computing, and blockchain for data among others.

Data Analytics Market Report Statistics

• Global data analytics market revenue is projected to reach USD 329.8 Billion by 2030 with a CAGR of 29.9% from 2022 to 2030
• As per our predictions, the big data industry is expected to generate more than USD 473 billion revenue by 2030
• According to recent statistics, 2.5 quintillion bytes worth of data is generated each day globally
• Current assumptions tell that there is over 44 zetabytes of data present in the world
• North America data analytics market share generated over US$ 14.6 billion in revenue in 2021
• Asia-Pacific data analytics market growth will record CAGR of around 33% from 2022 to 2030
• Based on type, the big data analytics sub-segment achieved USD 11.4 billion revenue in 2021
• Among industry vertical, the BFSI sub-segment occupied US$ 8.3 billion income in 2021
• Growing adoption of social media analytics is a prominent data analytics market trend that drives the industry demand

Global Data Analytics Market Dynamics

Market Drivers

• Increasing data volume at exponential rate
• Growing application of big data analytics
• Digital transformation across industries
• Rising internet and smartphones penetration

Market Restraints

• Lack of skilled in-house resources
• Rising data security concerns

Market Opportunities

• Rapidly growing popularity of edge computing among big firms
• Expanding integration of artificial intelligence and machine learning

Data Analytics Market Report Coverage

Data Analytics Market Growth Factors

Data analytics is one of the most significant data science practices, involving everything from data collection and storage to data processing and the use of tools such as data visualizations and models to make sense of data sets. With the development of new data science technologies and the expansion of business intelligence (BI) goals at enterprises, the demand for the data analytics market is expanding rapidly. Learning more about current data and using past and current data to predict future planning is a very important data analytics software market trend that is fueling industry growth.

The adoption of data analytics is also raising on account of the rising number of social media users across the world. For instance, there has been a significant increase in the number of users on leading social media platforms such as Facebook (Meta), Instagram, and messaging apps such as WhatsApp and Snapchat. According to a recent study, over 500 million people worldwide use Instagram on a daily basis. Furthermore, WhatsApp is used by over 2 billion people in over 180 countries to chat and send images and videos.

Furthermore, the growing popularity of e-commerce websites is boosting the global data analytics software industry. For example, India's online shopper base, which was 180-190 million in 2021, is expected to grow to 400-450 million users by 2027. This high number of users can be attributed to the large populations of countries such as India and China. The growing population is directly proportional to the growing data on a daily basis, so the big data analytics market in developing countries will continue to grow.

Data Analytics Market Segmentation

The global data analytics market is segmented based on type, deployment, enterprise size, industry vertical, and geography.

Data Analytics Market By Type

• Business Analytics
• Big Data Analytics
• Customer Analytics
• Statistical Analysis
• Risk Analytics
• Others (Predictive Analytics, Prescriptive Analytics, and Text Analytics)

As per the data analytics industry analysis, the big data analytics sub-segment achieved a significant market share in 2021 and is expected to do so in the coming years. Big data analytics are increasingly being used in a variety of industries, which is a major factor in the market's expansion. The increasing integration of big data analytics with massively augmented technologies such as artificial intelligence (AI), deep learning, machine learning, and the Internet of Things (IoT) is significantly rising the big data analytics market share.

Data Analytics Market By Deployment

• On-Premise
• Cloud-Based

According to our data analytics market forecast, the cloud-based segment will grow at the fastest rate between 2022 and 2030. The increasing adoption of cloud-based solutions across various businesses is the primary factor driving segment growth. However, cloud-based solutions continue to lag in data privacy and security; as a result, on-premise deployment mode captures the maximum market size in 2021 and will maintain its dominance in the coming years.

Data Analytics Market By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

Large enterprises accounted for a sizable market share in 2021, owing to the presence of vast amounts of customer data, limited budget constraints, and the presence of highly skilled data analysts and data scientists. Meanwhile, in the midst of intense competition, small and medium-sized enterprises (SMEs) emerge as a very profitable segment that is constantly increasing its market size. The rapidly increasing number of SMEs, as well as their distinct strategies for collaborating with industry experts, will give them an advantage in the future scenario.

Data Analytics Market By Industry Vertical

• BFSI
• IT & Telecommunication
• Healthcare
• Government
• Military & Defense
• Others

Among all the verticals, BFSI acquired the utmost market shares in 2021 and is likely to do so during the forecasted period from 2022 to 2030. The constant adoption of data analytics for detecting fraudulent transactions, optimizing processes, and managing data risks can be attributed to the segment's growth. Additionally, the IT & telecommunication segment also occupied a noteworthy market share in the recent past. The growing demand for collaboration tools such as video conferencing and web conferencing can be attributed to the segment's growth.

Data Analytics Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Data Analytics Market Regional Analysis

As per our data analytics regional analysis, North America dominated the market with major shares. This is due to technological advancements and the significant presence of market players, particularly in the United States. Furthermore, venture capitalists funding for new entrants are expected to reduce market competition. Over the forecast period, Asia-Pacific is predicted to have the highest CAGR. The regional market's rapid growth can be attributed to the increased deployment and adoption of advanced predictive analytics solutions. Furthermore, the region's market is expected to be driven by increased focus and investment in emerging technologies such as artificial intelligence, machine learning, and IoT.

Data Analytics Market Players

Some of the leading data analytics companies include Amazon Web Services Inc., Datameer Inc., IBM Corporation, Looker Data Sciences Inc., Microsoft, Mu Sigma, Oracle, SAP SE, SiSense Inc, Tableau Software LLC., ThoughtSpot Inc., and Zoho Corporation Pvt. Ltd.