With the growth of new data science technologies and business intelligence (BI) goals increasing at enterprises, the market for data analytics software is growing at a rapid rate.
See below to learn about some of the top players in the data analytics market and how these data tools can be used for a range of internal and external business functions.
A Closer Look at the Data Analytics Market
Data analytics is one of the most important data science practices that involves everything from collecting and storing data to processing data and using tools like data visualizations and models to make meaning out of data sets.
These are some of the most commonly used approaches to data analytics:
- Text analytics
- Descriptive or statistical analytics
- Inferential analytics
- Diagnostic analytics
- Exploratory analytics
- Predictive analytics
- Prescriptive analytics
More on this topic: Best Data Analysis Methods 2021
The data analytics market is expected to reach $132.9 billion by 2026, compared to $23 billion in 2019, according to Market Research Future.
Growth is coming from many different industries, but it is primarily driven by internal business intelligence goals. The North American market is predicted to remain dominant, but the Asia-Pacific region is rising in its data analytics use and capabilities more quickly than other regions, with China at the front of the pack.
Strong data analytics platforms include the following…