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Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Market AnalysisMarket Research Future (MRFR) predicts the global data analytics market size to reach USD 132,903.8 million at a 28.9% CAGR from 2016 to 2026 (forecast period).

Data can be used by a variety of organizations to boost their marketing strategies, increase their bottom line, personalize their content, and better understand their customers. Data analytics is the science of analyzing raw data to extract meaningful insights. Many data analytics processes and techniques are automated into algorithms and mechanical processes to operate on raw data for better decision-making processes. Data analytics is a broad concept that includes many different forms of data analysis. It refers to the process of analyzing data sets to draw conclusions about the information it holds.

Key factors driving the global data analytics market are the widespread adoption of advanced technologies for business operations and the rising demand for data analytics for faster decision-making processes and cost reduction. The implementation of data analytics techniques improves the efficiency and productivity of business operations and strengthens the organizational workforce. Data analytical techniques help identify and fix the errors in data sets with the help of data filtration tools, which further improve the quality of data to benefit both consumers and institutions, including insurance firms, banks, and finance companies. These advantages are responsible for the exponential growth of the global data analytics market. In addition, the rising volume and complexity of data due to increasing mobile data traffic, increasing adoption and development of technologies like AI and IoT, and cloud computing traffic, are fueling the growth of the global data analytics industry.

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COVID-19 Impact on the Global Data Analytics MarketThe COVID-19 pandemic has accelerated the adoption of data analytics solutions and services. Researchers have developed predictive analytics models to track COVID-19 surges in various countries. These factors lead to a major rise in the global data analytics market.

Market SegmentationThe global data analytics industry has been segmented based on type, solution, application, deployment, organization size, function, and vertical.

By type, the global market has been segregated into predictive analytics, prescriptive analytics, customer analytics, descriptive analytics, and others.

By solution, the global market has been segregated into data management, data mining, fraud & security intelligence, and data monitoring.

Based on application, the global market has been segregated into enterprise resource planning, database management, supply chain management, human resource management, and others.

By deployment, the global market has been segregated into cloud and on-premises.

By organization size, the global market has been segregated into large enterprises and small & medium enterprises.

By function, the data analytics market has been segregated into marketing analytics, sales analytics, operational analytics, accounting & finance analytics, HR analytics, and others.

By vertical, the global market has been segregated into BFSI, IT & Telecom, manufacturing, retail & e-commerce, energy & power, healthcare, transport & logistics, media & entertainment, and others. The BFSI segment earned the largest market share of 22.3% in 2019, with a market value of USD 5.127.7 million, and is projected to have the highest CAGR of 30.9% in the assessment period. The IT & Telecom segment was valued at USD 4.444.9 million in 2019 and is expected to have a CAGR of 30.6%.

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Regional AnalysisGeographically, the global data analytics industry has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America to Lead Global MarketNorth America captured the highest market share of 43.6% in 2019, with a market valuation of USD 10,037.1 million; the market is projected to have a CAGR of 26.4% over the forecast period. The US earned the largest market share of 86.7% in 2019, with a valuation of USD 8.701.4 million; it is projected to register a 26.2% CAGR during the forecast period. Canada was the second-largest market in 2019, estimated at USD 773.6 million; it is projected to post the highest CAGR of 27.9%. While the Mexican region recorded a market share of 5.6%, reported USD 562.1 million in 2019, and is expected to hit USD 3.068.0 million at CAGR 27.8% by the end of 2026.

Europe to Hold the Second SpotEurope held the second-largest position in 2019, estimated at USD 6,428.0 million; the market is expected to have a CAGR of 29.8% over the forecast period. The UK held the largest market share of 38.1% in 2019, with a market value of USD 2.447.8 million; it is expected to register a CAGR of 29.7% during the forecast period. Germany was the second-largest market in 2019, estimated at USD 1,249.1 million; it is expected to have the highest CAGR of 28.2% over the forecast period.

Competitive LandscapeWith the presence of a large number of global and regional players, the global data analytics market is moderately fragmented and competitive. Market players are actively involved in technological advancement, geographic expansion, and mergers and acquisitions in order to retain their position in the international market.

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The key players in the global data analytics market are:

Industry NewsIn 2020, IBM built new cloud and AI-powered technologies to help researchers across a broad range of scientific disciplines accelerate the delivery process. It aims to help scientists, doctors, and health researchers improve the processing of the Covid-19 drug, from collecting insights to applying new virus genomic information.

In 2019, Oracle revealed the addition of Pre-Packaged Enterprise Analytics to applications. The new package is built for the fusion cloud enterprise resource planning applications that companies use to run their financial processes.

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Original post:

Data Analytics Market to Hit USD 132.90 Billion by 2026 | North America Region to Spearhead the Global Data Analytics Industry with the Projected CAGR...