Global Data Analytics Market, Trends, Analysis, Opportunities, Share and Forecast – 2019-2027:
Organizations are increasing their data collection process in order to make substantial decisions basing on historical information to increase organizational performance. Significant contributions to the analytic market are boosting the market share of data analytics platforms and services across various industries. Data analytic market investments are exponentially growing due to the high demand for analytical solutions by corporate as well as government organizations. Because of high applicability in business operations increase in companies is demand is observed. Technology solutions are mainly upgraded by the usage of data analytics solutions which is increasing the market share.
Companies are shifting towards data analytic market to increase their market share and growth potential. Cultural factors are also changing towards embracing highly advanced technologies in the businesses contributing to the organizational performance and market value. Hence, the demand for data analytics platforms is substantially increased in recent times. Political transformations are contributing to the formulation of policies that are in compliance with the adoption of data analytics platforms in a wide range of business scenarios. There is a substantial growth in the market demand of data analytic solutions due to increased automation processes across various functions of organizations.
Data Analytic market growth is forecast to grow at a Compound Annual Growth Rate (CAGR) of 29.7% to $1041.3 billion by 2027.
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Cloud deployment segment of data analytic has highest growth rate:
An increase in the efficacy of analysis of information is enabled by the cloud deployment segment increasing its market growth. It is projected to grow proportional to an increase in awareness among end-users of different industries. The rise in demand for cloud-based data analytic deployment solutions are observed because of increased robust offerings in this market. Companies are investing heavily in this segment because there is less amount of maintenance required in such technology adoption. Hence, such technology is being under high demand across all regions globally. This segment has the highest market share enabling the organizations to enhance their operational activities through data analytics.
APAC estimated to project fastest growing market:
APAC has a substantial market growth in data analytic platforms due to an increase in collaboration among companies and their adoption rate. These investments are majorly in the field of Artificial intelligence and the Internet of things. This market is highly proliferated causing rapid growth in market share during the forecast period in the surge of technological advancements. The rise in the number of companies is adopting different data analytic solutions that are contributing to market growth. Governments are also eliminating entry and exit barriers of foreign companies in the APAC region boosting the market demand. A surge in the development of data analytics technologies on platforms is contributing to enhanced organizational performance.
SAP is a prominent German player in the data analytics market. The company has been offering a vital software platform such as SAP contributing to an increase in Data Analytic solutions. The organization has generated a revenue of USD 24.7 billion in 2018. These offerings made by the company constitute finance, marketing, sales, human resource and operations among others.
There are other prominent players in the data analytics market catering to a wide range of customers with a wide range of offerings. It constitutes of key players in the data analytics market are listed as follows. Alteryx, Oracle, MicroStrategy, SAS, IBM, Qlik, Microsoft. Tableau, Salesforce, and SAP.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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