Data analytics: Data analytics market to reach US$114.88 billion by 2028, growing at 30.10% CAGR
In an era defined by data, businesses are harnessing the power of information to gain a competitive edge, and the Data Analytics market is at the forefront of this digital transformation. According to a recent market research report, the global Data Analytics market is poised to reach a staggering US$114.88 billion by 2028, signaling a significant surge from its current standing. This growth trajectory is fueled by the escalating demand for insights-driven decision-making, the proliferation of big data, and the continuous evolution of advanced analytics technologies.
Data Analytics Market Analysis
The Data Analytics Market is projected to surge from US$97.19 billion in 2024 to an estimated US$114.88 billion by 2028, exhibiting a remarkable CAGR of 23.63% during the forecast period of 2024-2029. In the fast-evolving landscape of technology, innovation is the driving force, and the High-Performance Data Analytics (HPDA) market stands as a crucial catalyst. The ability to rapidly and accurately analyze large volumes of data has become pivotal for technological progress, with HPDA playing a central role in this paradigm.
A key driver of the high-performance data analytics market’s growth is the increasing integration of data at the end-user level. Technological innovation and accessibility have opened up significant opportunities, especially in advanced market analytics data optimization. The categories of unstructured, structured, and less structured data present equally promising opportunities, particularly within the financial industry, where a notable technological shift is underway.
In our interconnected and digitized world, data generation is not just growing; it’s exploding exponentially. Businesses reliant on high-performance computing (HPC) are strategizing to accommodate this data surge. Companies such as Intel and HP offer solutions that integrate HPC, artificial intelligence (AI), and other workloads, positioning businesses at the forefront of the technological revolution.
Industries, including agriculture and energy, rely on high-performance computing-driven analytics for crucial decision-making. For instance, the agricultural sector uses weather predictions to optimize planting and irrigation, while the energy sector estimates peak energy demands through geographical load balancing. The fusion of data analytics and HPC in high-performance data analytics allows for the rapid and accurate analysis of vast datasets, measured in teraflops, or one trillion floating point operations per second. Despite its immense potential, the high investment and capital costs associated with deploying and operating HPC systems may pose a challenge to market growth.
High-Performance Data Analytics Market Trends:
High-Performance Data Analytics (HPDA) has emerged as a pivotal force, amalgamating High-Performance Computing (HPC), Data Analytics, and Big Data. This convergence aims to rapidly distill insights from intricate datasets, leveraging the formidable speed and processing capabilities inherent in HPC.
In tandem, the landscape of computing has witnessed a paradigm shift, with on-demand computing, synonymous with cloud computing, experiencing substantial growth. This transformative model empowers individuals and businesses to access computing resources on a subscription basis via the Internet, encompassing storage devices, processing power, and applications.
As per insights from Flexera, a significant 72% of enterprise respondents, as of 2023, reported the deployment of a hybrid cloud in their organizations. This strategic move grants businesses enhanced control over their data, the ability to secure sensitive information in private clouds, and the flexibility to run enterprise applications on public clouds.
This integration into business ecosystems marks a pivotal juncture, propelling market growth. The symbiotic relationship between digital transformation and cloud computing propels businesses beyond the realm of adopting new technologies, ushering in a holistic rebuilding of operations.
Global Data Analytics Market – Forecast to 2028
In the forecast period of 2023-2028, the global data analytics market anticipates BFSI companies to dominate as the largest end-user segment.
Big data analytics is poised to spearhead the market, securing its position as the leading type segment during this period.
The Asia Pacific emerges as the fastest-growing region, while North America is projected to hold the largest market share.
Key players driving innovation and growth in the global data analytics market include Alteryx Inc., IBM Corporation, SiSense Inc., Microsoft, Zoho Corporation Pvt. Ltd., Oracle, ThoughtSpot Inc., SAP SE, Mu Sigma, and Dell Inc.
These insights underscore the industry’s dynamic landscape, with key trends and regional variations shaping the market’s trajectory.
