Market Analysis
The global data analytics market size will touch USD 303.4 billion at a 27.60% CAGR by 2030, states the latest Market Research Future (MRFR) report.
Data analytics is a process of analyzing and interpreting complex data sets to extract insights and useful information that can be used to make important decisions. It is essential for companies to utilize data analytics to remain competitive and make informed business decisions. In this article, we will discuss the importance of data analytics and the tools that data analysts use to analyze data.
One crucial aspect of data analytics is cleaning data to make it ready for analysis 1. Data cleaning, also known as data scrubbing, involves detecting and correcting any errors or inconsistencies in the data set. This step is crucial since data that is not correctly cleaned can provide inaccurate results, leading to costly mistakes.
Data analysts often use a variety of tools to make their work more efficient 2. Some of the commonly used tools include programming languages like Python and R, as well as specialized tools like Excel, Tableau, and Power BI. These tools enable data analysts to transform, visualize, and analyze data in a way that makes it easier to extract insights and make informed decisions.
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Drivers
Adoption by Different Organizations to Boost Market Growth
The use of big data analytics software via various organizations that helps to deliver and improve faster decision-making will boost market growth over the forecast period.
Opportunities
Introduction of Cloud-Based Big Data to offer Robust Opportunities
The introduction of cloud-based big data and business-selected analytics will offer robust opportunities for the market over the forecast period. This introduction aids users in accessing all information online from anywhere on the world. Data analytics also aids different big data service providers in increasing their investment plans in cloud technology along with creating a competitive edge over different other service providers.
Restraints
High Implementation Cost to act as Market Restraint
The high implementation cost of data analytics may act as market restraint over the forecast period.
Challenges
Dearth of Skilled Workforce to act as Market Challenge
The dearth of skilled workforce may act as market challenge over the forecast period.
Market Segmentation
The global data analytics market has been bifurcated based on component, deployment, analytics tools, application, and industry.
By component, the software segment will lead the market over the forecast period.
By deployment, the cloud segment will dominate the market over the forecast period.
By analytics tools, the global data analytics market is bifurcated based on reporting, self-service tools, dashboard and data visualization, and data mining and warehousing.
By application, the marketing analytics market will spearhead the market over the forecast period.
By industry, the BFSI segment will have the lions share in the market over the forecast period.
COVID-19 Analysis
The supply & demand of raw materials as well as product distribution and manufacturing have been disrupted completely as the marketplace has shut down. Amid other industries, electronic industries, IT and telecommunication, aviation, and transportation have faced huge financial losses. This created weak demand for various components and products of which data analytics is one.
Key Players
Eminent players profiled in the global data analytics market report include IBM Corporation (US), Microsoft (US), Oracle (US), SAP SE (Germany), Amazon Web Services, Inc. (US), Tableau Software, LLC. (US), SiSense Inc (US), Zoho Corporation Pvt. Ltd. (India), ThoughtSpot, Inc. (US), Mu Sigma (US), Looker Data Sciences, Inc. (US), Datameer, Inc. (US), Alteryx, Inc (US), Dell Inc. (US), and SAS Institute Inc. (US).
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Regional Analysis
North America to Have Astonishing Growth in Data Analytics Market
North America will have astonishing growth in the data analytics market over the forecast period. Immense use of smartphones, wearable devices, and other forms of smart connected devices, increase in competition among key players that offers better customer satisfaction and also personalized experience, customers getting more involved in data analytics, the presence of several key players, and the early adoption of advanced technologies such as IoT and big data in different sectors like media, education, and healthcare are adding to the global data analytics market growth in the region.
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