The global data analytics market size is expected to reach $302,01-billion by 2030, according to a new report by Grand View Research.
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.
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 organisation’s systems.
Moreover, data analytics allow healthcare providers to go beyond historical data and use predictive modeling to improve patient care and treatment outcomes.
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 maximise efficiency and minimise resources and time by improving their decision-making capabilities with data-driven insights.
Highlights from the Data Analytics Market Report include:
* 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 US being the primary driver of growth. The market is characterised by the adoption of advanced technologies such as AI and ML, and the trend towards cloud-based solutions