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Key Emerging Trends in the Data Analytics Market
The world is experiencing a massive surge in data production and use. This surge is being driven by the rise of mobile technology like smartphones and tablets, as well as improvements in mobile networks and Wi-Fi. From 2010 to 2020, the amount of data produced, recorded, copied, and used worldwide skyrocketed by around 5,000%, leaping from 1.2 trillion gigabytes to a staggering 59 trillion gigabytes. To put this in perspective, in 2020 alone, users were generating 1.7 megabytes of data every second.
As more people gain access to the internet, the number of internet users and searches is also increasing. Projections suggest that by January 2021, around 4.66 billion people—about 60% of the world's population—will be connected online, marking a significant increase from the 2.6 billion users in 2013. The recent pandemic has further accelerated this surge in data creation. Lockdowns worldwide led people to stay home, prompting an increase in internet usage and remote work. With more people using social media and connected devices, an enormous amount of data was generated. This surge in data has intensified the demand for data analytics among businesses.
Data analytics is crucial in making sense of this vast amount of information. As more individuals go online, it presents an incredible opportunity for companies to use data in innovative ways, gaining deeper insights into their customers, strengthening business strategies, and establishing digital platforms using cloud computing, social networking, mobility, and big data. During the pandemic, the healthcare sector heavily relied on big data and predictive analytics to understand and manage the virus. Hospitals and healthcare systems utilized predictive models to assess the risk of the pandemic, its impact on resources, and the outcomes of diseases. The surge in social media users and connected devices has significantly contributed to the immense volume of data, creating a greater need for data analytics within organizations.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Rise in adoption of technologies and big data analytics. |
| Market Dynamics | A sharp increase in data volume. Rise in data connectivity through cloud computing. Incorporation of digital transformation in top-level strategies. |
Data Analytics Market Highlights:
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