Market Dynamics and Drivers in Data Analytics Market 2024: Influencing Factors

The Data Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Data Analytics Global Market Report 2024, The data analytics market size has grown exponentially in recent years. It will grow from $58.47 billion in 2023 to $74.83 billion in 2024 at a compound annual growth rate (CAGR) of 28.0%.  The  growth in the historic period can be attributed to rising data volume, business intelligence demand, regulatory compliance requirements, cost efficiency and productivity gains, competitive advantage pursuit..

The data analytics market size is expected to see exponential growth in the next few years. It will grow to $199.08 billion in 2028 at a compound annual growth rate (CAGR) of 27.7%.  The growth in the forecast period can be attributed to ai and machine learning integration, emergence of predictive analytics, expanding use cases across industries, cloud-based analytics solutions, focus on real-time analytics, data privacy and security concerns.. Major trends in the forecast period include utilization of data analytics in cybersecurity, focus on explainable ai in data interpretation, expanding role of data analytics in customer experience, application of data analytics in supply chain optimization, cross-industry collaboration for data insights..

The growing adoption of real-time data analytics is expected to propel the growth of the data analytics market going forward. Real-time data analytics is a powerful tool that analyzes data as it is being generated and allows businesses to make decisions and act in real-time. Corporations could identify trends, patterns, and anomalies in real-time through data analytics as it is created, allowing for proactive changes and interventions in industries such as finance, healthcare, and manufacturing, where swift decisions are essential. For instance, in May 2022, according to a survey report surveyed over 1,200 companies published by KX Systems Inc., a UK-based software company that specializes in time series databases, around 80% of companies surveyed reported an increase in revenue because of real-time data analytics in US, France, and Germany, and 62% reported more efficient process rollouts after implementing real-time data systems in American and Australian firms. Further, real-time data analytics saved $321 billion in non-personnel-related operational expenditures in 2022, and it is estimated to reach $379 billion if real-time data analytics were ultimately deployed across all enterprises in the leading industry sectors. Therefore, the growing adoption of real-time data analytics will drive the data analytics market.

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The data analytics market covered in this report is segmented –

1) By Type: Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, Other Types
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By Application: Supply Chain Management, Enterprise Resource Planning, Database Management, Human Resource Management, Other Applications
5) By End-User: Banking, Finance, And Insurance (BFSI), Government, Healthcare, Information Technology (IT) And Telecom, Military And Defense, Other End-Users

Major companies operating in the data analytics market are focused on innovating advanced solutions, such as unified analytics platforms, to provide services to their customers and strengthen their position in the market. A unified analytics platform is a software solution that provides a single environment for collecting, storing, analyzing, and visualizing data from multiple sources. For instance, in May 2023, Microsoft Corporation, a US-based software company, launched Microsoft Fabric, an end-to-end, unified analytics platform that integrates all data and analytics tools. Fabric combines technologies such as Azure Data Factory, Azure Synapse Analytics, and Power BI into one harmonious package, enabling data and business professionals to harness the potential of the data and set the groundwork for the AI era. Customers can access one platform with a unified experience and architecture that includes all the features developers need to extract insights from data and communicate them to the business user. Fabric is infused with the Azure Open AI Service, which enables the developers to leverage the power of generative AI against the data and assist business users in finding insights into the data.

The data analytics market report table of contents includes:

 

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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.
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

Major Players:

• Pfizer Inc.
• F. Hoffmann-La Roche AG
• Merck & Co. Inc.
• Janssen Pharmaceuticals Inc.
• AbbVie Inc.

 

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