Data Analytics Market Size, Share, Growth, and Industry Analysis, By Type (Predictive and Prescriptive), By Application (ERP and SCM), Regional Insights and Forecast From 2025 To 2033

• 

   Request a Free Sample To Get More Information on this Market

DATA ANALYTICS MARKET REPORT OVERVIEW

The global data analytics market size, valued at USD 48.53 billion in 2024, is expected to climb to USD 329.13 billion by 2033 at a CAGR of 23.7% during the forecast period. North America is the major shareholder for the data analytics market.

Data analytics is the process of examining and interpreting data to uncover valuable insights and facilitate informed decision-making. It involves various steps, including data collection, cleaning, transformation, and analysis. Data analytics employs statistical methods, machine learning algorithms, and visualization techniques to explore data patterns, relationships, and trends. This field is crucial for organizations across industries, enabling them to optimize operations, enhance customer experiences, predict future outcomes, and make data-driven decisions.

Additionally, data analytics has evolved to handle massive datasets through big data analytics and employs advanced technologies like natural language processing and machine learning for predictive and prescriptive analytics. Ensuring data governance and security is essential to maintain data accuracy and privacy compliance. Overall, data analytics plays a pivotal role in driving innovation and competitiveness in the modern data-driven world.

COVID-19 IMPACT

"Increased Demand for Healthcare Analytics to Boost Demand Significantly"

The COVID-19 pandemic has been unprecedented and staggering, with data analytics experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s demand returning to pre-pandemic levels.

COVID-19 had a life changing impact globally. The data analytics market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for data analytics experienced an increased demand.

Data analytics was used extensively to assess the economic impact of the pandemic. Businesses and governments relied on data to understand the financial implications of lockdowns, supply chain disruptions, and changing consumer behavior. With remote work becoming the norm, organizations accelerated their digital transformation efforts. This included the adoption of cloud-based data analytics tools and platforms to support remote data analysis, collaboration, and decision-making.

The pandemic led to a surge in the demand for healthcare analytics. Data analytics was crucial in tracking the spread of the virus, analyzing medical data, and predicting healthcare resource needs. It played a pivotal role in guiding public health decisions and vaccine distribution. Telehealth and remote patient monitoring services expanded rapidly during the pandemic. Data analytics played a critical role in monitoring patient health remotely and providing real-time insights to healthcare providers. The market is anticipated to boost the data analytics market growth following the pandemic.

LATEST TRENDS

"Explainable AI to Broaden Market Prospects"

There was a growing integration of artificial intelligence (AI) and machine learning (ML) into data analytics processes. These technologies were being used to automate data analysis, predict trends, and enhance decision-making. To address transparency and accountability concerns, there was an increased focus on "explainable AI" (XAI), which aimed to make AI and ML models more interpretable and understandable for users. Big data technologies like Apache Hadoop and Apache Spark continued to evolve, offering more capabilities for processing and analyzing large and complex datasets.

Edge analytics, which involves analyzing data at the edge of the network (e.g., on IoT devices or at remote locations), gained prominence. This allowed for real-time analysis and reduced the need to transfer all data to centralized servers. Data democratization initiatives aimed to make data and analytics tools accessible to a broader range of employees within organizations, promoting a data-driven culture. NLP techniques continued to advance, enabling the analysis of unstructured text data for sentiment analysis, chatbots, and text analytics.

DATA ANALYTICS MARKET SEGMENTATION

By Type

Based on type, the market is divided into Predictive and Prescriptive.

Predictive holds a major segment by type of the global market.

By Application

Based on application, the market is bifurcated into ERP and SCM.

ERP as application holds a major segment by application of the global market.

DRIVING FACTORS

"Data-Driven Decision-Making to Boost Market Demand"

Organizations are shifting toward a data-driven culture where decisions are based on evidence and data analysis rather than intuition or gut feeling. This approach increases the accuracy of decision-making. The digital era has led to an explosion in the volume of data generated by individuals, organizations, and devices. This abundance of data provides a vast source of information to analyze for valuable insights. Businesses recognize that data analytics can provide a competitive edge by uncovering trends, customer preferences, and operational efficiencies that lead to better decision-making and improved performance.

"Predictive Analytics to Boost Market Flux"

The ability to predict future trends and events using historical data empowers businesses to proactively address challenges, seize opportunities, and mitigate risks. Data analytics plays a crucial role in risk assessment and management, especially in finance and insurance industries, by identifying potential risks and fraud patterns. In the healthcare sector, data analytics enhances patient care, streamlines operations, and supports medical research by analyzing patient data and treatment outcomes. The proliferation of Internet of Things (IoT) devices generates vast amounts of sensor data. Data analytics is essential for extracting meaningful insights from this data for various applications, including smart cities and industrial IoT. These factors are anticipated to drive the data analytics market share.

RESTRAINING FACTORS

"Data Privacy and Security to Hamper Market Necessity"

Increasing concerns about data privacy and security, along with regulations like GDPR, require organizations to invest in robust data protection measures, which can add complexity and cost. Poor data quality, incomplete datasets, and challenges in integrating data from disparate sources can hinder the accuracy and effectiveness of analytics efforts. Data stored in separate, isolated systems (data silos) can make it challenging to access and analyze all relevant data for comprehensive insights. Employees and stakeholders may resist changes driven by data analytics, particularly if they are accustomed to traditional decision-making methods.

• 

   Request a Free Sample To Get Analysis on Major Geographic Market

DATA ANALYTICS MARKET REGIONAL INSIGHTS

"North America to Dominate the Market Owing to Robust Economy"

North America is the major shareholder for the data analytics market. The region has been a global leader in data analytics due to a combination of factors. It is home to a thriving technology industry, including major tech giants which heavily invest in data analytics. Additionally, many renowned universities and research institutions drive innovation in the field. The country's robust economy, entrepreneurial spirit, and focus on innovation have contributed to its leadership in data analytics.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Top Data Analytics Companies

• Dell Inc. [U.S.]
• Amazon Web Services Inc. [U.S.]
• Alteryx, Inc. [U.S.]
• Microsoft Corporation [U.S.]
• SAP SE [Germany]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.