Pune, Aug. 20, 2018 (GLOBE NEWSWIRE) -- The latest report published by Market Research Future (MRFR), reveals that the global data analytics market is likely to surpass a valuation of USD 77 Bn by 2023-end, up from 12.01 Bn in 2016. Enterprises are quickly adopting data analytics to reduce operational cost, analyze the viability of new products or services to be introduced and make faster decisions. Businesses are adopting advanced technological solutions to overcome operational hurdles, which is partly creating the need for data analytical solutions.
By using leading-edge analytical tools, a higher production scale is achieved along with field operation efficiency and optimization of the workforce. Data analytics allows detection and correction of errors in data sets. Advanced data filtration algorithms are leveraged to ensure high-quality data analysis, which is extremely important for delivering quality and value-based services to consumers. Financial institutions such as insurance companies, financial service providers and banks are increasingly relying on data analytic tools. Businesses are quickly realizing the advantages of data analytics, which is favoring the global data analytics market.
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Market Segmentation: Insights
MRFR’s report delivers an unbiased perspective of the global data analytics market by segmenting it on the basis of solution, industry, organization size, type, deployment, application and region. Based on solution the market has been segmented into data management, data monitoring, data mining and fraud & security intelligence. Among these, the data management solution is expected to remain highly profitable in 2018 and beyond. The segment is expected to account for the largest share of the market throughout the assessment period, reflecting a strong CAGR. Organizations require data management solutions to maintain a smooth data process and keep relevant information. Based on industry, the market has segmented into BFSI, manufacturing, retail & E-Commerce, media & entertainment, IT & telecom, transport and logistics, energy & power, healthcare and others. The BFSI segment currently stands at over USD 2.49 Bn and is expected to exhibit a strong growth rate over the next couple of years. Based on organization size, the market has been segmented into small and medium enterprise and large enterprise. Based on type, the market has been segmented into predictive analytics, customer analytics, prescriptive analytics and descriptive analytics. Based on deployment, the market has been segmented into cloud and on-premise. The former will continue to outperform the later during the forecast period. Based on application, the market has been segmented into enterprise resource planning, human resource management, supply chain management and database management. The enterprise resource planning segment is likely to retain its dominant position over 2023.
North America Ruling the Roost
North America will continue to be the largest in Data Analytics Market over 2023. There is strong demand for data analytic service in both the U.S. and Canada, as businesses strive to achieve economies of scale. The U.S. is global business hub and home to a large number of enterprises, and many of these enterprises are technology driven, consequently leading to generation of large volume of unstructured data. BFSI, IT, healthcare, automotive companies in the region are exhibiting a greater requirement for data analytic solutions. The emergence of predictive analytics and big data is supporting the growth of the market in the region. Asia Pacific (APAC) is also expected to present lucrative opportunities for market players. The demand for data scientists has witnessed a significant upsurge in the region. This can be attributed to the growth of the large-scale sectors in the region such as IT, healthcare, BFSI, etc. The APAC data analytic market is touted to expand at the highest CAGR during the forecast period. Local policy makers in the region, particularly China and India are ramping up technology expenditures, which is also providing an impetus to the market.
Key Players
SAP SE (U.S.), Microsoft Corporation (U.S.), (U.S.), Oracle Corporation (U.S.), Dell Inc. (U.S.), Datameer Inc. (U.S.), IBM Corporation (U.S.), Amazon Web Services Inc., Alteryx, Inc. (U.S.), SAS Institute Inc. (U.S.), and Looker Data Sciences, Inc. (U.S.) are some prominent companies operating in the global data analytics market. Many of these companies are proactively focusing on growth strategies such as offshore expansion and merger & acquisition to strengthen their market position.
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Latest News
James Cook University in collaboration with SAS, leading data science and analytic service provider has launched online training for data scientists. Training modules will be a combined syllabus of Teradata University Network, SAS advanced analytics modules and JCU’s Master of Data Science program.
Leading technology firm Oracle has recently announced the latest batch of startups with high potential for its Startup Cloud Accelerator program in India.
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