Data Analytics Market Size, Share & Trends Analysis Report By Type, By Solution, By Application, By Region, And Segment Forecasts, 2022 To 2030

The global data analytics market size is poised to be on an upward growth trajectory as businesses seek optimization of their performance and minimization of costs by storing massive amounts of data. The use of predictive analytics, data mining tools, and machine learning has become paramount to sift and extract data, bolster marketing efforts, gain a competitive edge, and foster revenue.

Exponential demand for advanced technology across industry verticals has leveraged the data analytics industry. Data analytics alludes to a science comprising technologies, processes, techniques, and tools that help enterprises to use data and boost productivity and efficiency. The expanding application of business intelligence, data visualization, text analytics, and data mining will help organizations transform data into actionable insights, simplify complex data, boost pattern recognition and decide behavioral patterns. The use of data analysis has helped businesses assess the market scenario, underpin customer relationship management and optimize operational efficiency.

Data Analytics Market Segmentation

Analytics has become trendier to detect hidden patterns amidst an exponential growth of IT and big data. Data analytics will further gain impetus for informed business decision-making, anticipating needs, and assessing the business value chain.

In terms of type, the predictive analytics segment will grow prominently in the wake of an increased need to detect fraud. Predictive analytics has become a vital practice to boost the market presence. The deployment of data-driven risk management has become pronounced as analytics software vendors envisage a road map to a lucrative business segment. The application of analytics with predictive analytics will continue to help enterprises make robust strategic decisions. Notably, predictive analytics has set the trend for inventory optimization, demand analytics, procurement analytics, and transportation analytics.

Soaring demand for data mining software will redefine the global landscape as it improves security and safety, minimizes expenses, and boosts forecasting and level of security. Many industries, including banks, retail, and insurance, have exhibited profound traction for data mining as it unravels promising opportunities to predict trends and sort massive data sets. Industry players have sought data mining solutions to commodify their users, detect fraud, and help in credit risk management.

With respect to application, the supply chain management segment will grow with companies striving to implement analytics to propel CRM and manage sales, warehouse, and inventory. Leading companies are expected to invest in the portfolio to achieve a lean supply chain and enhance collaboration with suppliers. The penetration of business intelligence, capacity planning, and demand forecasting will augur well for the industry growth. In essence, the rising footprint of business intelligence has helped organizations gain insights, including stock levels, sales ratios, inventory turnover, and past consignments.

Businesses in North America have furthered their investments in data analytics as leading companies invest in data monitoring and cyber security intelligence. Large organizations are expected to adopt decision intelligence systems and data mining programs to tap into the regional market. To illustrate, Facebook (owned by Meta), Twitter, and Instagram collate a slew of data about users to decipher their preferences to send targeted advertisements. Moreover, businesses have solidified their systems from hacks and cyber-intrusion.

The competitive scenario suggests leading companies could inject funds into mergers & acquisitions, technological advancements, innovations, and product offerings. Major players are slated to emphasize geographical expansion to boost their presence across untapped areas. For instance, in February 2021, Databricks struck a USD 1 billion deal with Google, Microsoft, Amazon, and others. Databricks expects the investment will underpin data-driven use cases, such as AI and business intelligence.