LONDON, Jan. 31, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Data Analytics Global Market Report 2024, the global data analytics market is experiencing an unprecedented surge, with the latest market report projecting remarkable growth. The data analytics market size is set to soar from $58.47 billion in 2023 to $74.83 billion in 2024, boasting an extraordinary compound annual growth rate (CAGR) of 28.0%. The forecast period anticipates even greater expansion, with the data analytics market expected to reach $199.08 billion by 2028, at a CAGR of 27.7%.
North America Dominates, Asia-Pacific Emerges as the Fastest-Growing Region
In 2023, North America took the lead in the data analytics market. However, the Asia-Pacific region is poised to be the fastest-growing in the data analytics market in the forecast period, highlighting the global nature of the data analytics landscape. Organizations worldwide are recognizing the critical role of data analytics in gaining a competitive edge and driving innovation.
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Rising Demand for AI Integration and Cloud-Based Solutions
The historic period's data analytics market growth is attributed to the increasing volume of data, demand for business intelligence, regulatory compliance requirements, cost efficiency, productivity gains, and the pursuit of a competitive advantage. Looking ahead, the forecast period is expected to see exponential growth driven by factors such as AI and machine learning integration, the emergence of predictive analytics, expanding use cases across industries, cloud-based analytics solutions, a focus on real-time analytics, and concerns about data privacy and security.
Data Analytics in Cybersecurity and the Expanding Role in Customer Experience
Major trends in the forecast period include the utilization of data analytics in cybersecurity, a focus on explainable AI in data interpretation, the expanding role of data analytics in customer experience, application in supply chain optimization, and cross-industry collaboration for data insights. The data analytics market report emphasizes the need for organizations to embrace these trends to harness the full potential of data analytics.
78% of Very Large Organizations Utilize Big Data
The increase in the adoption of big data is identified as a significant driver for the data analytics market. As organizations grapple with large and complex datasets, the demand for advanced analytics tools to process and analyze this data intensifies. The proliferation of big data from various sources, including social media, IoT devices, and sensors, underscores the need for sophisticated analytics tools to extract valuable insights. For example, in December 2022, 78% of very large organizations (with over 10,000 employees) utilized big data, indicating its widespread adoption across industries.
ThoughtSpot Acquires Mode Analytics for $200 Million
Major companies operating in the data analytics market include Google, Microsoft, Dell, Amazon Web Services, IBM, Oracle, SAP, Salesforce, SAS Institute, Teradata, Databricks, TIBCO Software, Alteryx, Zoho Corporation, Qlik International, Mu Sigma, BOARD International, ThoughtSpot, Pyramid Analytics, Absolutdata Technologies, GoodData Corporation, Logi Analytics, SiSense, Yellowfin International, Datameer, Plotly Technologies, and Chartio.
In July 2023, ThoughtSpot Inc. acquired Mode Analytics Inc. for $200 million, strengthening its position as the industry leader in collaborative, AI-first business intelligence.
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Strategic Insights for Business Growth
This comprehensive report equips players in the data analytics market with strategic insights to navigate the evolving landscape. Manufacturers, investors, and policymakers can leverage the data to make informed decisions, capitalize on emerging trends, and align their strategies with the dynamic needs of the industry. By staying abreast of data analytics market projections and understanding key drivers, stakeholders can position themselves for success in this rapidly growing market.
Data Analytics Global Market Report 2024 by The Business Research Company provides insights on the data analytics market size, data analytics market segments, data analytics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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