Industry Insight
Investors are preparing to invest toweringly in the global statistical analytics market since the consequences of the long-term impact of COVID-19. Market Research Future finds that how deadly disease COVID 19 is changing the market’s growth rivulet. The research concluded that a 21.6% CAGR of rate is registered at which the market will resume its position and would accomplish a valuation of USD 89.8 Billion in the years 2020–2027 (forecasted period).
Notable Developments
The report shows towering expectancy to impel the rise of the global statistical analytics market across the assessment period. The booming e-commerce field of business can gain considerably high annual revenue across the study span. Statistical analytics techniques facilitate organizations to understand hidden trends and data patterns that can further help investors in making the right decisions. Proliferated technological advancements and digital solutions can bolster the market rise.
The key drivers of statistical analytics market further include rising competition between businesses and mounting demand for improved customer satisfaction. These factors are fuelling the statistical analytics market growth to a great extent. Many industry sectors contribute to the revenue of the analytics industry. The finance and banking sector grabs almost 37 per cent of the total analytics market with approximately 756 million U.S. dollars, making it the peak revenue-generating sector. Marketing and advertising come second at 26 per cent, while e-commerce contributes about 15 per cent in the statistical analytics market. Thus, these have also concluded to be essential factors leading the market in the future timeframe, indicates MRFR.
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As statistical analytics refers to discovery, interpretation and visualization of some meaningful patterns in data, India is a growing to the most of statistical analytics hub across the globe. The market in this country is forecasted to double its market size by the year 2020, with about 24 per cent being attributed to big data.
Leading Segments
The statistical analytics market is further studied among various segments such as vertical, service, deployment, organization and size.
As per the study, by vertical segment, the BFSI sector might account the highest market share in the statistical analytics market.
By organization size segment, small and medium enterprises grabbed the largest market share. The mounting competition creates an opportunity for businesses to collect efficient data of customers buying characteristic. This has been one of the prime factor boosting statistical analytics market.
By service segment, the market has included professional service and support and maintenance services.
By the deployment segment, the market included cloud and on-premise.
Comprehensive Regional Analysis
The statistical analytics market in North America can climb at a considerably high pace owing to ascend in need of effective analytics solution in top-notch enterprises. The boost in need for statistical analytics in the booming automobile sector is accredited to the expansion of the regional market. Additional factors, such as rapid implementation of higher technology, highly effective network infrastructure, and digitization can prompt the expansion of the statistics analysis market in North America.
While in Europe, the expansion of the product portfolio obsessed with advanced technology and hefty investment made in them that are likely to propel the rise of the regional market through the assessment period. In rising economies of EU, the statistical analytics market can grow at a decent pace.
In the Asia Pacific, the fast-growing e-commerce sector and augment in need for effective supply chain solutions can thrust the rise of the market through the study period.
Top Players
SAS Institute (U.S.), SAP SE (Germany), International Business Machine (U.S.), Oracle Corporation (U.S.), Qlik Software (U.S.), Tibco Software Inc. (U.S.), StataCorp (U.S.), Alteryx (U.S.), Lumina Decision Systems (U.S.) Plug Score (U.S.) are some of the top players in the worldwide statistical analytics market.
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