The data analytics industry is the collection, processing and analysis of large and complex data sets to extract information and inform decision-making. It encompasses a wide range of techniques and technologies, such as big data analytics, business intelligence, predictive analytics and data visualisation.
The sector is experiencing rapid growth, as seen in the report, due to the increasing availability of data, technological advances and growing demand for data-driven information in various sectors. Businesses and organisations use data analytics to gain a competitive advantageThe sector offers a wide range of career opportunities for professionals with skills in data science, machine learning and data engineering. The sector offers a wide range of career opportunities for professionals with skills in data science, machine learning and data engineering.
There are many benefits for a company using different data analytics technologies. The most important ones are mentioned in the report, such as improving insight and predictive analysis of current and past data, understanding structured and unstructured data for more comprehensive future planning, or enabling machine learning and AI tools (e.g., machine learning and AI).a market also analysed by Baker Tilly). It also assists in troubleshooting network and security issues, enabling operations with AIOps and use of Artificial Intelligence, among others.
There are 4 main types of Data Analytics . Descriptive (describes what has happened in the past), diagnostic (identifies the causes of patterns and trends observed in the descriptive analysis), predictive (uses statistical models and machine learning algorithms to predict future events) and prescriptive (suggests solutions or actions to take advantage of opportunities or avoid future problems).
On the other hand, the qualitative part of the report also provides information on some of the most active niches in the sector. By identifying through the NLP (Natural Language Processing) these niches, being this technology also an important part of the data analysis itself.
At the same time, 7 trends for 2023 are mentioned that are based on emerging technology and also emphasising the large amount of data that is currently being generated and how to manage it without losing the quality of the data, which is very valuable for any company.
With regard to the quantitative part, the first part refers to the financing made by companies in the sector. It can be seen that the trend is more than positive considering that 2022 was an exceptional year, although it is true that in 2022 there have already been rounds of considerable size. It also shows that the country with the most financing is the United States, which, together with Canada, accounts for more than 50% of the market, followed by Europe and Asia. It also shows information on funding segmented by the different categories.
On the other hand, with regard to the acquisitions, there is also a more than positive trend, with a total of 340 acquisitions by companies in the sector or 408 companies acquired in the sector. Although it is true that, as with financing, the year 2021 had higher numbers due to the fact that it was an exceptional year.
A very important section of the report is related to the maturity of the sector, as it identifies the sub-sectors and types of companies that belong to the innovation, growth or consolidation stages. Finally, the latest acquisitions, investments and IPOs of companies in the sector are shown.
In conclusion, it could be said that the data analytics sector is a sector with a lot of growth and potential in the future and with thousands of possibilities in which to implement it. The investment and transactions of this type of companies prove it.