According to a new report by MarketsandMarkets, the global data analytics market is expected to reach $132.9 billion by 2026, growing at a CAGR of 25.4% during the forecast period. The report states that the increasing demand for data analytics solutions across various industries, including healthcare, BFSI, retail, and IT & telecom, is driving the growth of the market.
The healthcare industry is expected to witness the highest growth in the data analytics market due to the increasing adoption of electronic health records and the need to analyze large volumes of patient data. The report also highlights the growing adoption of cloud-based data analytics solutions as organizations aim to reduce costs and improve scalability.
In addition, the Asia-Pacific region is expected to witness the highest growth in the data analytics market during the forecast period. The report attributes this growth to the increasing adoption of data analytics solutions by small and medium-sized enterprises in the region.
The key players in the global data analytics market include Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Google LLC, Adobe Inc., and Amazon Web Services, Inc.
The report also highlights some of the challenges faced by the data analytics market, including data privacy and security concerns, lack of skilled professionals, and high implementation costs.
Overall, the global data analytics market is expected to witness significant growth in the coming years as organizations across various industries continue to adopt data analytics solutions to improve their operations and decision-making processes.