Statistical Analytics Market Size, Share, Growth Rate, Trends, Analysis, Future

Posted by shweta raj on April 2nd, 2021

Statistical Analytics Market, By Components (Solution, Service), By Solution (Data Mining, Predictive Analytics, Visual Analytics), By Service (Professional Service, Support and Maintenance Service), By Deployment (Cloud, On-Premise) – Global Forecast 2023

Market Overview

Statistical analytics is a segment of data analytics that uses various techniques to collect and analyze structured and semi-structured customer data. These techniques help organizations to unravel hidden trends and patterns within such data. Statistical analytics is used by organizations to gain insights in the relevant market and to aid better, faster decision making. Proliferated technological advancements have led to rapid digitalization of the world. Businesses have started shifting operations to digitized platforms to aid easier data generation, collection and analysis. Businesses want to use such analytics solutions to obtain higher economies of scale, track influential intricacies in market functionalities, and in turn, gain competitive advantage over their peers. Such shift of operations has propelled the demand for statistical analytics by organizations, hence, fueling the market.

With a rise in demand for improved consumer satisfaction, the demand for statistical analytics solutions is catapulting in various sectors such as BFSI, healthcare, foods and beverages, retail, manufacturing, IT & telecommunications, etc. According to the report published by MRFR, the global statistical analytics market is expected to garner a 15% CAGR during the assessment period.

Segmental Analysis

The statistical analytics market is segmented on the basis of component, deployment, organization size, vertical, and region. On the basis of component, the market has been segmented into solution and service. The segment of solution is further segmented into data mining, predictive analysis, visual analytics, forecasting & econometrics and statistical analytics. The segment of service is further bifurcated into professional service and support & maintenance service. On the basis of deployment, the market has been segmented into cloud and on-premise. On the basis of organization size, the market is segmented into small & medium sized enterprises and large-scale enterprises. Based on vertical, the market has been segmented into government & defense, BFSI, IT & telecommunication, healthcare, retail, manufacturing, travel & hospitality, transportation & logistics, and media & entertainment.

According to the MRFR report, the BFSI sector is likely to account for the highest share in statistical analytics market. By organization size, small and medium enterprises account for the largest market share. Cloud based statistical analytics solutions provide various high-end features such as campaign performance measurement, website traffic based on various search filters, and most popular sites. Demand for on-premise deployment services is driven with an increase in the demand for digitally stored data and rapid adoption of cloud-based computing.

Rapid implementation of statistical analytics solutions by small and medium-scale enterprises, and better overall business operations are some of the factors estimated to drive the statistical analytics market. Rising shift from on-premise to cloud based analytics solutions because of improved business growth is yet another factor contributing to the rising demand for cloud-based statistical analytics solutions in the market.

Detailed Regional Analysis

On the basis of regional analysis, the statistical analytics market is segmented into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). North America is estimated to garner the largest share in the statistical analytics market attributable to factors such as better network infrastructure, digitization, and higher technology implementation. In addition, invention of advanced technology and economies benefitting from such invention are the leading causes for accelerated digitization in North America. Furthermore, presence of multiple key players in North America is also deemed to drive the regional market.

Key Players

The prominent players in the statistical analytics market include SAP SE (Germany), SAS Institute (U.S.), Oracle Corporation (U.S.), International Business Machine (U.S.), Tibco Software Inc. (U.S.), Qlik Software (U.S.), Alteryx (U.S.), Statacorp (U.S.), Plug & Score (U.S.), and Lumina Decision Systems (U.S.).

Industry Updates

February 19, 2019: Unifi analytics is a business intelligence tool launched at HIMSS19, by Hologic, that allows management of mammography devices, monitorization of technologist performance, and prevention of unanticipated downtime for healthcare facilities. At HIMSS19, SPH Analytics and Medicision announced a strategic partnership to help health plans improve the quality of care provided to their members and lower related costs.

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shweta raj

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shweta raj
Joined: July 2nd, 2020
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