Global Statistical Analytics Market – Industry Trends and Forecast to 2030

 

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Statistical Analytics Market Analysis and Size

Analytics is defined as the systematic computational analysis of data or statistics which is used for the interpretation, discovery, and communication of meaningful patterns in data. It also entails applying data patterns towards effective decision-making.

Data Bridge Market Research analyses that the global statistical analytics market is expected to grow at a CAGR of 33.12% during the forecast period of 2023 to 2030, at a USD 282.71 Billion in 2022 is expected to reach USD 762.22 billion by 2030. The “Solution” segment is the dominating segment. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Statistical Analytics Market Scope and Segmentation

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Market Definition

The global statistical analytics market refers to the industry involved in the collection, analysis, interpretation, and presentation of data to make informed decisions, identify trends, and gain insights into various aspects of business, economics, science, and other fields. Statistical analytics utilizes statistical methods, techniques

Global Statistical Analytics Market Dynamics

Drivers

• Data-driven Decision Making

Organizations across various industries are increasingly recognizing the value of data in making informed decisions. Statistical analytics plays a crucial role in extracting meaningful insights from data, enabling businesses to optimize operations, identify new opportunities, and enhance their competitive edge.

• Technological Advancements

Advances in technology, particularly in areas like artificial intelligence (AI) and machine learning, have significantly improved the capabilities of statistical analytics tools. These innovations have made it easier to handle massive datasets, perform complex analyses, and automate tasks, driving the adoption of statistical analytics solutions.

Opportunities

• AI and Machine Learning Integration

The integration of statistical analytics with AI and machine learning is a significant trend. This enables predictive and prescriptive analytics, allowing businesses to forecast future trends, automate decision-making processes, and gain a competitive advantage by staying ahead of the curve.

• Cloud-based Solutions

The adoption of cloud-based statistical analytics solutions is on the rise. Cloud platforms offer scalability, flexibility, and cost-effectiveness, making advanced analytics more accessible to a broader range of businesses. This trend is expected to continue as organizations seek to leverage the benefits of the cloud.

Restraints/Challenges

• Data Privacy and Security Concerns

As organizations collect and analyze more data, concerns about data privacy and security have grown. Stricter regulations like GDPR and CCPA place significant constraints on how data can be used and stored. Companies must navigate these regulations and ensure compliance, which can be challenging and costly.

• Skills Gap

While statistical analytics tools have become more powerful, there is a shortage of skilled professionals who can effectively utilize these tools. The shortage of data scientists and statisticians capable of interpreting and implementing advanced statistical techniques can limit the adoption of statistical analytics in some organizations.

 Recent Developments

• In April 2022, Wipro collaborated with DataRobot, an augmented intelligence business, to boost the business impact of consumers by offering augmented intelligence at scale and assisting them in becoming an AI-powered company. Further, this collaboration will guarantee that the AI approais adopted quickly and businesses receive their data to value more efficiently
• In March 2022, Microsoft released Azure Health Data Services, a Platform as a Service (PaaS) designed to support transactional and analytical workloads. It powers Artificial Intelligence (AI) and combines health data in the cloud, supporting Protected Health Information (PHI).
• In December 2021, Oracle Corporation purchased Cerner, a digital information systems supplier in health systems and hospitals. Cerner utilizes big data analytics to process and collect the patient’s information. In addition, this acquisition will allow medical specialists to provide better healthcare toindividual patients and communities.

Global Statistical Analytics Market Scope

The global statistical analytics market is segmented on the basis of component, solution, service and deployment. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Component

• Solution
• Service

Solution

• Data Mining
• Predictive Analytics
• Visual Analytics

Service

• Professional Service
• Support and Maintenance Service

Deployment

• Cloud
• On-Premise

Global Statistical Analytics Market Region Analysis/Insights

Global statistical analytics market is analysed and market size, volume information is provided by country, component, solution, service and deployment as referenced above.

The countries covered in the global statistical analytics market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the global statistical analytics market due to rise in the invention of advanced technology and economies and rise in the research and development activities in the market in this region.  

The country section of the global statistical analytics market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Statistical Analytics Market  Share Analysis

Global statistical analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to global statistical analytics market.

The major players covered in the global statistical analytics market report are

• SAP SE (Germany)
• SAS Institute (U.S.)
• Oracle Corporation (U.S.)
• International Business Machines (IBM) (U.S.)
• Tibco Software Inc. (U.S.)
• Qlik Software(U.S.)
• Alteryx (U.S.)
• StataCorp (U.S.)
• Plug & Score (Russia)
• Lumina Decision Systems (U.S.)

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