Data And Analytics Software Market Size, Share & Trends Analysis Report By Deployment (On-premise, Cloud & Hybrid), By End Use (BFSI, Government, Healthcare, Media & Communications, IT & Telecom, Manufacturing), By Region, And Segment Forecasts, 2024 - 20

Data And Analytics Software Market Size, Share & Trends Analysis Report By Deployment (On-premise, Cloud & Hybrid), By End Use (BFSI, Government, Healthcare, Media & Communications, IT & Telecom, Manufacturing), By Region, And Segment Forecasts, 2024 - 2030

Data And Analytics Software Market Growth & Trends

The global data and analytics market size is expected to reach USD 345.32 billion by 2030, exhibiting a CAGR of 13.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Edge analytics is transforming the way organizations process and analyze data. By performing computations closer to the edge of the network rather than in centralized data centers, edge analytics enables real-time processing and decision-making on local devices, IoT sensors, and edge servers. This approach annuls the need for exchanging extensive volumes of data between remote servers and end users, leading to lower latency, improved responsiveness, and more efficient use of network bandwidth.

The proliferation of connected devices and the increasing demand for real-time intelligence are emerging as the key drivers behind the growing adoption of edge analytics, as organizations seek to derive insights and make decisions closer to the source of data generation. This paradigm shift toward edge analytics is poised to have a significant impact on various industries and industry verticals, enabling faster, more scalable, and more secure data processing capabilities at the edge of the network.

Real-time analytics enables businesses to gain instant insights from streaming data sources, facilitating quick decision-making and response to market changes. For instance, in March 2024, SAP SE introduced a range of innovations in data and analytics, including GenAI capabilities and enhanced integration between SAP Datasphere and SAP Analytics Cloud, empowering organizations to make more informed decisions and streamline their operations. These advancements aim to boost operational efficiency, facilitate intelligent business transformations, and address challenges such as minimizing AI hallucinations.

Companies are seen to be substantially investing in R&D activities for the development of new technologies with advanced features and improved operational capabilities For instance, in March 2024, International Business Machines Corporation expanded its technology expert labs in India to hasten the adoption of analytics and other pivotal technologies, aiding global clients in effectively integrating and expanding solutions. Utilizing profound expertise and access to product insights, these labs facilitate outcome-driven engagements, ensuring tangible ROI and overcoming implementation hurdles.

Data And Analytics Software Market Report Highlights

• North America dominated the market in 2023, accounting for the largest share of global revenue. North America is home to some of the world's largest technology companies, including International Business Machines Corporation, Microsoft Corporation, Amazon Web Services, Oracle Corporation, and SAP SE. These companies offer a wide range of data analytics products and services, driving market growth through innovation and competition. North American businesses tend to be early adopters of new technologies, including cloud computing, big data, artificial intelligence and machine learning. This early adoption promotes a strong ecosystem for data analytics solutions and fuels market growth.
• The cloud segment led the market in 2023. The integration of advanced technologies such as AI and machine learning into cloud platforms is empowering organizations to derive valuable insights from their data more efficiently. Furthermore, the agility of cloud deployments enables faster time-to-market for data and analytics projects, accelerating innovation and decision-making processes.
• The IT & telecommunications segment accounted for the largest share of the global revenue in 2023. Predictive analytics aids in anticipating equipment failures, allowing proactive maintenance to minimize service disruptions. In addition, data analytics help telecom companies detect anomalies and mitigate revenue leakage. Data analytics solutions facilitate market analysis and competitive intelligence, enabling telecom providers to identify opportunities, assess competitors, and make informed decisions.

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