Data Analytics Market to Surpass $378.05 Billion by 2031 | SkyQuest Technology
Westford, USA, July 23, 2024 (GLOBE NEWSWIRE) — Data Analytics Market size was valued at USD 44.30 Billion in 2022 and is expected to grow from USD 56.22 Billion in 2023 to USD 378.05 Billion by 2031, at a CAGR of 26.90% during the forecast period (2024-2031).
SkyQuest projects that the data analytics market will attain a value of $160.31 Billion by 2031, with a CAGR of 30.4% over the forecast period (2024-2031). Data analytics is a multidisciplinary field that combines a wide range of analysis methods, including mathematics, statistics, and computer science, to extract insights from data sets. “Data analytics” is a broad term that includes everything from fundamental data analysis to conjecturing about data collection techniques and creating the frameworks needed for data storage.
The data analytics market is driven by rise in dependence on cloud storage platforms for storing an increasing amount of sensitive data. This is because cloud-based data analytics operations result in significant cost reductions and enhance collaboration prospects. It provides businesses with smart customer data, enabling them to make more profitable decisions. Moreover, increase in the need for edge computing is driving the growth of the market. Local data speeds up the upload of data to on-premises or cloud systems and lowers bandwidth demands on servers and networks. Edge computing is particularly important to industrial IoT since it can evaluate data more rapidly and in real time.
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Browse in-depth TOC on “Data Analytics Market”
- Pages – 157
- Tables – 121
- Figures – 72
Data Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $51.48 Billion |
| Estimated Value by 2031 | $160.31 Billion |
| Growth Rate | Poised to grow at a CAGR of 30.4% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Deployment, Enterprise Size, End-use, Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/Product portfolio of players |
| Key Market Opportunities | Surge in the proliferation of AI and ML |
| Key Market Drivers | Rise in edge computing |
Big data analytics dominated the data analytics market due to widespread applications of big data analytics.
According to the data analytics industry report, the big data analytics segment achieved a significant market share and is expected to do so in the years to come. The application of big data analytics is becoming more widespread, which is greatly boosting the market’s expansion. Because big data analytics is increasingly being integrated with highly advanced technologies such as artificial intelligence (AI), deep learning, machine learning, and the Internet of Things (IoT), its market share is rapidly increasing.
Cloud-based segment within the deployment segment is expected to rise due to the increasing use of cloud-based solutions
According to data analytics industry estimates by SkyQuest Technology, the cloud-based segment is predicted to develop at the fastest rate during the projection period. The increased industry use of cloud-based solutions is the primary driver of category growth. With cloud-based analytics, businesses can handle and analyze large volumes of data efficiently and without being constrained by traditional infrastructure due to its scalability. Furthermore, affordability of cloud installations, which includes flexible pricing options and fewer upfront costs, makes them highly alluring. The accessibility and collaboration features, which enable easy access to data and cross-border real-time decision-making, further improve the attraction.
Strong foothold of key players in North America ensured market dominance.
North America accounted for the largest portion of the global data analytics market as of 2021. This domination is expected to remain for the upcoming year. The existence of top data analytics companies and rising investment in the development of cutting-edge analytics solutions are the primary factors driving the growth of the big data analytics market in North America. The big data analytics market in North America is expected to increase during the forecast period due to the expansion of IoT and IoT infrastructure, and the use of cloud computing across several end-use sectors.
Throughout the period, Asia-Pacific is expected to witness growth due to rise in the use of advanced analytics solutions within the region.
Asia Pacific is expected to grow at the fastest rate over the projection period due to the rising use of advanced analytics solutions for managing and analyzing big data collected from commercial, industrial, and residential data sources. The exponential surge in data generation is attributed to the development of IoT technologies and linked devices, and the region’s rapid digital transformation. Organizations in the Asia-Pacific are increasingly turning to advanced analytics to enhance decision-making, streamline processes, and gain insightful information.
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Data Analytics Market Insights
Drivers:
- Technological advancements
- Growing adoption of AI and ML
- Application across industries
Restraints:
- Data privacy and security concerns
- Lack of skilled workers
- Resistance to change
The following are the Top Data Analytics Companies
- Microsoft
- Dell, Inc.
- SAP SE
- Oracle
- Zoho Corporation Pvt. Ltd.
- SiSense Inc.
- IBM Corporation
- Datameer, Inc.
- Mu Sigma
- SAS Institute Inc.
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Key Questions Covered in the Data Analytics Market Report
- Which region is expected to dominate the market during the forecast period?
- What are the segments covered in this report?
- What strategies are adopted by key players within the market?
This report provides the following insights:
Drivers, challenges
- Analysis of key drivers (growing adoption of AI and ML, technological advancements), restraints (lack of skilled workers), opportunities (surge in the proliferation of AI and ML), and challenges (data privacy and security concerns) influencing the growth of the data analytics market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the data analytics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the data analytics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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