The COVID-19 impact on analytics market size to grow at a CAGR of 15.5%
NEW YORK, May 4, 2020 /PRNewswire/ -- The COVID-19 impact on analytics market size to grow at a CAGR of 15.5% during the forecast period
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The COVID-19 impact on the global analytics market size is expected to grow from USD 25.4 billion in 2019 to USD 33.8 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 15.5% during the forecast period. The major factors driving the growth of COVID-19 impact on the analytics industry include increasing demand for digital transformation, increased investments in analytics, growing demand for remote services & location data, and increasing need for real-time information to track and monitor the COVID-19 spread.
Services segment to grow at a higher CAGR during the forecast period
The COVID-19 impact on the analytics market, by component, is segmented into solutions and services.The services segment is expected to grow at a rapid pace during the forecast period.
The services considered in the report are managed and professional services. The growth of this segment can be attributed to the increasing deployment of analytics solutions, which leads to the growing demand for pre- and post-deployment services.
Healthcare industry vertical to grow at the highest CAGR during the forecast period
The analytics market by industry vertical is segmented into nine categories: Banking, Financial Services and Insurance (BFSI), government and defense, healthcare, manufacturing, retail, media & entertainment, telecommunications & Information Technology (IT), transportation, energy & utilities and others (travel & hospitality and oil & gas).During the COVID-19 pandemic, the healthcare industry is under immense pressure to enhance and provide PPE, ventilators, prophylactic, and anti-viral drugs across the world.
Healthcare organizations are using advanced technologies, such as analytics, AI, and machine learning to analyze the complex data around COVID-19 to monitor and reduce the impact of the virus.
North America to hold the largest size during the forecast period
In terms of geographic coverage, the analytics market has been segmented into five regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.APAC and Latin America are expected to record the highest growth rate during the forecast period, due to the rising digitalization across industry verticals, due to increasing data volume that compels organizations to leverage actionable insights from big data.
North America is expected to hold the highest market share during the forecast period. Growing challenges faced by various industry verticals, such as Banking, Financial Services and Insurance (BFSI), manufacturing, retail and eCommerce, and healthcare and life science to efficiently process, manage, and store large data sets leading to the adoption of analytics solutions in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the big data market.
• By Company: Tier I: 32%, Tier II: 44%, and Tier III: 24%
• By Designation: C-Level Executives: 65%, Directors: 23%, and Others: 12%
• By Region: North America: 44%, APAC: 32%, Europe: 18%, MEA: 3%, and Latin America: 3%
The report includes the study of the key players offering analytics solutions and services. Major vendors in the global analytics market include Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Google (US), Adobe (US), Talend (US), Qlik (US), TIBCO Software (US), Alteryx (US), Sisense (US), Informatica (US), Splunk (US), Hitachi Vantara (US), Information Builders (US), AWS (US), SAP (Germany), Salesforce (US), Micro Focus (UK), MicroStrategy (US), and ThoughtSpot (US).
Research Coverage
The market study covers the analytics market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as components, industry verticals, and regions.
The study further includes an in-depth competitive analysis of the key players in the market, along with their product and business offerings, COVID-19 related developments, and changes in short term market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the global analytics market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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