The global analytics market is expected to grow at a compound annual growth rate (CAGR) of 18.1% from 2022 to 2030. The market is expected to reach a value of $132.9 billion by 2030, up from $36.2 billion in 2022. The global analytics market refers to the market for software, tools, and services used for analyzing and interpreting large amounts of data in order to derive insights and make data-driven decisions. This market is driven by the increasing demand for data-driven decision-making across various industries, including finance, healthcare, retail, and others.

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Increasing adoption of big data: With the proliferation of digital devices and the internet, the amount of data being generated is increasing at an exponential rate. Companies are leveraging big data analytics to gain insights and make data-driven decisions.

Growing need for data-driven decision-making: In order to stay competitive, organizations across various industries are adopting data-driven decision-making. Analytics provides organizations with the insights they need to make informed decisions.

Data privacy and security concerns: As more data is being collected and analyzed, concerns around data privacy and security are increasing. Organizations must ensure that they comply with data protection regulations and safeguard sensitive data.

Lack of skilled professionals: The analytics industry requires skilled professionals with expertise in data analysis, machine learning, and other related fields. The shortage of skilled professionals is a major challenge for the industry.

Data quality and reliability: The accuracy and reliability of analytics insights depend on the quality of the data being analyzed. Data quality issues, such as missing data or errors, can result in inaccurate insights.

Interpreting insights: Analytics insights are often complex and require a deep understanding of the underlying data and statistical methods. Interpreting these insights correctly and translating them into actionable recommendations can be a challenge.

Artificial intelligence and machine learning: The integration of artificial intelligence and machine learning with analytics solutions offers significant opportunities for the development of new and more advanced analytics solutions.

Predictive and prescriptive analytics: Predictive and prescriptive analytics are expected to become increasingly important in the coming years, providing organizations with the ability to make more accurate predictions and recommendations.

Market Dynamics

The market is segmented into various types of analytics, including descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. It is also segmented by deployment model, including on-premise and cloud-based, and by industry vertical, including healthcare, retail, banking and financial services, and others.

On-premises deployment involves the installation and use of analytics software on local servers, typically managed by an organization's IT department. This deployment model offers organizations complete control over their data and allows for greater customization of the analytics solution. However, it can be more costly and requires a higher level of technical expertise.

Cloud-based deployment involves the use of analytics software that is hosted on cloud servers and accessed via the internet. This deployment model offers organizations greater scalability, flexibility, and cost-effectiveness. Additionally, cloud-based analytics solutions are typically easier to deploy and manage. However, organizations must trust the cloud provider to handle their data securely and comply with data privacy regulations.

Retail and consumer goods companies are using analytics to gain insights into customer behavior, preferences, and purchase patterns. This information is used to optimize marketing campaigns, personalize customer experiences, and improve inventory management.

The BFSI industry relies heavily on analytics for fraud detection, risk management, and customer engagement. Analytics solutions are used to identify potential fraudulent transactions, predict credit risk, and improve customer satisfaction.

Regional Analysis

Latin America is a growing market for analytics solutions, with countries such as Brazil and Mexico being the dominant players in the region. The growth of the market is driven by the increasing demand for analytics solutions in industries such as healthcare, retail, and manufacturing.

The Middle East and Africa are emerging markets for analytics solutions, with countries such as Saudi Arabia, South Africa, and the United Arab Emirates being the dominant players in the region. The growth of the market is driven by the increasing adoption of analytics solutions in industries such as BFSI, healthcare, and energy and utilities.

Competitive Analysis

The key players in the global analytics market include IBM Corporation, SAP SE, Oracle Corporation, Microsoft Corporation, SAS Institute Inc., Tableau Software, Teradata Corporation, and others. These players are investing heavily in research and development to offer innovative analytics solutions and maintain their competitive position in the market.

Oracle Corporation offers various analytics solutions such as Oracle Analytics Cloud, Oracle Business Intelligence, and Oracle Data Mining. SAS Institute Inc. is a leading provider of advanced analytics software and solutions such as SAS Visual Analytics, SAS Enterprise Miner, and SAS Text Analytics.

Tableau Software is a leading provider of data visualization and business intelligence solutions such as Tableau Desktop, Tableau Server, and Tableau Online. QlikTech International AB is a leading provider of data discovery and business intelligence software such as QlikView and Qlik Sense. Alteryx, Inc. offers various analytics solutions such as Alteryx Designer, Alteryx Connect, and Alteryx Server.

In January 2021, Microsoft acquired the AI-powered analytics company, XOXCO, to enhance its conversational AI capabilities.

In December 2020, SAS announced a $1 billion investment in AI to drive innovation in its analytics software and solutions.

In November 2020, QlikTech International announced the acquisition of the data integration and analytics company, Blendr.io, to enhance its data integration capabilities.

In October 2020, Tableau Software announced the acquisition of the AI-powered data management company, HyPer, to enhance its data management capabilities.

In September 2020, MicroStrategy Incorporated announced a $650 million investment in Bitcoin, making it the first publicly traded company to invest in Bitcoin as part of its capital allocation strategy.

In August 2020, Oracle Corporation announced the acquisition of the customer data platform, CrowdTwist, to enhance its customer data management capabilities.

Segmentation Analysis of The Global Analytics Market 2016-2030

The report forecasts revenue growth at global, regional, and country matrics and analyzes the latest industry trends in each of the sub-segments ranging from 2016-2030. For this, CDI has segmented the global Analytics market report based on capacity, vehicle, application, and propulsion type along with regional analysis. 

Type Outlook (Revenue, USD Million, 2017 – 2030)

• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
• Others (Predictive Analytics, Text Analytics, and Prescriptive Analytics)

Deployment Outlook (Revenue, USD Million, 2017 – 2030)

• On-premise
• Cloud

Enterprise Size Outlook (Revenue, USD Million, 2017 – 2030)

• Large Enterprises
• Small & Medium Enterprises (SMEs)

End-use Outlook (Revenue, USD Million, 2017 – 2030)

• BFSI
• Government
• Healthcare
• IT & Telecom
• Military & Defense
• Others

Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America