70 Relevant Analytics Statistics: 2021/2022 Market Share Analysis & Data
Analytics has changed the business landscape in many ways, providing organizations actionable insights that yield positive results. Largely for this reason, more companies have been adopting data analytics and data visualization software. Most businesses now rely on data analysis for uncovering customer data and boosting productivity and improving project management. It complements the use of robust business intelligence tools by turning information into insightful reports. What’s more, these insights could result in the accidental discovery of ideas that prove significant in the long-run.
Aside from its numerous uses and benefits in business, we have also seen how analytics plays a crucial role in fighting the COVID-19 pandemic. Business leaders and governments needed solutions that can be implemented in just a few daysーnot even weeks or months, which put AI and advanced analytics to the test.
Now, these benefits alone may already have you pondering the adoption of analytics. However, there are many other ways by which analytics can help you grow your business. Here, we have compiled the most current analytics statistics data. As you’ll find out, these figures reflect the technology’s effectiveness in improving processes. After this reading, you will learn more about analytics and also gain a better appreciation of statistics and their benefits to your organization.
Business Analytics Software Market Statistics
The analytics market growth is seen to continue as companies try to leverage such tools to gain valuable insights. These platforms provide users with data-driven insights by conducting predictive analysis. The analytics market size is seen to grow to a $57 million industry by 2023. The Asia Pacific region is expected to take the largest share of the cloud-based business analytics software market. The influx of more sophisticated artificial intelligence tools is seen to influence growth. Just look at the current AI statistics to find out more. Find out more about how the market is expected to perform by reading the statistics below.
The Big Data Analytics market is projected to reach $ 105.08 billion by 2027 at a CAGR of 12.3% throughout the forecast period from 2019 to 2027 (Businesswire, 2020).
$57 million – The estimated total value of the business analytics software market in 2023 (Allied Market Research).
Small- and medium-sized businesses are seen to drive the market’s growth (Allied Market Research).
The Asia-Pacific region will experience the highest growth at a CAGR of 12.10% (Allied Market Research).
Customer analytics are expected to retain domination of the market in 2023 (Allied Market Research).
Hybrid deployment is projected to have the highest growth (Allied Market Research).
Amazon Web Services still dominates the analytics market with earnings of $10.8 billion for Q2 2020 (CloudTech, 2020).
North America leads the big data analytics market and accounts for a share of more than 35% of the total revenue (Businesswire, 2020).
47% of enterprises’ analytics platforms are cloud-based in 2020, up from 39% in 2018 (MicroStrategy, 2020).
65% of global enterprises increased their analytics spending in 2020 (MicroStrategy, 2020).
27% of organizations worldwide cite security as the most important factor in selecting an analytics solution (MicroStrategy, 2020).
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Factors Companies Consider When Selecting Analytics Software
Factors Companies Consider When Selecting Analytics Software Security: 27
Factors Companies Consider When Selecting Analytics Software Comprehensive platform: 17
Factors Companies Consider When Selecting Analytics Software Ease-of-Use: 17
Factors Companies Consider When Selecting Analytics Software Enterprise scalability: 15
Factors Companies Consider When Selecting Analytics Software Single source of truth: 7
Single source of truth
Data Science Jobs Statistics
The rise in the use of analytics has paved the way for the creation of new executive positions and job categories in the corporate world. Data science professionals are needed to fill in these positions, leading to the development of a new breed of labor force. Learn more about this new job category by reading the following statistics.
Is data science in high demand?
2.72 million – The estimated number of job postings for analytics and data science roles in 2020 (MicroStrategy, 2020).
95% of employers say that data science and analytics are skills that are hard to find (MicroStrategy, 2020).
59% of finance and accounting managers say data science and analytics skills will be required of all managers by 2020 (MicroStrategy, 2020).
There will be an estimated 11.5 million new jobs by 2026 for data science (BLS, 2017).
About 80% of global companies are investing in a data analytics division; thus, creating the demand for data analysts/scientists (Word Data Science Initiative).
By 2022, the income of data scientists will rise to as high as $130,176 (Deloitte, 2018).
Data analytics job role
Men outnumber women in data analytics jobs—72% compared to only 23%. But there are more women in the field than ever before (Informs, 2020).
53% of companies still rely on their chief executive officers for their data and analytics agenda (McKinsey, 2018).
57% of businesses say they have a chief data officer (MicroStrategy, 2020).
59% of companies say they have a system administrator (MicroStrategy, 2020).
Impact of COVID-19 on Data and Analytics Professionals
No profession is immune to Covid-19. In a survey, 13% of data and analytics professionals said their companies were either furloughing or laying off people (TDWI, 2020).
40% of respondents said that there was a freeze on hiring data and analytics professionals at their companies (TDWI, 2020).
In early May 2020, only .5% among 70,000 survey respondents and contacts of the recruitment agency, Burtch Works, were in the office. This scenario widens the talent pool but can also affect community and culture within an organization and long-term productivity (Informs, 2020).
Business and Analytics Statistics
Large enterprises were the first to recognize the value of analytics. Businesses’adoption of such systems continues, resulting in the formulation of new strategies, job roles, and changes in the overall business landscape. Analytics further enhance business intelligence software benefits to optimize organizations’ use of data. The following are some of the latest statistics on how businesses have been working with analytics.
Why is data analytics important in business?
36% of companies say data and analytics have resulted in a moderate change to industry-wide competition (McKinsey, 2018).
32% of companies have altered longer-term strategies in response to changes brought about by data and analytics (McKinsey, 2018).
7% of marketers say they are effectively able to deliver real-time, data-driven marketing engagements across both digital and physical touchpoints (CMO).
94% of business and enterprise analytics professionals say data and analytics are critical to their organization’s digital transformation programs (MicroStrategy, 2020).
In the US, 94% of hospitals have adopted Electronic Health Records (EHRs) to support the digital transformation of health data (Data Pine, 2020).
57% of enterprise organizations use data and analytics to drive strategy and change (MicroStrategy, 2020).
60% of companies around the world use data and analytics to drive process and cost-efficiency (MicroStrategy, 2020).
53% of businesses adopted big data analytics in 2017 (Research Gate, 2019).
78% of organizations believe that they are using and data and analytics effectively (MicroStrategy, 2020).
78% of organizations have added existing offerings by data monetization (McKinsey, 2018).
How is data analytics used in the fight against COVID-19?
Deep-learning is being used to identify COVID-19 with 95% accuracy using CT scans (Medrxiv, 2020).
AI technology was instrumental in tracking the first indications of an outbreak when epidemiologists identified a string of pneumonia cases in Wuhan, China (TDWI, 2020).
Analytics is also essential in management as 69% of C-suite executives said they are investing in more technology during the current pandemic (CMS Wire, 2020).
57% of C-suite executives have been trying various data and analytics platforms in the last six months (CMS Wire, 2020).
21% of C-suite executives are trying artificial intelligence and machine learning (CMS Wire, 2020).
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Benefits Companies Get from Using Analytics
Benefits Companies Get from Using Analytics Improved efficiency and productivity: 64
Improved efficiency and productivity
Benefits Companies Get from Using Analytics Faster, more effective decision-making: 56
Faster, more effective decision-making
Benefits Companies Get from Using Analytics Better financial performance: 51
Better financial performance
Benefits Companies Get from Using Analytics Identification and creation of new product and service revenue: 46
Identification and creation of new product and service revenue
Benefits Companies Get from Using Analytics Improved customer acquisition and retention: 46
Improved customer acquisition and retention
Benefits Companies Get from Using Analytics Improved customer experiences: 44
Improved customer experiences
Benefits Companies Get from Using Analytics Competitive advantage: 43
Source: MicroStrategy 2020
Business Data Statistics
Data crunching has been part of the business landscape for a long time. However, it is only now that information gathering, processing, and management have been put in the spotlight. Moreover, the speed of data creation is also a key consideration. This development does not only involve businesses but consumers as well. Let’s take a look at some statistics on business data.
Enterprises will generate and manage 60% of the 163 zettabytes of data by 2025 (IDC, 2017).
163 zettabytes – The total amount of data created worldwide by 2025 (IDC, 2017).
The rise in the use of sensors and devices will fuel the increase in the amount of global data (IDC, 2017).
More than 25% of data will be created in real-time (IDC, 2017).
The Internet of Things will create 95% of the total data by 2025 (IDC, 2017).
Only 3% of business professionals say they can act on collected customer data (HBR, 2017).
21% of business professionals say they can work only on very little customer data (HBR, 2017).
Public cloud environments will house 49% of the world’s stored data in 2025 (IDC, 2018).
36% – The estimated consumers’ share of data by 2025 (IDC, 2018).
Businesses Insights Statistics
The use of analytics results in companies gaining valuable business insights, thanks to its synergy with business intelligence tools. All you have to do is take a look at the latest business intelligence statistics to affirm this. Just take a look at some business insights statistics below.
Insights-driven businesses are 137% more likely to differentiate with data and analytics (LinkedIn, 2018).
Less than 10% of companies insights-driven (Deloitte, 2019).
86% of insight-driven businesses continually act on intelligence to optimize outcomes (Forrester, 2016).
78% of insight-driven organizations are more likely to grow revenue with system insights (Forrester, 2016).
23X – The likelihood of data-driven organizations acquiring customers (McKinsey, 2019).
Insights-driven organizations are 3X more likely to leverage advanced data science tech (Forrester, 2016).
52% of companies worldwide leverage advanced and predictive analytics (MicroStrategy, 2020).
59% of organizations around the world use big data analytics (MicroStrategy, 2020).
30% – the growth rate of insights-driven businesses (Forrester, 2018).
$1.8 trillion – The estimated revenue that insights-driven companies will take from less-informed competitors by 2021 (Forrester, 2018).
Also, top-performing companies also use data visualization tools in tandem with analytics tools to simplify complex data. Moreover, this is what separates insight-driven companies from the rest. These organizations tend to focus on important things like customer experience while being more profitable than the competition.
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Barriers to the Effective Use of Analytics
Barriers to the Effective Use of Analytics Data privacy and security concerns: 49
Data privacy and security concerns
Barriers to the Effective Use of Analytics Limited access to data: 33
Limited access to data
Barriers to the Effective Use of Analytics Lack of training: 29
Lack of training
Barriers to the Effective Use of Analytics Solutions are not user-friendly: 28
Solutions are not user-friendly
Barriers to the Effective Use of Analytics Organizations lack proper technology: 26
Organizations lack proper technology
Barriers to the Effective Use of Analytics Organizations lack an analytics strategy: 24
Organizations lack an analytics strategy
Barriers to the Effective Use of Analytics No centralized tool for capturing and analyzing data: 21
No centralized tool for capturing and analyzing data
Barriers to the Effective Use of Analytics Analytics use is not a key focus for executives: 20
Analytics use is not a key focus for executives
Leading Data Visualization Software
Sisense. A data analytics and visualization tool equipped with features like the Elasticube and customizable dashboards to help you gather, analyze, and visualize data in real-time. Learn more about it in this Sisense review.
Looker. A data-discovery application with exportable reports, collaboration tools, and a drag-and-drop interface that lets you discover patterns and generate insights. For more details, view our Looker review.
Kibana. An easy-to-use data visualization and analysis program sporting features like anomaly detection, relationship analysis, and URL embedding. Learn how it can help you make data-driven business decisions in our Kibana review.
PeriscopeData. An advanced data analytics platform with great visualization features, custom visuals, and easy data discovery. For more information, check out our Periscope Data review.
MATLAB. A go-to data analysis and visualization solution with tools for data aggregation, training, scaling, and reference-standard algorithms. To see what else it has to offer, read our MATLAB review.
User Connectivity & Data Storage Statistics
One of the main reasons for the abundance of information is the ever-growing connection of consumers with businesses. Connectivity is made possible by the onset of new technologies and devices, which make connectivity more effortless than ever before. Also, since increased user connectivity results in the creation of more data, it just follows that data storage would likewise receive upgrades. The following are some of the most recent stats on user connectivity and information storage to date.
Adoption of cloud storage will rise: 39% of businesses use cloud-based storage infrastructure (i.e., on Azure or AWS), and an additional 20% plan to by 2022 (Spiceworks, 2019).
It is predicted that by the end of 2021, there will be 7.2 million data centers in the world (Statista, 2021).
In the same year, around 1,327 exabyte (EB) data would be stored in data centers (Statista, 2021).
150+ billion – The estimated number of connected devices across the globe by 2025 (IDC, 2018).
4,900 – The estimated amount of digital data engagement by the average connected person by 2025 (IDC, 2018).
The storage capacity needed across all media types from 2018 to 2025 will reach 22 zettabytes (IDC, 2018).
The media storage capacity required from the HDD industry will reach 59% (IDC, 2018).
26% – The media storage capacity required from the flash technology sector (IDC, 2018).
31% – The US share of public cloud storage in 2025 (IDC, 2018).
13% – China’s share of public cloud storage in 2025 (IDC, 2018).
Cloud security is still a concern with only 31% of companies saying they are as comfortable storing data in the cloud as they are on-premises (Spiceworks, 2019).
How To Use These Statistics
Analytics has indeed come a long way, carving a path into the very heart of organizations. We also see how in the time of a pandemic, analytics and various technologies are crucial in providing timely and reliable information to support society and save lives. Proof of this lies in the statistics that we have provided you in this article. However, knowing about analytics is not enough. You can leverage these statistics to improve the way you run your business.
To use these statistics, you must learn from them. Do this by taking note of how businesses have been using analytics to create better processes and make smart decisions. Also, identify ways by which to build a sustainable analytics program. Find out what types of professionals would be useful to your cause and go about recruiting them. Now, there are third-party systems that can help you get the most out of analytics software. Consider investing in top business intelligence solutions, and you’ll be on the path to becoming an insights-driven organization.
Lastly, there is the matter of getting your hands on analytics software. However, don’t go rushing into a deal yet. Take time to know a platform’s features, limitations, and benefits before signing that dotted line. It is only by doing this that you can get to know the best analytics solutions there are.
The 2020 global state of enterprise analytics. (2020). MicroStrategy.
Chen, J., Wu, L., Zhang, J., Zhang, L., & Yu, H. (2020, March 1). Deep learning-based model for detecting 2019 novel coronavirus pneumonia on high-resolution computed tomography: A prospective study. medRxiv.
A senior FinancesOnline writer on SaaS and B2B topics, James Anthony passion is keeping abreast of the industry’s cutting-edge practices (other than writing personal blog posts on why Firefly needs to be renewed). He has written extensively on these two subjects, being a firm believer in SaaS to PaaS migration and how this inevitable transition would impact economies of scale. With reviews and analyses spanning a breadth of topics from software to learning models, James is one of FinancesOnline’s most creative resources on and off the office.
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