ID: MRFR/ICT/1157-CRR | May, 2018 | Region: Global | 165 pages | Cooked Research Reports
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)
The report projects that the global market for data analytics will exhibit a CAGR of 30.08% during the forecast period (2017-2023) to surpass a valuation of USD 77.64 billion. This market has witnessed yet another year of steady growth in 2017. Data analytics techniques are widely used in commercial industries to enable organizations to make more productive business decisions. The data analytics tool help businesses increase revenue, improve operational efficiency, optimize marketing campaigns, respond faster to emerging trends and gain a competitive advantage.
Data 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 the existing database for assessment of future probabilities.
The report delivers hard-hitting market facts and historical market trends along with correlations between the market dynamics and forecasts. In this report, the user will also come across an in-depth segmental analysis of the market based on type, solution, application, industry, deployment, organization size, and region, delivering valuable insights. The report also explores market dynamics such as drivers, trends, opportunities, and restraints, influencing the growth pattern of key market segments. The section also sheds light on the key micro and macroeconomic factors impactig the overall growth of the market.
By type, the market has been segmented into predictive analytics, prescriptive analytics, descriptive analytics, and customer analytics. By solution, the market has been segmnted into data management, fraud & security intelligence, data mining, data visualization, and data monitoring. By application, the market has been segmented into enterprise resource planning, supply chain management, human resource management, database management and others. All the segments and sub-segments are profiled under six major geographies– North America, South America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Rest of the World, with the respective country-level market sizes. For the scope of the research, the definition of the product/ service “data analytics ” is also included in the report. The report discusses the current prospects of the market and delivers an unbias growth assessment.
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.) and IBM Corporation (U.S.).
The report provides a comprehensive analysis of the market structure along with future assessment for the next five years of various segments and sub-segments of the data analytics market
MRFR applied a new but highly credible research methodology for making projections. Statistical conclusions drawn in the report are the result of an exhaustive investigation and analysis of the key market elements. A multi-level data collection procedure, which includes both primary and secondary research inputs ensures the delivery of an impactful intelligence. To support the statistical findings and projections, full-scale industry focused primary research was conducted to gain meanighful insights of the market. Primary research also includes surveys and interviews with the key personnels associated with the technology sector (VPs, CEOs, Marketing Directors, Business Development Managers and others). Additionally, the primary data collected is cross-checked using triangulation method. Secondary research was mainly employed for collecting and identifing information useful for technical, market-oriented, and commercial study of the data analytics market.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for data analytics
By Organization Size
Additional Free Customization
The global data analytics market is set to grow from USD 12.01 Billion in 2016 to USD 77.64 Billion in 2023. Cost reduction, faster decision making and new product or service launch are the key features in which data analytics can be very helpful. High adoption rate of technology and growing data analytics requirement are the prime drivers of data analytics market.
Deployment of advanced analytical techniques helps in improving the productivity and efficiency of field operations as well as optimize the organizational workforce. The tools detect and correct the errors from data sets with the help of data filtration techniques, which helps in improving the quality of data and consequently benefits both customers and institutions such as banks, insurance, and finance companies. The advantages of big data analytics mentioned above help in optimizing the overall business process.
The global data analytics market has been segmented based on type, solution, application, industry, deployment, organization size and region. By type, the predictive analytics segment accounted for the largest market share in 2016. By solution segment, the data management segment is expected to hold a largest market share over 2023. The segment is also expected to witness the highest CAGR during the forecast period. Data management is referred to the process of organizing and maintaining data processes to meet organizations’ information needs. The data management solution provides organization and classification of entire data and in fast retrieval of data. The data management solution also provides integration of data that combines different types of data. By application, the enterprise resource planning segment accounts for the largest share of the data analytics market and is expected to exhibit the highest CAGR during the forecast period. Data analytics plays a key role in structuring ERP data. It has become extremely important for manufacturers across various industrial verticals to adopt predictive analytics to leverage the potential of their data to gain profits, increase revenues, optimize costs, and gain competitive advantage. Implementing predictive analytics on large ERP data leads to greater profitability.
In 2016, North America accounted for the largest share of the global data analytics market and is expected to retain its position over the review period. Demand for data analytic services has conituned to grow in the U.S. and Canda in recent years. This is mainly attributed to the generation of large volume of unstructured data from smart connected devices and industrial Internet of Things (IoT), which is being synchronized using end-to-end analytical tools. Adoption of predictive analytics in big data by the e-commerce sector in the region is also contributing to the growth of the North America data analytics market.
In Asia Pacific, economic development coupled with the growth of the IT & BFSI sector has spurred a strong demand for data analytics tools. It is also projected to be the fastest growing market for the data analytics. High demand in BFSI, IT & telecommunication, retail, healthcare, food & beverage and government sector is creating growth opportunities for market players. Other factors such as growing technology expenditures in countries such as China and India, and demand for cost-effective advanced analytical software and services among small and medium-sized enterprises (SMEs) also influence the region’s market.
Some of the key players in the global data analytics market include 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.) and IBM Corporation (U.S.) among others. The extensive growth in data analytics market is highlighting the huge investments & acquisition made the many of these companies to expand on both regional and global level.
Global Data Analytics Market: Competitive Landscape
The global market for Data Analytics is occupied by various players namely IBM Corporation, SAS Institute, Oracle Corporation, Amazon Web Services, Microsoft Corporation, SAP SE. These companies collectively accounted for more than 54.85% share of the global data analytics market in 2016. These companies are likely to maintain their strong global presence through expansion, merger & acquisition, and extensive product portfolio.
In 2016, IBM Corporation was the leading player in the market. The company has plans to increase the productivity and output of its business by forming partnerships with other tech giants and expanding into the untapped markets. This inorganic growth strategy will be useful for increasing their global market presence. The company’s primary strategy is innovation along with continuous re-invention and transformation. It provides solutions that are specific and customizable according to the client needs. The company also focuses on providing cognitive software solutions that are also simultaneously available for cloud applications to provide new levels of innovation.
Oracle Corporation held the second position in terms of market share, in 2016. The company focuses on more acquisitions to provide its customers with the real-world service-oriented architectural integration. The company has recorded immense growth in enterprise performance management & business intelligence and focuses on offering cost-efficient technical solutions.
Microsoft Corporation holds the third spot in terms of market share. The company focusses on technology innovation, which is a critical aspect of economic growth. The company plans to continue investing in data centers and related infrastructure to support the services associated with it. Microsoft Corporation focuses on business planning, reinventing productivity and business processes along with building intelligent cloud platform.
SAP SE is one of the most competitive players in this market. The company has two major focus areas – digital innovation and customer satisfaction. The company’s strategy is to continue developing new and market-leading applications, invest in disruptive technologies, and focus on mergers and acquisition to meet the targets.
SAS Institute stood at the 5th position in the global data analytics market. The company focuses on increasing investment twice the percentage of annual revenue into R&D than its competitors. They focus on delivering new products with latest technologies. The company’s strategy also includes partnerships with different organizations to develop new products.
The key players such as IBM Corporation, Oracle Corporation, SAP SE and others rimarily focus on the development of advanced data analytics. Although the international players are dominating the market, regional and foreign players with small market shares also have a prominent presence here. The major players may strengthen their presence worldwide through acquisitions during the forecast period. It has also been forecasted that improvements in the global economic scenario combined with technology adoption and subsequent advancement in the emerging economies is fueling the market growth, thereby making it an ideal time to launch advance data analytics and increase the global market share.