Software Analytics Market By Technology Advancement, Growth and Forecasts 2021 | Corona-Virus Impact
While 2020 is being an extremely eventful year for data analytics due to COVID 19, the market is showing some positive instincts, when studied by Market Research Future. As per it, the global software analytics market has the potential to show immense growth, which is recorded at a rate of 10%. Still, it can reach to achieve a valuation of USD 11.5 Billion by 2023. The growth period has been estimated from the years of 2017 and 2023.
Various factors are propelling the global software analytics market share. According to the recent MRFR market estimates, such factors include the widespread use of data analytics that uses artificial intelligence and machine learning solution, the need for reliable data analytics expertise and implementations, and the rise in cloud computing traffic. Additional factors adding market growth include fast-growing mobile data traffic, the rapid development of technologies like the internet of things & artificial intelligence, need for data science across all industries, demand to establish a strong digital existence, rise in spending for data science solutions, presence of digital talent in the industry, and successful implementation which companies understand the tremendous impact insights have on the organizational performance.
On the contrary, the impact of the COVID-19 pandemic may deter the global software analytics market growth over the forecast period.
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The study by MRFR also digs some segmentation of the global software analytics market, which has been done through the solution, service, deployment, organization size, and vertical.
By the segment of service, the global software analytics market has included professional service, support, and maintenance service.
By the segment of deployment, the software analytics market has included cloud and on-premise.
By the segment of vertical, the global software analytics market has included healthcare, IT & telecommunication, BFSI, and retail.
By region, the software analytics market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. Consolidation of major players is adding to the global software analytics market growth in the region. Canada and the US have the utmost share in the market.
In Europe, the software analytics market is predicted to have the second-largest share over the forecast period. Increasing deployment of software coupled with mounting competition amid business enterprises are adding to the global software analytics market growth in the region.
In the APAC region, the software analytics market is predicted to have healthy growth over the forecast period. Expansion and development activities by key industry players, rising investments in software analytical tools, and expansion of the business sector are adding to the global software analytics market growth in the region.
In the Rest of the World, the software analytics market is predicted to have sound growth over the forecast period.
Prominent players profiled in the software analytics market report include Informatica (U.S.), Microstrategy, Inc. (U.S.), Teradata Corporation (U.S.), Microsoft Corporation, Qlik (U.S.), Tableau Software (U.S.), Oracle Corporation (U.S.), International Business Machine (U.S.), SAS Institute (U.S.), and SAP SE (Germany). Industry leaders have incorporated several strategies to stay at the forefront and also cater to the burgeoning needs of the customers, such as acquisitions and mergers, partnerships and collaborations, joint ventures, geographic expansions, contracts, strategic alliances, extensive research and development activities, new product development and new product launches, among others.
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