Analytics Market Size to grow by USD 221.23 billion between 2023-2027
According to a research report “ Analytics Market” by Component (Services, Software, Hardware) End-user (BSFI, Manufacturing, Retail, Healthcare, Others) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 221.23 billion, at a CAGR of 13.5% during the forecast period. The proliferation of extensive data volumes and increasing data intricacy within organizations serve as primary catalysts for the advancement of sophisticated data analysis methods. Intelligent techniques, such as machine learning (ML) and artificial intelligence (AI), enable businesses to extract valuable insights from intricate data sets, enhancing their offerings and streamlining processes. Conversely, a significant amount of untapped data resides within companies' extensive document archives and knowledge bases. By employing advanced analytics techniques, organizations can effectively unearth answers to critical business and customer queries, thereby unlocking new opportunities and improving overall performance.
Browse market data tables, figures, and in-depth TOC on “Analytics Market” by Component (Services, Software, Hardware) End-user (BSFI, Manufacturing, Retail, Healthcare, Others) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample
By Component, the Services segment is projected to dominate the market size in 2024
In the BFSI sector, the shift towards digital transformation has significantly increased the adoption of analytics. With the rise of digital platforms and consumer-centric business models such as mobile banking, e-wallets, and phone banking, an enormous volume of data is generated daily. This data, derived from digital transactions and service requests, is crucial for enhancing customer management and optimizing business strategies. Analytics plays a pivotal role in extracting valuable insights from this data, enabling organizations to make informed decisions, improve customer experience, and stay competitive in the digital age.
By End-user, BSFI segment is expected to hold the largest market size for the year 2024
The analytics market is experiencing significant growth due to the increasing demand for data-driven insights in business decision-making. Companies are investing heavily in advanced analytics solutions to gain a competitive edge. Predictive analytics, machine learning, and artificial intelligence are key technologies driving this growth. These tools enable organizations to identify trends, make accurate forecasts, and optimize operations, ultimately leading to increased revenue and improved customer satisfaction.
North America is forecasted to hold the largest market size by region in 2024
The Analytics market is experiencing significant growth due to the increasing demand for data-driven insights in business decision-making. Companies are investing heavily in advanced analytics solutions to gain a competitive edge. Predictive analytics, machine learning, and artificial intelligence are key technologies driving this growth. These tools enable organizations to identify trends, forecast future outcomes, and optimize operations in real-time. The global analytics market is projected to reach USD274.3 billion by 2027, growing at a CAGR of 16.2% during the forecast period.
The Analytics Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Analytics Market is a dynamic and growing industry that encompasses various applications of data analysis in Business Intelligence (BI) and enterprise management. This market includes solutions for Database Management, Human Resource Management, and Supply Chain Management, as well as Enterprise Resource Planning (ERP) systems. BI software and business analytics software are key components of this market, enabling businesses to gain insights from their data through data security measures. Social media advertising and email campaigns are increasingly utilizing data analytics for targeted advertising, with platforms like Google Ads and social media platforms leveraging AI and machine learning for automation and individualized consumer experiences. Online shopping and social networking platforms also rely on data analytics for trends and growth prospects in the large enterprise segment. Historical trends and statistical strategy are essential for corporate growth, with big data analytics providing valuable insights into consumer behavior and market trends. Text analytics and social media analytics are also crucial for understanding customer sentiment and engagement, enhancing marketing efforts and improving overall business performance.
Market Research Overview
The Analytics Market is experiencing exponential growth, driven by the increasing adoption of SaaS-based data analytics solutions in various industries. This market includes segments like Data Management, Security Intelligence, Descriptive Analytics, and Predictive Analytics, catering to the needs of sectors such as Telecom, Healthcare, Banking, e-commerce, and more. SaaS solutions offer advantages like real-time data monitoring, improved data security, and cost savings. In the Security Intelligence segment, businesses are leveraging these tools to combat fraudulent activity and protect against cyberattacks and data loss incidents. The Customer Analytics segment focuses on lead management, customer retention, and client experience management, providing individualized consumer experiences in sectors like retail and online shopping. The Internet of Things (IoT) and Machine Learning algorithms are revolutionizing industries like Agriculture, with smart applications in soil sensors, GPS-equipped tractors, and smart machines. In the Industrial sector, Edge computing and Analytical tools are enabling businesses to process unstructured data from mobile devices and internet-connected devices in real-time. Large enterprises and SMEs alike are embracing Cloud analytics tools for risk-related decisions, web and IT infrastructure security, and omnichannel experiences. The Predictive Analytics segment offers valuable insights into historical trends and business opportunities, enabling corporate growth through statistical strategy. The Analytics Market continues to evolve, with emerging trends like Data Mining, Business Intelligence software, and Social Media Analytics shaping the future of data-driven decision-making. The market is expected to grow significantly, offering numerous business opportunities for IT companies and regional travel agencies in sectors like Web conferencing, Video conferencing, and Text analytics.
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Technavio Research
Jesse Maida
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Email: media@technavio.com
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