Statistical Software Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The statistical software market is expected to register a CAGR of 9.6% during 2023–2031. Integration of AI and machine learning capabilities and the shift towards user-friendly interfaces and data visualization are likely to remain key trends in the market.

Statistical Software Market Analysis

• The use of statistical software is increasing dramatically in the global market. The use of data-driven decisions has been growing among industries of all sizes. Predictive analytics and risk management are the main applications of statistical tools.
• Finance, health care and manufacturing are among the first adopters of these tools. The shift toward cloud solutions is also growing as the software can be scaled and accessed from any location.
• Developed economies have high adoption rates but are quickly being overtaken by emerging markets. There is a danger of misuse of collected data, as well as a shortage of specialist skills but the market still keeps expanding as organizations use data analysis to gain a competitive edge.

Statistical Software Market Overview

• The Global Statistical Software Market is growing rapidly; with the advent of big data, the significance of data analytics in companies across industries is increasing day by day. SAS Institute, IBM, and Stata are some of the key players in this market; however, recently, many players have also entered the market with niche products and solutions.
• The market offers solutions ranging from basic analytical tools to advanced predictive modelling software. North America has the largest market share, whereas the fastest growth rates are seen in Asia-Pacific.
• Cloud-based solutions are gaining popularity, as the cloud allows for quick and flexible adaptation to different demands due to its scalable processing capacity. The market contains many challenges, such as data security, complex analytical tools, and user-friendliness. Moreover, data-driven decisions are becoming increasingly important in business operations. Overall, the outlook for the industry is good, with many opportunities arising.

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Statistical Software Market: Strategic Insights

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Statistical Software Market Drivers and Opportunities

Increasing Demand for Data-Driven Decision-Making to Favor the Market

• There is a growing trend for data-driven decision-making that is strongly driving growth in the Global Statistical Software Market. Organizations across all sectors started to see value in using data to inform strategy and operations and to do so effectively, they need statistical software tools.
• The surge in demand for statistical software tools is driven by the insights that statistical software provides to businesses for analyzing large sets of structured and unstructured data. Data-driven decision-making helps companies optimize processes, predict market trends, understand customers' behavior, and mitigate risks more effectively to improve operational efficiency, allocate resources smartly and gain competitive advantage.
• As more organizations explore opportunities to leverage their data assets in better decision-making, we are witnessing this market to be pushed by companies into more traditional types of businesses that were less involved in data-driven decisions but are catching up. Furthermore, the growth in data in the digital economy is increasingly pushing the requirement for more complex analytical tools to support decision-making on modelling more complex interdependencies, real-time questions, big data and geographically dispersed sources of information.
• This is likely to continue to be in high demand, stimulating further growth in the statistical software market.

Development of Advanced Predictive Modelling Tools

• Sophisticated predictive modelling tools are empowering the Global Statistical Software Market by offering more powerful artificial intelligence and machine learning features for data sets, enabling statistical software providers to drive revenues higher through more data-driven decision systems.
• New possibilities continue to show the way forward as companies strive to stay ahead of the competition through predictive abilities for markets, customers and more. Companies across all industries are racing with their competitors to be the first to predict shifting markets, customer needs, and potential risks.
• Software with advanced predictive modelling capabilities greatly helps give everyone the edge, and decision systems driven by predictive modelling will increasingly be used to identify new revenue streams and develop new products, among other benefits. Already heightened demand from this trend is evident in financial services, healthcare and retail, just to name a few.
• If accurate predictions in areas like finance, healthcare and retail are the key to business success, then investment in data-driven decision systems will likely rapidly expand the global market for advanced predictive modelling tools.

Statistical Software Market Report Segmentation Analysis

Key segments that contributed to the derivation of the statistical software market analysis are deployment type and enterprise size.

• Based on deployment type, the statistical software market is divided into on-premise and cloud.
• Based on the enterprise size, the statistical software market is divided into small and medium-sized enterprises and large enterprises.

Statistical Software Market Share Analysis by Geography

• Statistical Software 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 Statistical Software 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 Statistical Software market in these regions.

Statistical Software Market Regional Insights

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

Statistical Software Market Report Scope

Statistical Software Market Players Density: Understanding Its Impact on Business Dynamics

The Statistical Software 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 Statistical Software Market are:

1. StataCorp LLC
2. MaxStat Software
3. SAS Institute
4. The MathWorks
5. SAP
6. IBM

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

Statistical Software Market News and Recent Developments

The statistical software 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 statistical software market are listed below:

• SAS Clinical Acceleration Repository, a secure, cloud-native data repository with robust audit and administration capabilities, is now available to help drive innovation for life sciences and health organizations. The analytics platform manages clinical research data, integrates with various data sources, improves clinical trial development and accelerates the path to regulatory submission. (Source: SAS, Press Release, June 2024)

Statistical Software Market Report Coverage and Deliverables

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

• Statistical software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Statistical software market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Statistical software 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 statistical software market
• Detailed company profiles