Global Data Analytics Market Size, Share, Growth Analysis, By Type, By Deployment, By Enterprise Size, By End-Use - Industry Forecast 2023-2030

Global Data Analytics Market size was valued at around USD 39.41 billion in 2021 and is expected to reach a value of USD 289.12 billion by 2028, at a CAGR of 29.25% over the forecast period (2022-2028).

The global data analytics market is experiencing significant growth, driven by the increasing adoption of data-driven decision-making across various industries. Data analytics enables organizations to extract valuable insights from large volumes of data, leading to improved operational efficiency and enhanced business strategies. Factors such as the proliferation of IoT devices, advancements in big data technologies, and the rising demand for predictive analytics are fueling market expansion. Additionally, the growing focus on cloud-based analytics solutions and the integration of artificial intelligence and machine learning algorithms are expected to further drive market growth in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of Data Analytics and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The Global Data Analytics market is segmented based on type, deployment, enterprise size, end-use, and region. By type, the market is segmented into Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, and Others. By deployment, the market is divided into on-premises and cloud. By enterprise size, the market is divided into Large Enterprises, Small & Medium enterprises. By end-use, the market is divided into BFSI, Government, Healthcare, Healthcare, Military & Defense, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Driver

The increased adoption of machine learning algorithms, artificial intelligence, and the internet of things (IoT) has led to a rise in IoT device connectivity. According to the international data corporation, there will be a connection of 150,000 IoT devices per minute by 2025. This growing demand for connected devices has accelerated the implementation of edge computing. Unlike cloud-based solutions, edge computing brings processing power closer to the data source or destination. By keeping data local to the source or destination, it reduces network and server load and speeds up data transfers to on-premises or cloud systems. In the context of industrial IoT, edge computing is particularly valuable as it enables real-time data processing and faster response times.

Restrain

This technological advancement also gives rise to significant security concerns, including the need for real-time security, safeguarding client data privacy, and ensuring overall system security. Key challenges that must be addressed include remote storage, inadequate identity management, insufficient investment in system and network security, human error, and vulnerabilities in connected devices and IoT applications. Overcoming these challenges will require substantial efforts from organizations. Additionally, the industry's growth may be hindered by an increase in data breaches and cyberattacks targeting consumer data stored across enterprises.

Trend

The data analytics market is facing significant challenges due to a scarcity of skilled professionals with expertise in big data analytics. With the continuous generation of a large volume of data every minute, analyzing various data types and at high speeds becomes crucial. This has created a growing demand for data scientists and big data analysts who possess interdisciplinary skills, proficiency in big data analysis, and the ability to work with data velocity, variety, and volume, as well as understand technology and business processes. For organizations with limited resources, it is crucial to hire a Data Scientist who can effectively handle these aspects and contribute to their success.