Global Data Analytics Market Report and Forecast 2024-2032

Global Data Analytics Market Outlook

The global data analytics market size was approximately USD 54.37 billion in 2023. The market is assessed to grow at a CAGR of 20.6% between 2024 and 2032, reaching a value of USD 293.42 billion by 2032.

Key Trends in the Market

Data analytics refers to the usage of technological systems and advanced software to gain analytical insights into a huge volume of data. By analysing hidden patterns, companies can take early advantage of new business opportunities and expand into new segments. Scientists can also benefit from data analytics by way of hypotheses testing, which can aid in the discovery of new scientific theorems. It is a revolutionary technology that is changing the mode of business operation and impacting each individual element of a society.

• Increase in reliance on cloud storage systems for keeping sensitive data is fuelling the data analytics market growth. This is because data analytics operations in cloud result in significant cost savings and enhance opportunities for collaboration. It also provides valuable consumer insights and enables businesses to take smarter decisions for generating profits.

• Streaming analytics is one of the key trends in the market, as the continuous analysis of data (as soon as it is generated) can help prevent and address incidences like security breaches and manufacturing issues. As businesses start conducting their operations online and the volume of data generated expands, the demand for analysing data in real time at a fast speed is expected to increase. This is expected to favourably impact the data analytics market demand in the coming years.

• Reportedly, the edge computing market is expected to record over 20% growth during the forecast period. With this, the volume and speed of data generation and processing is expected to register a significant jump, influencing the data analytics market trends. This will serve as a valuable tool in designing strategic marketing campaigns that can deliver effective outcomes.

Market Segmentation

Based on type, the market is segmented into prescriptive analytics, predictive analytics, customer analytics, and descriptive analytics. On the basis of solution, the market can be divided into security intelligence, data management, data monitoring, and data mining. The data analytics market segmentation, based on deployment mode, includes on-premises and cloud.

By application, the market is categorised into supply chain management, enterprise resource planning, database management, and human resource management, among others. Based on organisation size, the market can be divided into small and medium enterprises and large enterprises.

By end use, the market can be categorised into BFSI, IT and telecom, healthcare, transport and logistics, retail and e-commerce, and media and entertainment, among others.

The major regional markets for data analytics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global data analytics market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• SAP SE

• Oracle Corp.

• IBM Corp.

• Amazon Web Services, Inc.

• Teradata Corporation

• Salesforce Inc.

• Accenture Plc

• Tableau Software, LLC

• SAS Institute Inc.

• Sisense Ltd.

• QlikTech International AB

• Zoho Corporation Pvt. Ltd.

• Others

Market Share by Organisation Size

As per the global data analytics market analysis, small and medium enterprises are expected to increase the use of various data analytics tools to improve performance levels and widen their customer base. Identification of business problems and discerning most effective solutions for smooth functioning can become easier with the help of data analytics. It can create transparency in budgetary spending and facilitate the comparison of business outcomes with predefined goals. It can also help in establishing the most suitable practices for inventory management so that consumer demand can be met without compromising on costs and delivery time. By providing personalised customer experience using data analytics tools, building brand loyalty and driving sales becomes easier for small and medium enterprises, which can facilitate their further expansion and development.

Market Share by Region

The Asia Pacific is expected to account for a significant data analytics market share due to increasing integration of data analytics tools into various industrial segments like retail, transport and logistics, and healthcare. As technology is evolving, so are people’s preferences and choices, which is compelling companies to monitor market trends and changes continuously so that no business opportunity is lost. Data analytics is an important means for companies and industries across the region to analyse healthcare and BFSI trends, which is aiding the region in positioning itself as a safe and cheap destination for surgical treatments and banking activities. The outlook for Asian market remains strong, further adding to the growing global market demand.

Competitive Landscape

Salesforce Inc. was incorporated in 1999 and is headquartered in San Francisco, the United States. It provides CRM technology to its clients which seamlessly connects customers’ data across various devices. This information can be utilised by businesses to store data, forecast opportunities, and manage customer relationships in a much better way. Its services can be availed on a subscription basis.

IBM Corporation was founded in 1911 and is headquartered in New York. Nicknamed as the Big Blue, it is a leading provider of global hybrid cloud and AI, and consulting expertise. It helps businesses capitalise on their insights, streamline business processes, reduce costs, and gain a competitive edge. It is present in 175 countries of the world and some of its famous inventions include, ATM Machines, electronic key punch, and hard disk drive, among others.

Oracle Corp. was incorporated in 2005 and is headquartered in Austin, the United States. It is one of the leading information technology companies in the world which is engaged in providing key products and services for handling enterprise IT environments. It operates in different markets as well, which includes cloud and license business, and hardware and software business.

Other key data analytics market players include SAP SE, Amazon Web Services, Inc., Teradata Corporation, Accenture Plc, Tableau Software, LLC, SAS Institute Inc., Sisense Ltd., QlikTech International AB, and Zoho Corporation Pvt. Ltd., among others.

Key Highlights of the Report