Data and Analytics Market Size and Forecast (by Country, IT Solution Area, Size Band and Vertical) to 2027 (2024)

FAQs

What is the market size of data analytics? ›

The data analytics market size was valued at USD 41.05 billion in 2022 and is projected to grow from USD 51.55 billion in 2023 to USD 279.31 billion by 2030, exhibiting a CAGR of 27.3% during 2023-2030. North America dominated the global market with a share of 34.68% in 2022.

Data and Analytics Market Overview The global data and analytics market size was valued at US$ 100.84 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 12.85% to reach US$ 184.53 billion by 2027.

The global big data and analytics industry is expected to experience significant growth in the next few years. It is predicted to grow at a CAGR of 14.9% between 2024 and 2032 and reach $1.088 trillion by 2032.

The global healthcare analytics market in terms of revenue was estimated to be worth $21.1 billion in 2021 and is poised to reach $27.4 billion in 2022 and $85.9 billion by 2027, growing at a CAGR of 25.7% from 2022 to 2027.

The total amount of data created, captured, copied, and consumed globally is forecast to increase rapidly, reaching 64.2 zettabytes in 2020. Over the next five years up to 2025, global data creation is projected to grow to more than 180 zettabytes.

It is also expected that 900 million users will be added by 2025. This growth supports the data analytics industry with a great increase in the collected data, which can be used to tap into several market sectors. There has already been a 26.5% year-on-year growth in the data analytics industry in 2021.

For example, imagine that your organization markets learning resources to schools. Your research shows that there are 6,000 relevant schools in your country. You know that the average sale per school is around $50,000, which means that your market size is $300 million.

Use the market size calculation formula (number of target users x purchases expected in a given period of time = market size or volume) to better understand your target market potential.

The global Predictive Analytics market size was valued at USD 1953.87 million in 2022 and is expected to expand at a CAGR of 2.34% during the forecast period, reaching USD 2245.33 million by 2028. Predictive analytics is the branch of the advanced analytics which is used to make predictions about unknown future events.

Data Center Market Overview:

The Data Center Market size is estimated to reach $418 billion by 2030, growing at a CAGR of 9.6% during the forecast period 2023-2030. The advantages of Data Centers include hyper-scalability, sustainability and automation for modern business processes.

Is data analytics booming? ›

The market for data analyst jobs remains strong and continues to grow. With the increasing digitization of businesses and the proliferation of data across various industries, there is a growing demand for professionals who can analyze and derive insights from data to inform decision-making and drive business growth.

The year 2025 is poised to witness a seismic shift in the realm of data analytics, with the rise of augmented analytics and artificial intelligence (AI). Data analytics tools will increasingly rely on AI algorithms to analyze vast datasets swiftly and derive actionable insights.

Market Analysis and Insights: Global Data Quality Tools Market The global Data Quality Tools market size is projected to reach US$ 7551.3 million by 2027, from US$ 3295 million in 2020, at a CAGR of 12.6% during 2021-2027.

It is projected that the Analytics as a Service market would increase at a remarkable rate each year (CAGR 2024-2031). The global Analytics as a Service market size is projected to reach USD 37300 million by 2028, from USD 13910 million in 2021, at a CAGR of 15.0% during 2022-2028.

KEY MARKET INSIGHTS

The global enterprise data management market size was valued at USD 92.18 billion in 2023. The market is projected to grow from USD 101.04 billion in 2024 to USD 224.87 billion by 2032, exhibiting a CAGR of 10.5% during the forecast period.

Market sizing is the process of finding how big your product's audience or revenue could be. So, market size is the total number of potential buyers for a product or service and the potential revenue reach based on that population size.

The global data analytics market size was exhibited at USD 30 billion in 2022 and is projected to surpass around USD 393.35 billion by 2032, poised to grow at a projected CAGR of 29.4% during the forecast period 2023 to 2032.

The global data science platform market size was valued at USD 103.93 billion in 2023, and is projected to grow from USD 133.12 billion in 2024 to USD 776.86 billion by 2032, exhibiting a CAGR of 24.7% during the forecast period.

According to data consultancy NewVantage, 97% of U.S.-based companies invested in big data and 91 in AI in 2022—evidence (if we needed it) that data analytics is more than just a 21st century fad. The message here is bell-clear: data analytics is the lifeblood of successful businesses.