Data Analytics Global Market Report 2024

The data analytics market size has grown exponentially in recent years. It will grow from $58.47 billion in 2023 to $74.83 billion in 2024 at a compound annual growth rate (CAGR) of 28.0%. The expansion observed in the historic period can be attributed to the escalating volume of data, heightened demand for business intelligence solutions, the imperative of regulatory compliance, pursuit of cost efficiency and productivity gains, and the quest for a competitive advantage.

The data analytics market size is expected to see exponential growth in the next few years. It will grow to $199.08 billion in 2028 at a compound annual growth rate (CAGR) of 27.7%. The anticipated growth in the forecast period can be attributed to the integration of artificial intelligence (AI) and machine learning, the emergence of predictive analytics, the expanding use of data analytics across industries, the adoption of cloud-based analytics solutions, a focus on real-time analytics, and growing concerns regarding data privacy and security. Major trends in the forecast period include the utilization of data analytics in cybersecurity, an emphasis on explainable AI in data interpretation, an expanding role of data analytics in enhancing customer experience, the application of data analytics in optimizing supply chains, and increased cross-industry collaboration for deriving valuable data insights.

The expansion in real-time data analytics adoption is poised to act as a catalyst in propelling the data analytics market growth in the foreseeable future. Real-time data analytics, an influential tool, operates by analyzing data as it is generated, enabling businesses to make instantaneous decisions. This approach enables corporations to identify trends, patterns, and anomalies in real-time, allowing for proactive adjustments and interventions, particularly in industries such as finance, healthcare, and manufacturing, where swift decision-making is crucial. As per a survey conducted by KX Systems Inc. in May 2022, involving over 1,200 companies across the US, France, and Germany, around 80% reported increased revenue due to real-time data analytics adoption. Moreover, in American and Australian firms, 62% indicated more efficient process rollouts post-implementation of real-time data systems. The substantial impact is evident in cost savings, with real-time data analytics contributing $321 billion in non-personnel-related operational expenditure savings in 2022. This figure is estimated to escalate to $379 billion upon full deployment across all enterprises in leading industry sectors. Hence, the burgeoning adoption of real-time data analytics is anticipated to be a driving force behind the data analytics market.

The surge in the adoption of big data is anticipated to fuel the growth trajectory of the data analytics market in the coming years. Big data encompasses large and intricate data sets challenging to process using conventional data-processing applications. The utilization of big data necessitates advanced analytics tools capable of handling and analyzing vast amounts of data from diverse sources. The proliferation of big data derived from various origins, including social media, IoT devices, and sensors, has led to an increased demand for cutting-edge analytics tools to extract valuable insights from massive datasets. Statistics from December 2022 reveal that 78% of very large organizations (comprising over 10,000 employees), 48% of large organizations (with more than 1,000 workers), and 43% of mid-size organizations (employing over 100 individuals) leveraged big data. This trend underlines the significant role played by the rise in big data adoption, which is currently steering the growth of the data analytics market.

The vast complexity and sheer volume of data pose significant challenges in processing and effectively analyzing information, potentially restraining the growth of the data analytics market during the forecast period. The extensive complexity and volume hinder the extraction of meaningful insights, impeding the ability to make informed decisions based on data analytics. Projections by the International Data Corporation (IDC) suggest that the global datasphere, encompassing all generated, collected, or duplicated data on a global scale, might exceed 175 zettabytes (ZB) by 2025, taking into account both new data creation and duplication of existing data. This overwhelming quantity and intricate nature of data create obstacles, thus impeding the growth potential of the data analytics market.

Prominent entities within the data analytics market are concentrating on introducing advanced solutions, such as unified analytics platforms, to cater to their clientele and fortify their market positioning. Unified analytics platforms refer to software solutions providing a consolidated environment for gathering, storing, analyzing, and visualizing data from diverse sources. An example is Microsoft Corporation's initiative in May 2023 with the introduction of Microsoft Fabric, an end-to-end unified analytics platform. Fabric integrates various data and analytics tools such as Azure Data Factory, Azure Synapse Analytics, and Power BI into a cohesive package. By offering a unified experience and architecture, this platform empowers both data and business professionals to leverage the full potential of data and lay the foundation for the AI era. The incorporation of Azure Open AI Service within Fabric allows developers to harness generative AI's power against data, aiding business users in extracting meaningful insights. This unified approach streamlines the process, providing developers with the necessary tools to derive insights from data and effectively communicate these insights to business users. Overall, the introduction of unified analytics platforms represents a strategic move toward meeting diverse data analytics needs and enhancing the market's growth prospects.

In July 2023, ThoughtSpot Inc., a US-based developer of business intelligence analytics search software, completed the acquisition of Mode Analytics Inc. for $200 million. This strategic move enhances ThoughtSpot's position as an industry leader, facilitating the development of the next generation of collaborative, AI-first business intelligence (BI) solutions. The acquisition is expected to result in a comprehensive platform addressing contemporary BI needs. Mode Analytics Inc., based in the US, is a provider of a modern business intelligence platform offering various data analytics services.

Major companies operating in the data analytics market report are Google LLC, Microsoft Corp, Dell Inc., Amazon Web Services Inc., IBM Corporation, Oracle Corporation, SAP SE, Salesforce Inc., SAS Institute Inc., Teradata Corp, Databricks Inc., TIBCO Software Inc., Alteryx Inc., Zoho Corporation Pvt Ltd., Qlik International AB, Mu Sigma Inc., BOARD International S.A., ThoughtSpot Inc., Pyramid Analytics BV, Absolutdata Technologies Inc., GoodData Corporation, Logi Analytics Inc., SiSense Inc., Yellowfin International Pty Ltd., Datameer Inc., Plotly Technologies Inc., Chartio.

North America was the largest region in the data analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the data analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The data analytics market consists of revenues earned by entities by providing data visualization, predictive modeling, and statistical analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The data analytics market also includes sales of central processing units (CPUs), graphics processing units (GPUs), high-performance data science workstations, solid state drives (SSDs), and video cards. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary categories of data analytics include big data analytics, business analytics, customer analytics, risk analytics, statistical analysis, and others. Big data analytics involves the exploration and analysis of vast data volumes to identify market trends, insights, and patterns, ultimately supporting businesses in making more informed decisions. These analytics solutions can be deployed either on-premises or in the cloud, catering to the needs of both large enterprises and small and medium enterprises (SMEs). Applications of data analytics span diverse domains such as supply chain management, enterprise resource planning, database management, human resource management, and others, with significant use in sectors including banking, finance, and insurance (BFSI), government, healthcare, information technology (IT) and telecom, military and defense, and more.

The data analytics market research report is one of a series of new reports that provides data analytics market statistics, including data analytics industry global market size, regional shares, competitors with a data analytics market share, detailed data analytics market segments, market trends and opportunities, and any further data you may need to thrive in the data analytics industry. This data analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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