Industry

Data Analysis Tools Market – The Growing Trend of Connected Devices Drives Demand

Press Release

Data analysis includes data cleansing, modeling, inspecting, and transforming in order to extract useful information which helps to take some conclusions and decisions for the betterment of organizations. Data analysis can be done by numerous methods such as comprise data mining, text analytics, business intelligence, and data visualization.

The data analysis tools market could be segmented based on service, organization size, type, end-use industry, deployment model, and region. Based on the type, the data analysis tools market is segmented into BI platforms, CPM suites, content analytics, predictive and advanced analytics, and analytics applications. Based on organization size, the data analysis tools market is segmented into small and medium enterprises and large enterprises. Based on service, the data analysis tools market is divided into professional and managed services. Based on the deployment model, the data analysis tools market is segmented into the cloud and on-premise. Based on end-use industry, the market is segmented into BFSI, healthcare, IT and telecom, energy and power, retail, manufacturing, education, government, media & entertainment, and others.

The report includes an inclusive study on the data analysis tools which includes factors which are influencing the growth of the data analysis tools market. This information is compiled together from trustworthy information sources such as white papers, press release, and news updates. Another important section of the report is a competitive landscape that provides detailed information of the prominent players operating in the market. This information such as company history, annual turnover, mergers and acquisitions (M&A) activities, new product launches, SWOT analysis, and the most recent research and development (R&D) activities. Additionally, information on some other strategies adopted by players for collecting major share in the global data analysis tools market.

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Currently, digital data has grown substantially. The proliferation of the Internet of things (IoT) is creating huge growth in digital information. From past few years, more than 85% of digital data of current data is generated. This growth is attributable to the growing trend of connected devices and the organizations demanding this data from the past few years for data mining and business expansion. In order to achieve this, numerous organizations are adopting the data analysis tools which in turn is propelling the growth of the data analysis tools market.

However, complexity in the configuration of data analysis tools is limiting the growth of the global data analysis tools market. Nonetheless, a number of enterprises are increasingly adopting the cloud services adoption. Additionally, some of the organizations are migrating from on-premise to cloud platform which is expected to offer lucrative growth opportunities for key players operating in the data analysis tools market globally, and chiefly in the developing regions such as North America and developing regions such as Asia Pacific market. 

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