Data Analytics Market Size, Share & Trends Analysis Report By Type (Prescriptive Analytics, Predictive Analytics, Customer Analytics, Descriptive Analytics), By Solution, By Application, By Region, And Segment Forecasts, 2023 - 2030

Data Analytics Market Size, Share & Trends Analysis Report By Type (Prescriptive Analytics, Predictive Analytics, Customer Analytics, Descriptive Analytics), By Solution, By Application, By Region, And Segment Forecasts, 2023 - 2030

Data Analytics Market Growth & Trends

The global data analytics market size is expected to reach USD 302.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 26.7% from 2023 to 2030. The data analytics industry is essential for improving business operations and reducing data loss. Moreover, it enables businesses to develop marketing strategies, accelerate corporate growth, and distinguish themselves from rivals while retaining procurement efficiency. These factors are expected to increase acceptance by numerous companies from various industries, propelling the data analytics market forward.

Businesses use data analytics to make informed decisions by collecting available data, identifying industry trends, and adequately managing assets. Moreover, data close to the source or destination reduces server and network strain while increasing the speed of data uploads to on-premises or cloud systems. For instance, in August 2022, Thermo Fisher Scientific Inc., a supplier of scientific instrumentation and software services in the U.S., partnered with Structura Biotechnology, a developer of software solutions for cryo-EM data processing in Canada, to deliver a software solution, Embedded CryoSPARC Live. This solution is intended to provide cryo-EM data analysis in real time, which will assist users in transitioning to a more optimized cryo-EM workflow.

The advantages of data analytics have led to enhanced decision-making ability, increased efficiency, and productivity in the healthcare industry. Health IT officials must determine what level of data to retain, apply rules to maintain data quality and ensure validation with the lead organization's systems. Moreover, data analytics allow healthcare providers to go beyond historical data and use predictive modeling to improve patient care and treatment outcomes. For instance, in January 2022, Francisco Partners, an investment firm in the U.S., acquired healthcare data and analytics assets from IBM, a U.S.-based technology company. This acquisition is designed to strengthen the investment and expertise of a healthcare-focused portfolio.

Government, banking and securities, education, transportation, retail, media and entertainment, and other industries have seen an immediate need for data analytics solutions and tools. These industries can use data analytics tools to maximize efficiency and minimize resources and time by improving their decision-making capabilities with data-driven insights. For instance, in August 2021, Wipro Limited, an Indian information technology company, collaborated with DataRobot Inc., a U.S.-based software company. This collaboration aimed to accelerate AI strategy execution and streamline the process of incorporating AI-led intelligence into customer business decisions.

The Asia Pacific region is expected to grow at the fastest CAGR of 34.2% from 2023 to 2030. The region is experiencing significant growth in the data analytics market, with countries such as China and India driving growth. The market is characterized by a focus on data analytics, as companies seek to leverage the massive amounts of data generated by the region's large population. Additionally, there is a growing trend toward the adoption of cloud-based solutions and the integration of AI and ML.

Data Analytics Market Report Highlights

• Cloud-based data analytics solutions have become increasingly popular, as they offer scalability, flexibility, and cost-effectiveness. This trend is expected to continue as more companies seek to leverage the power of big data without investing in expensive on premise infrastructure
• As data analytics become more complex, there is a growing need for automation and machine learning. Companies are integrating AI and ML into their data analytics workflows to streamline processes and gain more insights
• The Security Intelligence solution segment dominates the data analytics market with a revenue share of 35.1% in 2022. With the growing importance of data, there is also a greater need for data privacy and security. Companies are investing in technologies that enable them to secure their data and comply with regulations such as GDPR and CCPA
• North America is the largest market for data analytics, with the United States being the primary driver of growth. The market is characterized by the adoption of advanced technologies such as AI and ML, and the trend towards cloud-based solutions

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