Data analytics is about turning an unprocessed mass of data into useful insights that are able to help organizations by using many kinds of tools, technologies, and methods for the purpose of revealing the trends, as well as tackling the existing issues. Data Analytics plays a main role in business expansion in enhancing the decision making and business procedures.
If we consider previous year’s market analysis, data analytics stand at $271.83 billion which is estimated to take a drastic surge of $745.15 billion by the beginning of 2030. If we take into account the current world scenario, every company is dependent on vast amounts of data that deliver valuable insights to enhance their business operations and customer base and also improve the way the business works on a whole. By observing this demand for data analytics in the big and small firms, we can clearly anticipate the growth of data analytics firms. Having said that, here are the Best Data Analytics Stocks to Buy in May 2024.
As a distinguished titan in the tech industry, Oracle (NASDAQ:ORCL provides a cloud-native database platform capable of in-database analytics amongst multiple other integrated systems. In last year’s cycle, Cerner was acquired by Oracle, one of the largest patient information networks for healthcare providers. As for the future, Oracle's stellar sales force together with its advanced technologies are capable not only of having a bright short-term forecast but also of immensely increasing Cerner's financial strength over time.
As of 2024, Oracle’s Market Cap stands at $325.25 Billion which indicates the growth when compared to its Market Cap of 2023 which is $289.81 Billion.
Alteryx (NYSE:AYX) is a unified cloud platform that integrates data from various sources and provides (BIs) solutions to businesses that employ these tools. Another distinctive trait of Alteryx should be seen in a high level of automation in its solutions aimed at eliminating the majority of labor time and costs for the company's clients. Also, this organization emphasizes very high gross margins with almost 90% consistently.
Unlike its same-size rivals with their higher valuation ratios of around 36, AYX can take pride in its forward price-earnings ratio that is only 30. There is speculation that the company could become an attractive target for acquisition, akin to the trajectory observed with Splunk and a couple of medium sized data intelligence companies- SPLK.
As per 2023 statistics, the revenue of Alteryx was $351 million with an increase of 17% to that of the 2022’s revenue which was $301 million.
MongoDB provides business users with developer-sided data platforms which give them access to the crucial services and tools to help them build the distributed applications responsible for better scalability and performance.
At present time, MongoDB received FedRAMP authorization, and MongoDB Atlas proposes appropriate services and tools for the architecture of applications with distributed functions in the cloud environment that allows government bodies to handle their technology resources.
The total revenue of MongoDB for 2024 is estimated to be $1.68 billion with an increase of 31% year over year whereas the services revenue is $55.7 million with an increase of 14% year over year.
Setting aside its general analytical capabilities, IBM’s Watson manufactured many applications in some industry applications. In healthcare, it is useful in disease diagnosis, and has a lot to contribute to the choice of a treatment. Likewise, in finance it helps to manage risk and to provide customer service. With this in mind it should be easy to see just how far comprehensive the industry-specific features go.
Besides the AI power of Watson, IBM also offers a comprehensive portfolio of business analytics in cloud services. All in all, this infrastructure constitutes a single entity weapons in the arms of data, starting from the data being obtained and stored to its analysis and visualization. This integrated approach provides a whole toolbox of techniques for clients whether it is data management for business innovation or improving the efficiency of the whole operation work.
After the vertical report of January, the potential of AI from IBM and investors` interest increased. Over three months, the stock’s value gained 20% and probably soared by 30% in six months, however the shares of IBM still look cheap when lined up to other AI investment outlays. And if you haven't planned an investment in one of the Big Blues securities ever yet, this looks to be the most perfect time to buy some of them at a really nice price. It’s unknown for how long it will be that the company's price will decrease.
Palantir, a top name in data consulting and analytics, is not a cheap stock to buy. It presently has trailing earnings to sales ratios which are about 300 for earnings and 27 for sales.
Palantir began mostly from its defense solutions but with time, the company has expanded into the commercial field. Though defense solutions contribute to a major part of the company, the company has been indulged in commercial solutions more by the increase of commercial revenues that are now 45% of total year-on-year sales. And, the current shifts are accelerating further. For the fiscal year 2024, management predicts the increase of total revenue by approximately 20% (in sample) making it one of the Best Big Data Analytics Stocks to Buy.
Accenture's (NYSE:ACN) Consultants hold a very vital position in aiding business organizations in the implementation of emerging data analytics systems. Its portfolio, consisting of end-to-end AI solutions and content analytics tools that give companies the upper hand with unique understandings, is among its products.
Data and AI have been the badge of honor for Accenture, recently, as disclosed in December 2020 they decided to double the size of their data & AI talent pool over the next three years. Whereas, along with this, the Corporation created a new team for the purpose of reinventing delivery altogether making use of a new AI technology called generative AI and other emerging AI capabilities.
The largest software entity in the world, Microsoft goes a step further with providing a product in the data analytics field through its subsidiary, the Microsoft Sentinel.
The Microsoft Sentinel is a cloud based solution that is equipped with artificial intelligence features to analyze data from notable amounts across enterprises.
Currently our company has engaged in a project which is a base for the development of the biggest data center in India, that will give an opportunity of cloud services and responsible management of data for our users.
The project underway significantly indicates the progress which Microsoft has been making since it was launched in the country in 2015.
As of now Microsoft is trading at 413.54 USD with a Market cap of $3.703 T.
Data-analytics based stocks are gaining popularity as they provide a chance for smarter development and power resilience in today's data-centered business world. The companies mentioned above rank well, as they are technologies innovators and are in proper market niches. As the requirement for data-driven trends keep deepening over many industries, these companies are able to tap all the opportunities that this increasing demand offers. Their track record for providing actionable data insight, as well as their capability to adapt to new data categories, is the reason that makes them the Best Big Data Analytics Stocks to Buy.As more firms keep fuelling their efforts to make decisions strategically with data-analysis, thus, this investment ramps up the opportunities of long-term gains.
1. Is Data Analysis growing?
Yes, Data Analysis is the fastest growing technology in the Tech field with booming career opportunities
2. Does Data Analysis require coding?
Data Analysts need programming languages like Python and R to cope with analyzing the large chunks of data
3. Can AI replace Data Analysts?
Although AI can perform very few of the data analysis tasks, it cannot fully replace Data Analyst roles.
4. Will Data Analyst require SQL?
Yes, Data Analyst make use of SQL to handle large data bases
5. Can Data Analysts determine the stock market?
Yes, a Data Analyst can make use of certain trends and patterns to predict the stock market.
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