ICT-IOT

Data Analytics Market is Expected to Reach USD 335.26 billion by 2031

Jun 2024

ICT-IOT

As per the report published by Kings Research, the global Data Analytics Market was valued at USD 57.66 billion in 2023 and is projected to reach USD 335.26 Billion by 2031, growing at a CAGR of 24.79% from 2024 to 2031.

The data analytics market is a rapidly growing industry that is driven by technological advancements and increased demand for innovative materials across various sectors. One key factor driving market expansion is the growing need for lightweight and high-performance materials in the aerospace and automotive industries. These industries are constantly seeking materials that can enhance fuel efficiency, reduce emissions, and improve overall performance. Furthermore, the healthcare industry plays a pivotal role in driving the demand for data analytics. This is primarily due to the increasing requirement for materials that possess biocompatibility, durability, and distinctive properties to be used in medical devices and implants.

In addition, the renewable energy sector is also contributing to the surge in demand for groundbreaking materials. With the global shift towards cleaner and more sustainable energy sources, the need for materials capable of effectively capturing and storing energy, such as advanced solar panels and batteries, is evident. Moreover, there is an increasing need for materials that possess exceptional electrical conductivity, resistance to heat, and durability in the electronics industry. This requirement arises from the burgeoning demand for consumer electronics and emerging technologies such as 5G and Internet of Things (IoT) devices. In general, the demand for innovative materials is being driven by continuous advancements in technology and the necessity for sustainable and efficient solutions in various sectors.

Key Insights

  • Based on type, the predictive analytics segment held the largest market share of 33.83% in 2023
  • Based on solution, the data management segment accounted for 32.10% of the market share in 2023
  • Based on application, the database management segment accounted for 30.87% market share in 2023
  • On the basis of region, North America garnered the largest market share of 28.66% in 2023

Computer Age Management Services Ltd Acquires Think Analytics

March 2023, Computer Age Management Services Ltd (CAMS), a leading tech-based financial infrastructure and service company in India, acquired Think Analytics India Private Ltd, a firm specializing in software development. This strategic move was aimed at enabling CAMS to achieve its objective of delivering advanced technology products within the rapidly expanding capital markets and the BFSI industry.

Increasing Data Volume to Drive the Growth of Data Analytics Market

The burgeoning data volume from various sources such as social media, sensors, and customer interactions has created a demand for more advanced data analytics tools to make sense of this information. Companies are realizing the importance of leveraging this data to make strategic business decisions and gain a competitive edge in the market. As a result, the data analytics market is experiencing significant growth as businesses seek solutions that can effectively handle and analyze large volumes of data to extract valuable insights. This has led to the development of sophisticated data analytics platforms and technologies that offer advanced capabilities, such as predictive analytics, machine learning, and artificial intelligence. These tools enable companies to uncover patterns, trends, and relationships within their data, allowing them to make informed decisions and drive business growth. In today's fast-paced and data-driven business environment, the ability to harness the power of data analytics has become a critical success factor for organizations looking to stay ahead of the competition.

Prevalent Demand for Data-Driven Decision Making to Boost Data Analytics Market Expansion

The rising demand for data-driven decision making is driving the growth of the data analytics market. Companies across industries are recognizing the value of leveraging data to make informed business decisions and gain a competitive edge. By utilizing data analytics tools and technologies, organizations can extract valuable insights from their data to drive strategic decision-making and improve overall performance. This increased demand for data analytics solutions is fueling the expansion of the market as more companies seek to capitalize on the benefits of data-driven decision making. By investing in data analytics solutions, organizations can better understand their customers, optimize their operations, and identify new opportunities for growth. In today's digital age, data-driven decision making has become essential for businesses looking to thrive in a rapidly evolving market landscape.

Europe Emerges as Second Largest Market with Revenue of USD 14.20 billion by 2031

Europe is the second largest region in the data analytics market due to its strong emphasis on data privacy regulations and compliance. The General Data Protection Regulation (GDPR) implemented by the European Union has significantly influenced businesses to invest in data analytics solutions to ensure the protection of personal data. This regulatory framework has created a sense of urgency among organizations to adopt advanced analytics tools to effectively manage and secure their data assets. As a result, the demand for data analytics professionals in Europe has surged, leading to a growth in the job market for data analysts and data scientists. Companies are now seeking skilled professionals who can navigate the complexities of GDPR and help them stay in compliance with the regulations. The implementation of GDPR has also sparked innovation in the data analytics industry, with companies developing new technologies and solutions to address the challenges posed by the regulatory framework. Overall, Europe's focus on data privacy and regulatory compliance has positioned it as a key region in the global data analytics market.

Market Players Launch New Products to Gain a Competitive Edge in the Market

The global data analytics market study is consolidated with significant players in the market, such as IBM, Microsoft, Oracle, SAP SE, Amazon Web Services, Tableau Software, SiSense Inc., Zoho Corporation, Data Sciences, and Datameer Inc., among others. Firms operating in the sector are working on expanding their business through collaboration and partnership strategies.

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