Market Highlights
Global Coronavirus pandemic has impacted all industries globally, global data analytics market is no exception. As the worldwide economy heads towards major recession post 2009 crisis, Market Research Future has published a current study which meticulously studies the impact of global data analytics market and suggests possible measures to curtail them. On this, the analysts covered information that the market is expecting substantial growth during the forecast period (2017-2023) at 30.08% CAGR. Data analytics has emerged as an essential concept and has simultaneously gained much traction in recent years, which will continue contributing to the market growth with achieving USD 77.64 billion.
Market Drivers & Challenges
Data analytics is the process that involves analyzing, storing and collecting large data sets to discover trends and more useful information that can be used for relevant business decisions. In the recent times, companies have implemented big data analytics to increase the organization's sales, customer service, enhance logistics, improve efficiency, and risk management in the crisis caused due to COVID 19 pandemic. During this situation, most of the big companies are working from home, data analytics is being a vital aspect for the businesses to make its revenue amid lockdown worldwide. This scenario is making the market of data analytics more and more stable despite world pandemic caused by COVID 19.
As per research, while the year 2019 has been a tremendously eventful year for data analytics, 2020 is estimated to be the year of data! The mount in the adoption of this aspect of data analytics, including machine learning and AI solutions has skyrocketed data analytics generation, and its need robust implementations have scored the market’s value to a great extent.
The global data analytics market has witnessed continuous and robust augmentation in the past few years and is proposed to continue this same path. Under the assistance of data analytics, organizations are now efficiently leveraging data in extracting essential insights, which can be used to generate actionable decisions. In the past some years, data analytics has been primarily used to empower organizations to make the most profitable business choices. All these factors have also contributed to the growth of the market.
The big data analytics market is also driven by organizations that realize the operational advantages of using analytics solutions that authorize organizations to target better consumers, enterprise-grade security, surge access to cloud-based models, continue vendor consolidation, and data governance solutions offered by market vendors. As per the same study, the key trends impacting the data analytics market is the Internet of Things (IoT) adoption and proliferation of data, data fuelling machine learning and AI growth, as well as data strategy becoming central to C-level business planning.
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Segmentation:
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global data analytics market. The segments involved are type, solution, application, organization size, deployment, and industry.
Depending on the type segment, the market has included prescriptive analytics, predictive analytics, customer analytics and descriptive analytics.
Depending on solution segment, the market has included fraud & security intelligence, data management, data visualization, data mining, and data monitoring.
Depending on the application segment, the data analytics market has included supply chain management, enterprise resource planning, database management, human resource management, and more.
Depending on organization size, the market has included small and medium enterprise and large enterprise.
Depending on the deployment segment, the market has included cloud and on-premise.
Depending on the industry segment, the market has included BFSI, media & entertainment, manufacturing, IT & telecom, retail & e-commerce, healthcare, energy & power, transport and logistics and others.
Regional Front
South America, North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Rest of the World are the major regions studied for the market’s growth.
Among these, the North America region, predominantly the US, is leading and is possible to sustain its leadership in the coming years with 80% of the investment from the major players existing in the region. North America led the data analytics market in 2018 and is likely to maintain its position over the assessment period. The main factors are encouraging market growth in this area with the rise in cloud services adoption in various industries and the adoption of advanced analytics solutions among SMEs.
Owing to the mounting saturation of data analytics giants in the Asia Pacific and Europe are also the factor behind high investment in the market.
Top Players
SAP SE (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Looker Data Sciences, Inc. (U.S.), Amazon Web Services Inc. (U.S.), Dell Inc. (U.S.), SAS Institute Inc. (U.S.), Datameer Inc. (U.S.), Alteryx, Inc. (U.S.), and IBM Corporation (U.S.).
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Global Data Analytics Market, By Type (Predictive, Prescriptive), Solution (Data Management, Data Visualization), Application (ERP, SCM), Industry (BFSI, IT & Telecom, Manufacturing), Deployment (Cloud, On-Premise), Organization Size – Forecast (2017-2023)
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Market Research Future (MRFR) has offered an assessment which unravels that the global data analytics market is expected to garner a valuation of USD 77.64 Bn by 2023 up from USD 12.01 Bn in 2016.
It is also expected that the global market I presumed to strike a CAGR of 30.08% over the forecast period 2017 to 2023.Market Drivers & ChallengesData analytics is the process that involves analyzing, storing and collecting large data sets to discover trends and more useful information that can be used for relevant business decisions.
In the recent times, companies have implemented big data analytics to increase the organization's sales, customer service, enhance logistics, improve efficiency, and risk management in the crisis caused due to COVID 19 pandemic.
The mount in the adoption of this aspect of data analytics, including machine learning and AI solutions has skyrocketed data analytics generation, and its need robust implementations have scored the market’s value to a great extent.The global data analytics market has witnessed continuous and robust augmentation in the past few years and is proposed to continue this same path.
In the past some years, data analytics has been primarily used to empower organizations to make the most profitable business choices.
Among these, the predictive segment held the largest share in 2016 and is expected to maintain its holding over the next few years.On the basis of solution, the segmental assessment of the data analytics market covers data management, data visualization, data mining, fraud & security intelligence, and data monitoring.
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Market InsightThe global security information and event management industry 2020 is planning to prepare for surge its investment in funds as it seeks to hit a 14.6% hike target in the face of the economic slowdown caused by the Coronavirus deadly disease.
The figures are accumulated by Market Research Future that focuses on the study on security information and event management market and comes out to be gaining USD 3.89 billion by the end of 2027.
The growth period is calculated to be between 2020 and 2027.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7256Top Impacting FactorsSecurity information and event management has become imperative for running a business impeccably.
These have been some of the essential factors leading the security information and event management market to a great extent.Currently, organizations are failing to succeed in identifying the targeted attacks and compliance breaches due to work from home approach due to the impact of Coronavirus globally.
All these factors are making the security information and event management market to stay stable during COVID 19 pandemic.MRFR also digs into the fact, some more key factors responsible for the growth of security information and event management market in coming years include the growing level of sophistication in cybercrimes and mounting compliance and regulatory mandates.
On the contrary, the factor of high deployment cost and scalability of security information and event management solutions may decline the growth of the market for the future timeframe.Leading SegmentsThe security information and event management market can be briefly segmented into solution, service, organization size, and vertical.In terms of solution, global security information and event management has included patch management, log and event management, and firewall security management.In terms of service, global security information and event management has included professional service and managed service.
