Global Data Analysis Software Market Size By Deployment, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Data Analysis Software Market Size By Deployment, By Application, By Geographic Scope And Forecast
Data Analysis Software Market Size And Forecast
Data Analysis Software Market size was valued at USD 79.15 Billion in 2024 and is projected to reach USD 176.57 Billion by 2031, growing at a CAGR of 10.55% during the forecast period 2024-2031.
Global Data Analysis Software Market Drivers
The market drivers for the Data Analysis Software Market can be influenced by various factors. These may include
Technological Developments The need for more advanced data analysis software is being driven by the quick development of data analytics technologies, such as machine learning, artificial intelligence, and big data analytics.
Growing Data Volume To extract useful insights from massive datasets, powerful data analysis software is required due to the exponential expansion of data generated from multiple sources, including social media, IoT devices, and sensors.
Business Intelligence Requirements To obtain a competitive edge, organisations in all sectors are depending more and more on data-driven decision-making processes. This encourages the use of data analysis software to find strategic insights by analysing and visualising large, complicated datasets.
Regulatory Compliance In order to maintain compliance and safeguard sensitive data, firms must invest in data analysis software with strong security capabilities. Examples of these rules and compliance requirements are the CCPA and GDPR.
Growing Need for Real-time Analytics Companies are under increasing pressure to make decisions quickly, which has led to a growing need for real-time analytics capabilities provided by sophisticated data analysis tools. These skills allow organisations to react quickly to market changes and gain insights.
Cloud Adoption As a result of the transition to cloud computing infrastructure, businesses of all sizes are adopting cloud-based data analysis software since it gives them access to scalable and affordable data analysis solutions.The emergence of predictive analytics is being driven by the need for data analysis tools with sophisticated predictive modelling and forecasting skills. Predictive analytics is being used to forecast future trends, customer behaviour, and market dynamics.
Sector-specific Solutions Businesses looking for specialised analytics solutions to handle industry-specific opportunities and challenges are adopting more vertical-specific data analysis software, which is designed to match the particular needs of sectors like healthcare, finance, retail, and manufacturing.
Global Data Analysis Software Market Restraints
Several factors can act as restraints or challenges for the Data Analysis Software Market. These may include
Data Privacy and Security Issues As regulatory oversight and public knowledge of data privacy and security issues grow, data analysis software providers may find it more difficult to comply with strict laws like the CCPA and GDPR, which could restrict their ability to enter new markets.
Skill Gap and Training Needs The adoption and efficient use of advanced data analysis software is hampered by the lack of qualified professionals who are proficient in data analysis techniques and software tools. This is especially true for smaller organisations that have less funding available for training and upskilling.
Integration Challenges Compatibility problems and complex integrations between data analysis software and current IT infrastructure and data sources can make it difficult to implement new solutions smoothly and prevent desired results from being realised. As a result, organisations may be reluctant to invest in new solutions.
Cost of Implementation and Maintenance Exorbitant upfront expenditures for acquiring and deploying data analysis software, in addition to continuous costs for upgrades, maintenance, and licencing fees, can discourage financially strapped companies from implementing cutting-edge solutions or increasing their usage.
Complexity of Data Analysis Processes Non-technical users and business stakeholders may find it difficult to effectively use data analysis software to derive actionable insights due to the complexity of data analysis processes, which includes data cleansing, preprocessing, modelling, and interpretation. This can limit the adoption and impact of data analysis software.
Problems with Scalability and Performance When data analysis software is unable to meet the changing needs of an organisation, it may become unsatisfactory to users and even cause them to leave. This is especially true when dealing with large and complex datasets or real-time analytics requirements.
Dependency on Legacy Systems The market expansion for sophisticated data analysis software solutions might be hampered by a reliance on antiquated techniques and legacy data analysis systems, as well as a reluctance to embrace new technologies and approaches.
Fragmented Market Landscape The market is made more difficult for organisations to choose the best vendor and solution, which causes delays and uncertainty in decision-making. This is due to the large number of vendors providing a broad range of data analysis software solutions across various industries and market segments.
Global Data Analysis Software Market Segmentation Analysis
The Global Data Analysis Software Market is Segmented on the basis of Deployment, Application, and Geography.
Data Analysis Software Market, By Deployment
On-Premise
Cloud-Based
Based on Deployment, the market is segmented into On-premise and Cloud-based. The growth of the Global Data Analysis Software Market is driven by factors such as an increase in the adoption of business analytics software by multiple organizations, the surge in demand for cloud-based business analytics software among SMEs, and the numerous benefits provided by data analytics solutions. In addition, the ability of business analytics software to deliver enhanced & faster decision-making and to provide a competitive advantage by analyzing & acting upon information in a timely manner propels the growth of the market.
Data Analysis Software Market, By Application
SMEs
Large Enterprises
Data Analytics Include Classification
Prediction
Association
Clustering of Data
Based on Application, the market is segmented into SMEs, Large Enterprises. Data Analytics Include Classification, Prediction, Association, and Clustering of Data. Data analytics technologies and techniques transform the raw data, organize data, and model the data to draw conclusions and identify different patterns. Data analytics techniques are widely used in the commercial sector to enable organizations to make more-informed business decisions.
Data Analysis Software Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
Based on Geography, the Global Data Analysis Software Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The market in North America is expected to grow considerably during the forecast period. The high adoption of advanced technology and the presence of large players in this region are likely to create ample growth opportunities for the market.
Key Players
The major players in the Data Analysis Software Market are
Minitab
IBM
RapidMiner
SAP Business Intelligence Platform
Google Analytics
Looker
Good Data
Domo
Stata
Alteryx
Microsoft Excel
SAS
Python
MATLAB
Apache Spark
Tableau
QlikView
Power BI
Report Scope
REPORT ATTRIBUTES
DETAILS
Study Period
2021-2031
Base Year
2024
Forecast Period
2024-2031
Historical Period
2021-2023
Unit
Value (USD Billion)
Key Companies Profiled
Minitab, IBM, RapidMiner, SAP Business Intelligence Platform, Google Analytics, Looker, Good Data, Domo.
Segments Covered
By Deployment, By Application, And By Geography.
Customization Scope
Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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