Data Analytics Market by Component and Geography - Forecast and Analysis 2023-2027

Data Analytics Market Forecast 2023-2027

The data analytics market size is forecast to increase by USD 21.44 billion at a CAGR of 13.84% between 2022 and 2027. The market is experiencing remarkable growth fueled by the widespread adoption of modern technology across various industries. With businesses increasingly prioritizing efficiency, data analytics emerges as a vital tool for extracting valuable insights from the vast amounts of data generated daily. This surge is further propelled by the exponential growth of data, necessitating advanced analytics solutions to derive actionable intelligence. As companies strive to remain competitive in the digital age, the demand for innovative data analytics technologies continues to soar, shaping the landscape of modern business operations. This market analysis and report also includes key drivers, trends, and challenges. 

What will be the Size of the Market During the Forecast Period?

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In today's data-driven business landscape, the demand for Data Analytics continues to grow. Forecasts indicate a significant increase in the market size for Data Analytics in the coming years. The use of advanced technologies like Machine Learning, Artificial Intelligence, and Big Data Analytics are transforming the way businesses make decisions. Companies are recognizing the value of analyzing customer behavior, market trends, and business performance through data. The Agencies and Services providing Data Analytics solutions are in high demand. The Banking sector, in particular, is making considerable investments in Data Analytics to improve customer experience, fraud detection, and risk management. The Campaigns and Marketing teams are leveraging Data Analytics to gain insights into customer preferences and optimize their strategies. The Customers and Consumers are also benefiting from Data Analytics as it leads to personalized offerings and improved services. The Commerce and E-commerce sectors are utilizing Data Analytics to gain a competitive edge by understanding customer behavior and predicting trends. The Economy and Commerce Ministry is encouraging the adoption of Data Analytics through various initiatives. Overall, the Data Analytics Market is set to grow exponentially in the coming years.

Market Dynamics and Customer Landscape

In today's data-driven business landscape, the Cartechs of Technology and Googley Ads recognize the importance of Data Analytics in driving marketing success. The Data Analytics Market is a significant component of the digital marketing industry, with Carsoft Technology and Terrascope providing essential services. Googley Ads uses Data Analytics to gain insights into consumer behavior, allowing them to target their marketing efforts accurately and effectively. The Google team employs various analytics techniques, such as predictive analytics and real-time analytics, to gain a comprehensive understanding of their audience. Additionally, the team uses analytics to measure the success of their marketing campaigns, enabling them to make data-driven decisions to optimize their strategies. The Data Analytics Market is a crucial tool for businesses looking to gain a competitive edge in the digital marketplace.

Key Market Driver

The extensive use of modern technology in company operations is the key factor driving the global growth. The application of new technologies such as the cloud, IoT, big data and mobility, and social media has resulted in innovation and change, which support the development of the overall business ecosystem. Digital technology has transformed traditional companies into modern ones. Online services, for example, are already well established in the banking and financial sectors, resulting in exponential growth in online activity and websites.

According to a blog post published in June 2020 by Usabilla (Netherlands), the top 100 firms are 50% more likely to treat consumer empowerment as a critical metric for the company's success. According to the blog, 92% of executives have used sophisticated digital transformation tactics to improve their customers' experiences. Hence, the in focus is expected to grow during the forecast period.

Significant Market Trends

The rising penetration of the Internet and the increased use of linked and integrated technologies will fuel global growth. The increased use of the Internet and the availability of numerous ways of accessing the Internet have resulted in a significant increase in volumes. This has spurred the development and expansion of high-speed Internet services. Globalization and economic expansion are also important factors promoting increased generation globally.

With the increase in touchpoints and the need for collection to understand consumer behavior, every customer contact has become an essential point that can be analyzed to disclose user activity. Organizations are now employing scientists and analysts to handle the acquired due to the exponential growth in individuals and organisations. Another element driving its adoption is the revenue-generating potential of analytics. This is persuading businesses to invest in analytics. Hence, it is expected to drive growth during the forecast period.

Major Market Restrain

The exponential increase in volumes is a major challenge to global growth. Extracting value has become a critical necessity for businesses to minimize risks, target important consumers, and analyze business performance successfully. Furthermore, exploiting these assets requires the availability of adequate. Consolidation from disparate sources into relevant information, on the other hand, can lead to a slew of new issues for companies, particularly centralized corporate businesses.

Interchange and ecosystems provide tools for analyzing the acquired in a centralized place and assisting in the extraction and cross-checking of business-critical components. The evolution of exchanges and ecosystems differs depending on the assumptions made about the value of for each client group. Many service providers provide unified aggregation and analytics platforms to assist users in aggregating and analyzing successfully from disparate sources.

Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Data Analytics Market Customer Landscape

Market Segmentation

In the Data Analytics Market, businesses can leverage on-premises solutions for new prospects in text analytics, social media, advertising campaigns, and product promotions. Mobile technology, including internet-connected mobile devices, smartphones, and tablets, offers real-time data consumption and marketing strategies. However, security concerns arise with the increasing use of mobile networks, Wi-Fi, and unstructured data. Real-time security measures are essential to mitigate data loss incidents and cyberattacks. Key market opportunities include mobile technology integration into business processes, real-time analytics, and differentiation from competitors. Procurement efficiency is also a significant factor in corporate growth. Analytical tools play a crucial role in harnessing the power of data to inform marketing strategies and improve overall business performance.

By Component

The market share growth by the services segment will be significant during the forecast period, particularly in areas such as the Predictive Analytics Market and Machine Learning Market. Integration services are customized applications that serve as a container for a web services solution and have a specified interface and structure. A service-oriented architecture (SOA) allows the integration of these applications, driving growth in the Artificial Intelligence Market and Data Mining Market. Service is frequently characterized in an SOA as a logical representation of a repetitive operation with a specific consequence, contributing to the Cloud Analytics Market and Advanced Analytics Market. A service is typically self-contained, and its implementation is concealed from its users, emphasizing the importance of the Prescriptive Analytics Market and Real-Time Analytics Market. Services establish a defined interface that describes how the data is communicated with the service to reuse them, highlighting the role of real-time and advanced analytics in the market.

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The services segment showed a gradual increase in market share from USD 86.84 million in 2017 and continued to grow by 2021. Training and support services refer to the process of educating employees on the information, skills, and competencies needed to improve customer satisfaction. Any employee who interacts with a client qualifies for customer service training. This covers roles such as receptionists, technical support representatives, field service technicians, sales engineers, shopkeepers, waiters, and customer service agents. Consulting services refer to professional services such as implementation, configuration, custom development, and training provided by employees or subcontractors as detailed in any order form and controlled by the supplement for consulting services or a comparable agreement.

Regional Overview

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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The North American region dominates the global data analytics market in 2022, driven by advanced economies like Canada and the US. Orbital Insight and Carahsoft Technology Corp are key players in this market. Google, with offerings like GA4 and Google Ads, provides data analytics tools for cross-product access management, forecasting, and trade markets. Healthcare data and research analysis, traffic trend forecasting, and demand forecasting are significant applications. Government agencies, banking, e-commerce, IT services, and the e-commerce sector utilize data analytics for email campaigns, customer service analytics, and social media analytics. Data security concerns and social media platforms require historical data processing in the big data market. Predictive and prescriptive analytics, customer analytics, data management, fraud & security intelligence, data mining, data monitoring, enterprise resource planning, supply chain management, human resource management, and database management are essential components of data analytics. Cloud solutions facilitate efficient data processing and storage.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Salesforce- The company offers Business Analytics Solutions for ready to use services for a wide variety of workloads and data. It collects all types of data such as in the cloud, on premises or in a hybrid deployment of AI for business users, data engineers, and data scientists.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Alteryx Inc.
• Amazon.com Inc.
• Datameer Inc.
• Dell Technologies Inc.
• Hewlett Packard Enterprise Co.
• International Business Machines Corp.
• Microsoft Corp.
• Mu Sigma
• Oracle Corp.
• Rapidops Inc.
• Salesforce.com Inc.
• SAP SE
• SAS Institute Inc.
• Sisense Ltd.
• Teradata Corp.
• ThoughtSpot Inc. 
• TIBCO Software Inc.
• Zoho Corp. Pvt. Ltd.
• Alphabet Inc.
• Fair Isaac Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

In today's digital world, Data Analytics plays a pivotal role in driving business growth and making informed decisions. The Cartech industry, in particular, relies heavily on Data Analytics Technology to understand customer behavior, predict trends, and improve overall performance. The Google Ads segment, for instance, utilizes Data Analytics to target specific audiences and optimize marketing campaigns. The Demand and Market Research firms use Data Analytics to forecast trends and analyze consumer behavior. The Predictive and Prescriptive Analytics help in identifying potential issues and suggesting corrective actions. The Secure and Compliant Data Analytics ensure data privacy and security. The Manage and Plan Analytics enable organizations to allocate resources effectively. The Supplies and Components sector uses Data Analytics to optimize supply chain management and inventory levels. The Human Interface and Machine Learning Analytics enable better user experience and automate processes. The Descriptive, Diagnostic, Predictive, and Prescriptive Analytics are essential for businesses to gain insights and make data-driven decisions.

The market is experiencing rapid growth, driven by advancements in AI-powered geospatial data analytics and the emergence of sophisticated tools like Google Analytics 4 audience builder. Companies are leveraging big data and business intelligence tools to gain insights into consumer behavior and market trends. Google Ads campaigns and online/social media advertising play a crucial role in reaching target audiences effectively. Additionally, businesses are investing in robust business analytics software and solutions to streamline operations and drive informed decision-making. With data becoming increasingly valuable, the demand for advanced analytics capabilities continues to rise, shaping the landscape of the global data analytics market.

Segment Overview

The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Deployment Outlook 
  • Component Outlook 
    • Services
    • Software
    • Hardware
  • Deployment Outlook 
    • Cloud
    • On-premise
  • Region Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Argentina
      • Colombia
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

 

Market Scope
Report Coverage	Details
Page number	167
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 13.84%
Market growth 2023-2027	USD 21.44 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	11.47
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 33%
Key countries	US, China, India, UK, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Alteryx Inc., Amazon.com Inc., Datameer Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., Mu Sigma, Oracle Corp., Rapidops Inc., Salesforce.com Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Teradata Corp., ThoughtSpot Inc. , TIBCO Software Inc., Zoho Corp. Pvt. Ltd., Alphabet Inc., and Fair Isaac Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our Market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the size of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Market growth analysis across North America, Europe, APAC, Middle East and Africa, and South America
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Market forecasting of factors that will challenge the growth of market companies

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