Data Analytics Market size was valued at USD 44.30 Billion in 2022 and is expected to grow from USD 56.22 Billion in 2023 to USD 378.05 Billion by 2031, at a CAGR of 26.90% during the forecast period (2024-2031).
As data becomes more and more important the need for advanced analytics also increases. The growing use of data analytics in almost all industry verticals to make informed business decisions is projected to drive market growth. Rapid digital transformation of multiple industry verticals is also expected to create new business scope for data analytics providers over the coming years.
The surging deployment of advanced technologies and the growing use of digital devices are resulting in the creation of huge volumes of data. The need for better analytics to analyze this huge volume of data is primarily driving data analytics market growth. Integration of advanced technologies to improve the analytical capabilities of data analytics platforms will be a top trend for all data analytics market players going forward.
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AI Integration Estimated to Remain the Top Priority for All Data Analytics Companies
Growing demand for informed decision-making in enterprises is also expected to promote the adoption of data analytics platforms and technologies. Data analytics companies are focused on launching new offerings and solutions to stand out in the global data analytics market. Data analytics providers will also focus on collaborations and partnerships to expand their business scope in the future. From food and beverages to energy, almost all industry verticals are projected to utilize data analytics in some or the other form. Integration of artificial intelligence, Internet of Things (IoT) and other technologies will also influentially change the course of data analytics market development over the coming years.
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- In June 2024, ClarityX, a new company was launched by MapMyIndia founders. The new organization is providing data analytics and consulting services to enterprises using artificial intelligence technology. Further, MapMyIndia also teamed up with ClarityX to expand its business scope and enterprise offerings as well.
- Walmart, a renowned retail organization from the United States, announced the global launch of its data analytics product suite in May 2024. The launch is projected to happen in phases starting in Mexico and Canada later in 2024. Walmart Luminate will help enhance the shopping experience for consumers and also provide better insights to suppliers and merchants working with Walmart.
- Recently, in March 2024, TransUnion, a renowned credit reporting organization, announced the launch of its new data analytics platform powered by artificial intelligence. OneTru utilizes machine learning capabilities from Neustar which it acquired back in 2021 to connect analytic and data assets to provide detailed analytics for financial organizations.
- Lumify360, an innovative predictive data analytics platform was launched by 360factors, a leading risk and compliance management provider in June 2024. The new platform is capable of collecting data from key performance and risk indicators to create a streamlined workflow. The solution also uses artificial intelligence to improve workflow automation capabilities.
- Clever Offsets Inc., a database provider for carbon offset, announced the public access launch of its carbon offset analytics platform back in January 2024.
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Advancements in data science and increasing emphasis on utilizing meaningful insights are estimated to promote data analytics adoption. Growing awareness regarding the importance and benefits of data analytics will also create new opportunities for income as well as established data analytics companies over the coming years.
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