Data Analytics Market Research Report- Forecast till 2023

Market Highlights

Global Coronavirus pandemic has impacted all industries globally, global data analytics market is not any exception. Because the worldwide economy heads towards major recession post 2009 crisis, marketing research Future has published a current study which meticulously studies the impact of worldwide data analytics market and suggests possible measures to curtail them. On this, the analysts covered information that the market is expecting substantial growth during the forecast period (2017-2023) at 30.08% CAGR. Data analytics has emerged as an important concept and has simultaneously gained much traction in recent years, which can continue contributing to the market growth with achieving USD 77.64 billion.

Market Drivers & Challenges

Data Analytics Industry is that the process that involves analyzing, storing and collecting large data sets to get trends and more useful information which will be used for relevant business decisions. within the recent times, companies have implemented big data analytics to extend the organization's sales, customer service, enhance logistics, improve efficiency, and risk management within the crisis caused thanks to COVID 19 pandemic. During this example, most of the large companies are performing from home, data analytics is being an important aspect for the companies to form its revenue amid lockdown worldwide. This scenario is making the market of knowledge analytics more and more stable despite world pandemic caused by COVID 19.

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Data Analytics Market Segmentation:

The global data analytics is segmented based on the component, based on the deployment model, Based on the analytics tools, based on the application, based on the industry vertical, and based on the region.

Based on the Component:

The global data analytics market is divided based on the component into hardware, software, and services.

Based on the Deployment:

Based on deployment, the data analytics is bifurcated into on-premise and cloud.

Based on the Analytics Tools:

Based on analytics tools, the global market is divided into data mining and warehousing, dashboard and data visualization, self-service tools, reporting, and others.

Based on the Application:

Based on the application segment the data analytics market is classified into customer analytics, workforce analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, and transportation analytics.

Based on the Industry Verticals:

Based on the industry, the market is segmented into healthcare, government, BFSI, manufacturing, energy and utility, transportation, retail and e-commerce, IT and telecom, education, and others.

Based on the region:

The data analytics market is divided based on region into North America, Europe, Asia Pacific, and Latin America.

As per research, while the year 2019 has been a tremendously eventful year for data analytics, 2020 is estimated to be the year of knowledge! The mount within the adoption of this aspect of data analytics, including machine learning and AI solutions has skyrocketed data analytics generation, and its need robust implementations have scored the market’s value to an excellent extent.

The global data analytics market has witnessed continuous and robust augmentation within the past few years and is proposed to continue this same path. Under the help of knowledge analytics, organizations are now efficiently leveraging data in extracting essential insights, which may be wont to generate actionable decisions. Within the past some years, data analytics has been primarily wont to empower organizations to form the foremost profitable business choices.

The big data analytics market is additionally driven by organizations that realize the operational advantages of using analytics solutions that authorize organizations to focus on better consumers, enterprise-grade security, surge access to cloud-based models, continue vendor consolidation, and data governance solutions offered by market vendors. As per an equivalent study, the key trends impacting the info analytics market is that the Internet of Things (IoT) adoption and proliferation of knowledge , data fuelling machine learning and AI growth, also as data strategy becoming central to C-level business planning.

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Global Data Analytics Market, By Type (Predictive, Prescriptive), Solution (Data Management, Data Visualization), Application (ERP, SCM), Industry (BFSI, IT & Telecom, Manufacturing), Deployment (Cloud, On-Premise), Organization Size – Forecast (2017-2023)

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