Digital Analytics Market Overview
Digital Analytics Market size is estimated to reach $8.91 billion by 2026 at a CAGR of 17.6% during the forecast period 2021-2026. Digital analytic tools enable organizations to analyze digital data from varied sources such as mobile application, email marketing, websites and many other data collected methodologies to obtain valuable insight for better business operation. The Digital Analytics Industry is largely driven by the exponential surge of e-commerce, social media platforms and growing digital intelligence solutions, coupled with increasing mobile workforce trends. The huge investment in digital analytics due to significant demand of consumer and machine data developments to formulate more effective decisions pertaining to strategic and operational application have accelerated the market growth. Moreover, the rising workloads demographic transformation to the cloud, increasing adoption of the IoT as well rise of Social Platform and E-commerce platforms for aiming consumer-centric service approaches are some of the factors that drive the growth of the Digital Analytics Market.
- North America dominated the Digital Analytics Market owing to the competitive landscape, best-in-class hybrid cloud providers, early adoption of business analytics solutions and the presence of several prominent vendors.
- The huge investment in Business Analytics and adoption of IoT have propelled the growth in the Digital Analytics Market
- The rising penetration of Social Media Analytics is driving the market growth of Digital Analytics.
Digital Analytics Market, By Region, 2020
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Digital Analytics Market Segment Analysis - By Deployment Type
By Deployment Type, the Digital Analytics Market is segmented into On-Premise, Web-Based and Cloud Based. The Cloud based is analyzed to hold highest share and grow at highest CAGR of 52% during the forecast period 2021-2026 as large scale of enterprises are adopting cloud-based business analytics, and prioritize all the other cloud based solutions for data storage. In June 2020, the National Highway Authority of India (NHAI) adopted complete digital operation with the launch of cloud-based and artificial intelligence-powered big data analytics platform, named as Data Lake and Project Management Software. This significant transformation to “full digital” offers portal-based decision-making to get flexible and enhanced transparency. Therefore, the rapid adoption of cloud-based advanced analytics and emerging migration of companies from manual to the online portal based are some of the key factors which are driving the growth of the Digital Analytics Market.
Digital Analytics Market Segment Analysis - By End Users
By End-User, the Digital Analytics Market is segmented into Food and beverage, Healthcare, Fashion-Beauty-Luxury, IT & Telecom, Market Research, Hospitality-Leisure-Travel, Media, Banking, Financial services and insurance (BFSI), Retail & E-commerce, Energy & Utilities and others. IT & Telecom industry is estimated to register the highest share of 54% in 2020, owing to the upsurge in adoption of urbane BI technology solution to explicitly design the truly customer-centric approaches. Digital transformation is influencing various companies to develop their business models according to the new market realities, which are increased online experience, and product customization, all while enhancing conversation. In June 2020, IBM acquired Spanugo, a US-based provider of cloud cybersecurity posture management solutions. This strategic acquisition offers secure, compliance-ready and industry-specific public cloud solution to several clients in highly regulated industries. The exponential demand of advanced cloud-based digital analytics for estimating Consumers' interests, buying habits, and past interactions, significantly contribute to the Digital Analytics Market growth over the forecast period.
Digital Analytics Market Segment Analysis - By Geography
North America dominated the Digital Analytics Market in 2020 with a share of 43%, owing to the competitive landscape, best-in-class hybrid cloud providers, early adoption of business analytics solutions and the presence of several prominent vendors in the U.S. and Canada like Google, Salesforce, Oracle and Webtrends, which have led to the robust foundation of analytic solution for intelligent decision-making. To generate unmatched value from data to aim strategic advantage and promote digital transformation, Google acquired Looker in February 2020, a data analytic startup to deliver open solutions through public cloud and on premises. Asia Pacific is estimated to be the fastest growing region owing to a significant growth in the number of SMEs and E-commerce along with the growing implementation of the analytical solutions to track useful insights into consumer behavior among various end-users such as retail and hospitality. In May 2020, Accenture acquired Byte Prophecy, an automated insights and big data analytics provider. The acquisition strengthens the implementation of data-driven business initiatives, and to support the rising demand for enterprise- scale AI solutions and digital analytics across India. Such initiatives have propelled demand of the Digital Analytics market tools in these regions.
Digital Analytics Market Drivers
Huge investment in Business Analytics and adoption of IoT
Digital analytics solutions are extensively adopted across multiple industry verticals like retail, consumer goods, healthcare, telecommunication, travel and hospitality. Today, every kind of enterprise requires observing both quantitative and qualitative digital data, and thus, in October 2020, a global leader in enterprise data, TIBCO Software Inc. acquired Information Builders, Inc. to seek access to a broader set of analytics and technology and unlock the potential outcome. The digital analytics platforms are being widely deployed on demand and this cloud based deployment to manage the massive surge in structured and unstructured data. The city of Louisville stated last year that a five-to-one return for every dollar of cost to the city by investing in analytics and performance management solution. Furthermore, it is stated that the city increased the amount to $2.5 million of fees and fines by just integrating data analysts to examine the data. Hence, the rising adoption of IoT has propelled the growth in advanced analytics and data volumes to seek data-driven decision-making progress are some of the factors that are driving the market growth of Digital Analytics industry.
Rising penetration of Social Media Analytics
The growing implementation of Social Media Analytics, such as HubSpot, Google Analytics, Sprout Social and BuzzSumo, for utilizing generated data about business websites increases performance and competitiveness is driving the market positively. In September 2020, HubSpot launched an upgraded Sales Hub Enterprise platform that enables businesses to thrive in this Covid-19 pandemic environment. To seize new opportunities, HubSpot introduced new features and updates to support business organizations with astounding ability to unify their marketing, sales, and service efforts for seeking better customer experience. This new version platform observes majorly on smarter insights such as customer-centric data estimation, trends and strong granular data controls. In addition, the Coronavirus outbreak has escalated the Digital Analytics technologies to discover lucrative opportunities, and mitigate risk for the various businesses in the industry.
Digital Analytics Market Challenges
Rising concerns about Data Security
The enormous amount of data collected from various platforms across the globe raises severe security vulnerabilities. Presently, many SMEs organizations are reluctant to implement adequate cyber and data security solutions to prevent upfront and maintenance costs for managing corporate crimes. Furthermore, the exponential generation of unstructured data from different platforms, like audio, video and social media, attracts numerous cyber and malware threats, which raise security concerns that are witnessed to hinder the growth of the Digital Analytics industry outlook.
Digital Analytics Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Digital Analytics Market. Digital Analytics Market top 10 companies include Blast Analytics & Marketing, AT Internet, Google Analytics, Enquero. (Genpact), Oracle Corp., SAS Institute Inc., LatentView Analytics, Webtrends Inc, HubSpot, Nabler Web Solutions Pvt. Ltd and many more.
- In October 2020, Google launched an updated Google Analytics, enabled with machine learning based consumer behavior tracking capabilities, which offers important updates to enhance marketing decisions and finally, better ROI.
- In May 2020, Oracle launched Oracle Analytics for Cloud HCM, a ready-to-use workforce analytics that enables organizations to aim deeper insights and comprehensive view into data, which boost business performance. Specifically, in the region of Asia-Pacific, an increasing number of SMEs and large enterprises are shifting from traditional business intelligence practices toward advanced data insight products for interpret behavioral data and new pioneer developments
Report Code: ITR 0051
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