Statistical Analytics Market Research, 2030
Statistical analytics is a process of collecting, analyzing, and interpreting data to gain insights into patterns, trends, and relationships. It is a powerful tool that can be used to make better decisions, improve efficiency, and drive growth.
The statistical analytics market is growing rapidly, due to the increasing availability of data and the growing demand for insights. The market is expected to reach a value of USD 69.3 billion by 2030.
Market Drivers
There are a number of factors driving the growth of the statistical analytics market. These include:
- The increasing availability of data: The amount of data being generated is growing exponentially. This data can be used to gain insights into customer behavior, market trends, and other factors that can help businesses make better decisions.
- The growing demand for insights: Businesses are increasingly demanding insights into their data. They want to know what the data is telling them about their customers, their markets, and their operations. Statistical analytics can provide these insights.
- The rise of big data analytics: Big data analytics is a field of statistical analytics that deals with the analysis of large datasets. Big data analytics is becoming increasingly important, as businesses are generating more and more data.
- The growth of cloud computing: Cloud computing is making it easier and more affordable for businesses to collect, store, and analyze data. This is driving the growth of the statistical analytics market.
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Market Segmentation:
The statistical analytics market is segmented by component, deployment, organization size, vertical, and region.
- By component: The market is segmented into solution and service. The solution segment includes data mining, predictive analysis, visual analytics, forecasting & econometrics, and statistical analytics. The service segment includes professional services and managed services.
- By deployment: The market is segmented into on-premises and cloud-based. The cloud-based segment is growing at a faster rate, due to the increasing adoption of cloud computing.
- By organization size: The market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. Large enterprises are the major users of statistical analytics, due to their larger data sets and more complex business needs.
- By vertical: The market is segmented into BFSI, healthcare, retail, manufacturing, IT & telecommunications, and others. The BFSI vertical is the largest user of statistical analytics, due to the large amount of data generated in the financial services industry.
- By region: The market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for statistical analytics, followed by Europe and Asia Pacific.
Market Trends:
Some of the key trends in the statistical analytics market include:
- The increasing use of artificial intelligence (AI) and machine learning (ML): AI and ML are being increasingly used to automate tasks in statistical analytics. This is freeing up analysts to focus on more strategic tasks and driving the growth of the market.
- The growing popularity of open source statistical software: Open source statistical software is becoming increasingly popular, due to its low cost and flexibility. This is driving the growth of the market.
- The increasing demand for real-time analytics: Businesses are increasingly demanding real-time analytics. This is driving the growth of the market.
Market Outlook:
The statistical analytics market is expected to grow at a CAGR of 31.50% during the forecast period 2022-2030. The growth of the market is being driven by the increasing availability of data, the growing demand for insights, the rise of big data analytics, and the growth of cloud computing.
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