Data Analytics Market
In 2023, the worldwide Data Analytics Market size was predicted to generate nearly USD 22,998.8 million market revenue. However, it is estimated to acquire USD 303.4 Billion of market value by the end of 2030 and is further anticipated to expand at a CAGR of 27.60% during the assessment period.
Data analytics is considered an important part of major enterprises as it is helpful for the organization to process, manage and streamline large organizational data sets. This analytics can be done to improve the capability of the organization to make decisions in real-time. Moreover, it helps to narrow down the whole data and understand the potential customers. Presently, many organizations are adopting business analytics and data analytics to analyze a large amount of data, which can be created because of online and offline trading.
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What are the major segments of the Data Analytics Market?
As per the Data Analytics Market forecast report, the present market has been segmented based on deployment model, component, application, analytics tools, and industry vertical.
- Deployment model: The current market has been segmented based on different deployment models such as cloud-based and on-premise.
- Component: The global market has been classified based on different components such as services, hardware, and software.
- Application: The data analytics market has been categorized into workforce analytics, customer analytics, marketing analytics, supply chain analytics, spatial analytics, pricing analytics, and transportation analytics.
- Analytics Tools: The worldwide market is divided into various analytics tools such as dashboard and data visualization, data mining and warehousing, reporting, self-service tools, and others.
- Industry Verticals: The current market has been classified into various industries such as BFSI, healthcare, energy and utility, government, education, manufacturing, transportation, IT and telecom, retail and e-commerce, and others.
What are the important regions of the Data Analytics Market?
According to the Data Analytics Market analysis report, the market covers different parts of the world, such as North America, Latin America, Europe, and Asia-Pacific.
- North America: In 2019, the North American region held the dominant position in the data analytics market. Further, this region is estimated to continue the same growth rate throughout the analysis period of 2027. This region has shown potential growth due to various factors such as immense use of wearable devices, high use of smartphones, and other smart connected devices. In addition, the rising competition among the key players that offer a better-personalized experience and customer satisfaction is boosting up the regional market. Also, the rising number of customers in this region is fueling the demand for data analytics.
- Asia Pacific: Furthermore, the geographical locations of Asia Pacific are projected to acquire significant growth over the analysis period because of the rapid growth in digitalization. Apart from this, this region is growing opportunities for market vendors and manufacturers because of the increasing use of electronic networks and devices among various organizations.
Overall, the Data Analytics Market’s growth relies upon different market segments and regions, generating more opportunities for the market players.
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