Latest News- Data Analytics Market: Services is expected to lead the Component segment during 2025-2029

The Data Analytics Market is being driven by Extensive use of modern technology in company operations

The Data Analytics Market is expected to grow at a CAGR of 14.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 288.7 billion. The digital age has brought about an unprecedented surge in data generation, fueled by the proliferation of the Internet and advanced high-speed connectivity. Globalization and economic expansion have further accelerated data creation, making every customer interaction a valuable data point. Consequently, organizations are increasingly investing in data analytics to gain insights into consumer behavior and optimize business operations. This trend is driven not only by the need to understand customer activity but also by the significant revenue-generating potential of data analytics. To capitalize on this opportunity, companies are hiring data scientists and analysts to manage and derive actionable insights from the vast amounts of data at their disposal. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Services
  • Software
  • Hardware
• Deployment
  • Cloud
  • On-premises
• Geography
  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Extensive use of modern technology in company operations
• Rising need to improve business efficiency
• Exponential increase in data

However, the market also witnesses some limitations, which are as follows:

• Integration of data from different sources
• Data privacy and security concerns
• Increasing threat from open-source data analytics vendors

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Market Scope in Data Analytics Market Research Report

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Research Analysis Overview

In the data analytics landscape, Orbital Insight and Carahsoft Technology Corp collaborate, offering TerraScope for advanced market analysis. Google enters with GA4, enhancing data analytics tools for Google Ads campaigns in various sectors like trade, healthcare, and research. Cross-product access management facilitates forecasting in areas such as traffic trends, demand, and email campaigns for government agencies, banking, e-commerce, IT services, and e-commerce sectors. Google Ads and social media platforms address data security concerns through big data market solutions, providing social media analytics and catering to diverse industries.

Market Research Overview

Orbital Insight, Carahsoft Technology Corp, TerraScope, Google, and other key players contribute significantly to the expansive global application software market, specifically within the data analytics sector. This segment encompasses businesses specializing in developing and providing advanced software solutions. Notably, these companies offer cross-product access management tools, Google's GA4 and Google Ads campaigns, and sophisticated data analytics tools. The combined revenue generated from these offerings shapes the size of the data analytics market within the larger IT software industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/