Statistical Analytics Market Overview:
The statistical analytics market size is expected to grow from USD 18.82 billion in 2022 to USD 69.3 billion by 2030, at a CAGR of 31.50%. The growth of the market is driven by the increasing demand for big data analytics solutions to gain insights from large volumes of data, the rising adoption of cloud computing, and the growing need for predictive analytics to make better business decisions.
Key Companies in the Statistical Analytics Market
Some of the key players in the statistical analytics industry are:
- IBM
- Microsoft
- SAS Institute
- SAP
- Oracle
- Tableau Software
- MicroStrategy
- Qlik
- TIBCO Software
- Amazon Web Services
These companies offer a wide range of statistical analytics solutions, including data mining, predictive analytics, visualization, and forecasting. They also provide consulting and implementation services to help businesses get the most out of their statistical analytics solutions.
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Market Segmentation
The statistical analytics market is segmented on the basis of component, deployment, organization size, vertical, and region.
- By component: The market is segmented into solution and service. The solution segment is further segmented into data mining, predictive analytics, visual analytics, forecasting & econometrics, and statistical analytics. The service segment is further bifurcated into professional service and support & maintenance service.
- By deployment: The market is segmented into on-premises and cloud-based. The cloud-based segment is expected to grow at a higher CAGR during the forecast period due to the increasing adoption of cloud computing and the growing demand for scalable and cost-effective statistical analytics solutions.
- By organization size: The market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. Large enterprises are expected to dominate the market due to their higher spending capacity and the need for sophisticated statistical analytics solutions.
- By vertical: The market is segmented into BFSI, healthcare, retail, manufacturing, IT & telecommunications, government, and others. The BFSI segment is expected to be the largest market due to the increasing need for fraud detection, risk management, and customer segmentation.
- By region: The market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to be the largest market due to the early adoption of statistical analytics solutions and the presence of a large number of key players in the region.
Top Impacting Factors
The following are the top impacting factors of the statistical analytics market:
- Increasing demand for big data analytics solutions
- Rising adoption of cloud computing
- Growing need for predictive analytics
- Increasing focus on customer intelligence
- Regulatory compliance
- Data privacy concerns
Regional Insights
The statistical analytics market is expected to grow at a significant rate in the Asia Pacific region during the forecast period. This growth is attributed to the increasing adoption of cloud computing, the growing need for big data analytics solutions, and the rising focus on customer intelligence in the region.
The North American region is also expected to grow at a high rate during the forecast period. This growth is attributed to the early adoption of statistical analytics solutions, the presence of a large number of key players in the region, and the increasing focus on regulatory compliance.
Industry Latest News
- In January 2023, IBM announced the acquisition of Databand.ai, a provider of data observability solutions. This acquisition will help IBM to strengthen its data analytics capabilities and provide customers with a better understanding of their data.
- In February 2023, Microsoft announced the launch of Azure Synapse Analytics, a cloud-based analytics platform that combines data warehousing, data lake, and analytics services. This platform is designed to help businesses to analyze large volumes of data quickly and easily.
- In March 2023, SAS Institute announced the launch of SAS Viya 3.6, the latest version of its analytics platform. This version includes new features for data preparation, machine learning, and artificial intelligence.
