Data analytics is the core of digital transformation that makes businesses excel in the industry
Data analytics is becoming an important part of modern businesses. Most organizations are realizing the potential of investing in robust big data analytics tools that promise cost savings, increased revenue, and productivity gains. More than 90% of the global businesses are investing in their organization’s digital transformation initiatives, and data analytics is playing a huge part in this. The data analytics market potential growth difference will be US$196.47 billion from 2021 to 2026, as per the latest market analysis report by Technavio. The report also identifies the market to witness an accelerating growth momentum at a CAGR of 13.54% during the forecast period. The extensive use of modern technology in company operations is notably driving the data analytics market growth, although factors such as the integration of data from different sources may impede the market growth.
Gartner defines the data and analytics services market as composed of consulting, implementation, and managed services for decision, analytics, and data management capabilities. These are executed on technology platforms that support an organization’s fact-based decision-making for digital transformation. Services may include commercial off-the-shelf (COTS) solutions and proprietary assets, focusing on business use cases and outcomes, as well as information infrastructure and governance. Data and analytics service providers also offer asset-based consulting via domain-specific solutions or integrated platforms composed of their own packaged applications, repeatable methods, and reusable analytic frameworks. These solutions can be delivered as both on-premises and cloud-based managed services.
Data and analytics service providers are helping to shape the future of information technology. Businesses require data solutions that can serve any number of different use cases, and in the case of data analytics services, it can range from consulting to deployment assistance and much more.
Today, almost every business across industries is heavily pouring capital towards data analytics by shifting their focus on accumulating, processing, and utilizing data to improve effectiveness in business processes. Most data and analytics service providers (ESPs) have well-established capabilities and similar services and solutions. Differentiating between these providers is becoming more challenging, making the selection process more complicated.
Data Analytics allows the staff to look at the information in a particular context and create smarter business choices to attain improved products and services. The usage of advanced analytical processes for business automation and task optimization is more in 2021. It’s no surprise that data and analytics have become crucial tools across various organizations worldwide.
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