Data Analytics Market to Grow by USD 234.4 Billion (2024-2028), Modern Technology Adoption Boosting Growth, AI Driving Market Transformation - Technavio

NEW YORK, Dec. 18, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global data analytics market size  is estimated to grow by USD 234.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  13.63%  during the forecast period. Extensive use of modern technology in company operations is driving market growth, with a trend towards prevalence of internet and increased use of linked and integrated technologies. However, exponential increase in data  poses a challenge. Key market players include Alphabet Inc., Alteryx Inc., Amazon.com Inc., Datameer Inc., Dell Technologies Inc., Fair Isaac Corp., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., Mu Sigma, Oracle Corp., Rapidops Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Teradata Corp., ThoughtSpot Inc., TIBCO Software Inc., and Zoho Corp. Pvt. Ltd..

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Market Driver

The proliferation of the Internet and advanced Internet services have led to a substantial increase in data generation. Globalization and economic expansion are significant contributors to this trend. Each customer interaction now generates valuable data, providing insights into consumer behavior. Organizations are responding by hiring data scientists and analysts to manage this data influx. Additionally, the revenue-generating potential of data analytics is a major driving factor, making it an attractive investment for businesses. These factors are expected to fuel market growth in the coming years. 

The Data Analytics Market is experiencing significant growth due to the increasing use of internet-connected mobile devices, such as smartphones and tablets, in business processes. Mobile technology and mobile networks, including Wi-Fi, enable real-time data access and analysis, addressing key market opportunities. However, security concerns are rising with the increased consumption of data. Real-time security measures are crucial to prevent data loss incidents and cyberattacks. Unstructured data from various sources, including social media and IoT devices, require advanced analytical tools for effective marketing strategies and corporate growth. Orbital Insight and Carahsoft Technology Corp are leading providers of data analytics solutions. Google's TerraScope, GA4, and Google Ads campaigns offer cross-product access management and data analytics tools for forecasting in trade markets, healthcare data research, and traffic trend forecasting. The demand for differentiation from competitors and procurement efficiency drives the market forward. 

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 Market Challenges

• Businesses increasingly rely on data to make informed decisions, minimize risks, and identify valuable consumer segments. However, consolidating data from various sources into meaningful information can present challenges, particularly for large corporations. Data exchanges and ecosystems offer solutions by enabling centralized data analysis and cross-checking of critical business components. The effectiveness of these tools depends on the perceived value of data for different client groups. Many data analytics providers offer unified platforms for data aggregation and analysis from diverse sources, which may hinder market growth during the forecast period.
• The data analytics market is experiencing significant growth, with companies like Orbital Insight and Carahsoft Technology Corp leading the way. Their advanced tools, such as TerraScope, are helping businesses in various sectors, including trade markets, healthcare, and government agencies, make data-driven decisions. Google is also making a strong entry with GA4 and Google Ads campaigns, offering cross-product access management and data analytics tools for forecasting trends in industries like e-commerce, banking, IT services, and more. However, challenges remain, such as data security concerns, data management, and the need for fraud & security intelligence. Predictive, prescriptive, and descriptive analytics are key, along with text analytics and social media insights for advertising campaigns and customer service analytics. The big data market continues to expand, with new business prospects in areas like database management, cloud, and on-premises solutions.

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This data analytics market report extensively covers market segmentation by  

1. Component 
• 1.1 Services
• 1.2 software
• 1.3 Hardware
2. Deployment 
• 2.1 Cloud
• 2.2 On-premise
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Services-  In the realm of data analytics, integration services play a crucial role by providing a customized application container for web services solutions. This container, with a specified interface and structure, enables the integration of applications through a service-oriented architecture (SOA). SOA characterizes a service as a logical representation of a repetitive operation with a specific outcome. Self-contained services establish a defined interface for data communication, allowing for their reuse. Simultaneously, the demand for training and support services is surging as businesses increasingly adopt data analytics in industrial settings. These services educate employees on the necessary skills and competencies to enhance customer satisfaction. Any employee interacting with clients, such as receptionists, technical support representatives, or field service technicians, requires customer service training. Consulting services, which include implementation, configuration, custom development, and training, are also in high demand. The global data analytics market growth is driven by these segments as businesses seek to optimize their data analytics capabilities. SAP employees or subcontractors provide these consulting services, as outlined in order forms and governed by consulting service agreements.

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Research Analysis

The Data Analytics market is experiencing rapid growth due to the increasing demand for data-driven insights across various industries. This market encompasses various data analytics tools and techniques, including forecasting for trade markets, healthcare data research analysis, traffic trend forecasting, and demand forecasting. The e-commerce sector, government agencies, banking, IT services, and healthcare industries are major contributors to this market. Data security concerns are also driving the need for advanced analytics solutions. Orbital Insight and TerraScope are among the innovative players in this field, offering cross-product access management and advanced data analytics capabilities. Google, with its GA4 and Google Ads campaigns, is making significant strides in the data analytics space, providing data analytics tools for email campaigns, customer service analytics, and social media analytics. The big data market is expected to reach new heights as businesses continue to leverage data to gain a competitive edge. Social media platforms are increasingly becoming essential sources of data for social media analytics, offering valuable insights into consumer behavior and trends.

Market Research Overview

The Data Analytics market is experiencing exponential growth due to the increasing demand for insights from various sectors such as trade markets, healthcare, research analysis, government agencies, banking, e-commerce, IT services, and more. Data analytics tools are being used for forecasting trends in traffic, demand, and consumer behavior, providing valuable insights for businesses to make informed decisions. Cross-product access management, GA4, and Google Ads campaigns are essential data analytics solutions for businesses looking to optimize their marketing strategies. Predictive, prescriptive, and descriptive analytics are key techniques used for data analysis, offering insights into customer behavior, fraud & security intelligence, and supply chain management. Data security concerns are a major focus in the data analytics market, with solutions for real-time security, data loss incidents, and cyberattacks. Mobile technology, including internet-connected mobile devices like smartphones and tablets, is driving new business prospects in the data analytics market. Unstructured data from sources like social media and email campaigns are being analyzed using text analytics and social media analytics. Big data market trends include cloud and on-premises solutions, enterprise resource planning, human resource management, database management, and data mining. Key market opportunities include consumption of data, marketing strategies, corporate growth, differentiation from competitors, and procurement efficiency. The data analytics market is expected to continue growing as businesses seek to gain a competitive edge through data-driven insights.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Services
• Software
• Hardware
• Deployment
• Cloud
• On-premise
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio