Market Overview
Market Research Future (MRFR), in its latest report on the global statistical analytics market 2020, releases the current and long term influence of SARS-CoV-2 pandemic on the market through the review period. As per MRFR study, the expansion of the global statistical analytics market can be at 15% CAGR across the assessment period. The high need to meet improved consumer satisfaction is boosting the demand for statistical analytics solutions across multiple sectors, such as; foods and beverages, BFSI, healthcare, IT & telecommunications, retail, and manufacturing among others. This is expected to impel the rise of the market across the review period. The booming e-commerce field of business can gain substantially high annual revenue across the study span. Statistical analytics techniques aid organizations to understand hidden trends and data patterns that can aid investors in making the right decisions. Proliferated technological advancements and digital solutions can bolster the market rise.
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Segmental Analysis
The segment study of the statistical analytics market is based on organization size, component, deployment, and vertical.
The component based segments of the statistical analytics market are solution and service. The solution segments are forecasting & econometric, data mining, visual analytics, predictive analysis, and statistical analytics. The service segments area professional, and support & maintenance service. The increase in the rate of deployment of statistical analytics solutions across major enterprises can promote the expansion of the market across the assessment period. The high utility of predictive analysis to boost operation performance is expected to impel the expansion of the market across the analysis period.
The deployment based statistical analytics market segments are cloud and on-premise. The increase in the demand for cloud solutions for statistical analytics can impel the expansion of the market in the near future.
The organization size based segments of the statistical analytics market are small & medium sized enterprises and large-scale enterprises. The large scale adoption of statistical analytics solutions and services by SMEs to deliver high quality solutions can impel the expansion of the market across the review period.
The vertical based segments of the statistical analytics market are IT & telecommunication, government & defense, transportation & logistics, healthcare, BFSI, retail, travel & hospitality, manufacturing, and media & entertainment. Healthcare and retail are high consumers of statistical analytics, which can promote the expansion of the market across the review period.
Detailed Regional Analysis
The statistical analytics market in North America can rise at a considerably high pace due to rise in the need for effective analytics solution in top notch enterprises. The increase in the need for statistical analytics in the booming automobile sector is attributed to the expansion of the regional market. Additional factors, such as; highly effective network infrastructure, rapid implementation of higher technology, and digitization can prompt the expansion of the statistics analysis market in North America. In Europe, the expansion of the product portfolio driven by advanced technology and hefty investment made in them are likely to propel the rise of the regional market through the assessment period. In rising economies of EU, the statistical analytics market can rise at a decent pace. In Asia Pacific, the fast growing e-commerce sector and increase in the need for effective supply chain solutions can propel the rise of the market through the study period.
Key Players
Statacorp (U.S.), SAS Institute (U.S.), Tibco Software Inc. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Plug & Score (U.S.), International Business Machine (U.S.), Qlik Software (U.S.), Alteryx (U.S.), and Lumina Decision Systems (U.S.) are some reputed players in the worldwide statistical analytics market.
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