Global market for data analytics is witnessing a significant growth primarily due to the growing adoption of predictive analytics across various industry verticals. The global data analytics market is set to expand at 30.08% CAGR during the forecast period (2017-2023). Predictive analytics is used to identify the probability of future outcomes based on historical data and trends using statistical algorithms and machine learning techniques. It aims to leverage historical data to provide the best assessment of what will happen in the future.
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It is observed that businesses are increasingly adopting predictive analytics as it collates data from numerous sources and derives insights to make predictions about future events that help companies in improving their operational efficiency. It also creates feasible business scenarios to provide insights into the future of any project. Predictive analytics support business dynamics like consumer demand, changes in market strategy, and commotions in the business cycle.
Major Key players
- Microsoft Corporation (U.S.)
- SAP SE (U.S.)
- Amazon Web Services Inc. (U.S.)
- Oracle Corporation (U.S.)
- SAS Institute Inc. (U.S.)
- Dell Inc. (U.S.)
- Alteryx, Inc. (U.S.)
- Datameer Inc. (U.S.)
- Looker Data Sciences, Inc. (U.S.)
- IBM Corporation (U.S.).
The report offers a detailed segmental analysis of the market based on type, solution, application, industry, and region. By application, the market has been segmented into enterprise resource planning, supply chain management, human resource management, database management and others. The enterprise resource planning segment currently accounts for the largest market share and is expected to remain highly attractive during the forecast period.
By industry, the market is segmented into BFSI, IT & telecommunication, manufacturing, process manufacturing, discrete manufacturing, retail & e-commerce, energy & power, healthcare, transport & logistics, media & entertainment, and others. In 2016, the BFSI segment was valued at over USD 2.49 Billion and is expected to maintain healthy progress over 2023. By deployment, the market has been segmented into cloud and on-premise. The cloud segment is expected to remain at top position over 2023.
The market has been segmented on the basis of the region into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA) and Rest of the world (RoW). North America accounts for the largest market share and is likely to dominate in the future as well. This is primarily owing to the existence of well-established IT sector and presence of major players coupled with rapid adoption of predictive analytics in the region.
Europe and Asia Pacific are also expected to account considerable share of the data analytics market during the forecast period. Currently, both the regions collectively account for more than one-third share of the global data analytics market. In APAC, the market is projected to exhibit a relatively higher CAGR during the assessment period. Factors such as the growing investment in data analytical tools, growing technology expenditure in the developing countries and government initiatives in the development of smart cities is supporting the growth of the market in APAC.
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