Data Analytics Market (By Type: Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, Others; By Deployment: On-premise, Cloud; By Enterprise Size: Large Enterprises, Small & Medium Enterprises; By End Use: BFSI, Government, Healthcare, Healthcare, Military & Defense, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global data analytics market size was exhibited at USD 41.39 billion in 2022 and is projected to hit around USD 346.33 billion by 2032, growing at a CAGR of 30.41% during the forecast period 2023 to 2032.

Key Pointers:

• Big data analytics market share was greater than 36% in 2022.
• On-premise market share was greater than 46% in 2022.
• By enterprise size, the large enterprise segment has captured a market share of over 61% in 2022.
• The BFSI sector held the greatest share of almost 26% in 2022.
• North America contributes the highest share around 46% in 2022.
• The Asia Pacific market is projected to display a noteworthy CAGR of 23.6% from 2023 to 2032.

Data Analytics Market Report Scope

The growing popularity of big data and predictive analytics is driving the growth of the data analytics market and is expected to continue growing over the forecast period. The data analytics trend has gained popularity in recent years and has become even more critical since the emergence of COVID-19. These are the key market drivers enhancing market growth.

Growing application of data analytics tools for forecasting to boost the market growth

Increasing use of data analytics tools for forecasting and forecasting applications such as trade markets, healthcare data, research analysis, and traffic trend forecasting is expected to drive the growth of the data analytics market. The application of data analytics in demand forecasting can help organizations make informed decisions and improve profitability. Government agencies and industries, such as banking, e-commerce, and IT services, have invested heavily in big data and business intelligence tools in recent years, driving the industry demand.

 The e-commerce sector enhances the traditional shopping experience of customers. Email campaigns, dedicated online/social media advertising, and customer service analytics are the most critical factors in increasing a company's sales. Due to the increasing popularity of connected devices, retailers focus on real-time consumer shopping behavior analysis. The real-time analysis results can also be used to create tailored offers to improve customer retention. However, data security concerns may hamper the growth of the market.

 Many new business prospects are expected to emerge due to recent breakthroughs in big data analytics, including social media and text analytics. Additionally, many businesses have turned to social media as a primary source for advertising campaigns, product promotions, and events because it is more effective than traditional advertising. Furthermore, the expansion of social media analytics is driven by the proliferation of connected mobile devices such as smartphones and tablets and the increase in the number of users of social media platforms. In a business environment where organizations must operate quickly, customer demands constantly change.

 In addition to looking at current information about their customers, goods, services, and business processes, companies also look at historical data about their past performance to gain insight and discover historical trends and patterns. Business analytics software and solutions have been adopted across multiple industries to study these patterns, identify new business opportunities, and develop strategies based on the latest insights. This is expected further to accelerate the expansion of the big data market. Therefore, the Data Analytics market CAGR has been increasing in recent years. These are essential factors driving the Data Analytics market revenue growth.

Some of the prominent players in the Data Analytics Market include:

• Alteryx, Inc (US)
• IBM Corporation (US)
• SiSense Inc (US)
• Microsoft (US)
• Zoho Corporation Pvt. Ltd. (India)
• Oracle (US),
• ThoughtSpot, Inc. (US)
• SAP SE (Germany),
• Mu Sigma (US)
• Dell Inc. (US)
• Amazon Web Services, Inc. (US)
• Looker Data Sciences, Inc. (US)
• Tableau Software, LLC. (US)
• Datameer, Inc. (US)
• SAS Institute Inc. (US)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Data Analytics market.

By Type

• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
• Others 

By Deployment

• On-premise
• Cloud

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By End Use

• BFSI
• Government
• Healthcare
• IT & Telecom
• Military & Defense
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)