Data Analytics Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The data analytics market is expected to register a CAGR of 29.3% during 2023–2031. Increasing focus on edge computing is likely to remain a key trend in the market.

Data Analytics Market Analysis

• The data analytics market includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period.
• The data analytics market is growing owing to factors such as the rise of big data analytics, increasing cloud technology expenditures, and large amounts of data generated by various industries.
• AI-powered data analytics to provide lucrative opportunities for the cloud collaboration market.

Data Analytics Market Overview

• Data analytics is the systematic analysis and interpretation of data to provide insightful conclusions and aid in well-informed decision-making.
• It includes a variety of methods, instruments, and procedures for gathering, purifying, transforming, and analyzing substantial amounts of both organized and unstructured data.
• Data analytics is constantly evolving as a result of technological advancements, combining real-time processing capabilities, machine learning, and artificial intelligence to deliver deeper, more timely insights.
• In the end, data analytics gives companies and organizations the ability to make decisions based on data, which boosts productivity, competitiveness, and overall performance in a world where data is becoming more and more important.

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Data Analytics Market: Strategic Insights

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Data Analytics Market Drivers and Opportunities

Large Amounts Of Data Generated By Various Industries to Favor Market

• The amount of data generated annually is growing at a rapid pace.
• According to the latest estimates, 402.74 million terabytes of data are created each day, and around 147 zettabytes of data will be generated in 2024. Around 181 zettabytes of data will be generated in 2031.
• The ability to process and analyze data is becoming crucial for many industries.
• Data analytics helps to structure and categorize huge amounts of data, making them manageable and usable. Numerous sectors employ data analytics to boost productivity, cut expenses, find new business prospects, and make data-driven decisions.

AI-Powered Data Analytics

• AI-powered data analytics is responsible for the change in business operations in the current world.
• The emergence of artificial intelligence in data analytics has improved human data handling skills while also enhancing data analysis and visualization.
• AI systems' ability to adapt to change enables humans to make judgments more quickly and flexibly.
• Due to sophisticated and dynamic algorithms that evaluate data at various scales and support several scenarios that are impractical to accomplish with conventional techniques, AI-powered data analytics are currently in vogue.
• AI algorithms are known to have increased production lead by 50%, and 80% of workers reported increased productivity.

Data Analytics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the data analytics market analysis are type and application.

• By type, the market is segmented into prescriptive analytics, predictive analytics, customer analytics, descriptive analytics, and others.
• By application, the market is segmented into supply chain management, enterprise resource planning, database management, human resource management, and others.

Data Analytics Market Share Analysis by Geography

• The data analytics market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering data analytics market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the data analytics market in these regions.

Data Analytics Market Regional Insights

The regional trends and factors influencing the Data Analytics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Data Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Data Analytics Market Report Scope

Data Analytics Market Players Density: Understanding Its Impact on Business Dynamics

The Data Analytics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Data Analytics Market are:

1. Amazon Web Services, Inc.
2. Dell Inc.
3. IBM Corporation
4. Informatica
5. Microsoft Corporation
6. MicroStrategy Incorporated

Disclaimer: The companies listed above are not ranked in any particular order.

Data Analytics Market News and Recent Developments

The data analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the data analytics market are listed below:

• SAP SE announced transformative data innovations that will help customers harness the full power of their data to drive deeper insights, faster growth and more efficiency in the era of AI. New capabilities in the SAP Datasphere solution, including new generative AI features, transform enterprise planning through simplified data landscapes and more intuitive data interaction. SAP Datasphere innovations, as well as an expanded partnership with Collibra, help customers drive intelligent business transformations through data. (Source: SAP SE, Press Release, March 2024)

•  Informatica, an enterprise cloud data management leader, unveiled a trio of native integrations with Microsoft at Informatica World currently underway in Las Vegas. These product developments will make it simpler for Azure and Microsoft Fabric customers to discover, manage and deploy AI-powered data management services within Informatica’s Intelligent Data Management Cloud™ (IDMC) platform to create trusted data for generative AI. The combination of Microsoft's data analytics capability of Microsoft Fabric and Informatica’s AI-powered IDMC platform will unlock tremendous new potential for our customers’ analytics and AI workloads. (Source: Informatica, Press Release, May 2024)

Data Analytics Market Report Coverage and Deliverables

The “Data Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Data analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Data analytics market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Data analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the data analytics market
• Detailed company profiles