According to a research report "COVID-19 Impact on Analytics Market by Components, Verticals and Region - Global Forecast to 2021" published by MarketsandMarkets, the COVID-19 impact on the global analytics market size to grow from USD 25.4 billion in 2019 to USD 33.8 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 15.5% during the forecast period. The major factors driving the growth of COVID-19 impact on the analytics industry include increasing demand for digital transformation, increased investments in analytics, growing demand for remote services and location data, and increasing need for real-time information to track and monitor the COVID-19 spread.
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By industry vertical, healthcare to grow at the highest CAGR during the forecast period
The analytics market is segmented into ten industry verticals: Banking, Financial Services and Insurance (BFSI), government and defense, healthcare, manufacturing, retail, media and entertainment, telecommunications and Information Technology (IT), transportation, energy and utilities, and others (travel and hospitality, oil and gas, real estate and construction). During the COVID-19 pandemic, the healthcare industry vertical is under immense pressure to enhance and provide PPE, ventilators, prophylactic, and anti-viral drugs, across the world. Healthcare organizations are using advanced technologies, such as analytics, AI, and machine learning to analyze the complex data around COVID-19 to monitor and reduce the impact of the virus.
North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global big data market. The region is witnessing significant developments in terms of adoption and investments in technologies such as analytics, AI, and ML. The growth in the demand for digital technologies for business transformation and continuity is driving the implementation of different analytical solutions among industries. Most of these industries are relying on analytical solutions to create different predictive or prescriptive models so that they can sustain the impact of COVID-19. North America, a manufacturing-driven economy, has already felt the impact of COVID-19 in most of its industries. For instance, automobile giants, such as Ford, General Motors, and Fiat Chrysler, have closed down all the US manufacturing plants to slow down the spread of the virus.
The report includes the study of the key players offering analytics solutions and services. Major vendors in the global analytics market include Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Google (US), Adobe (US), Talend (US), Qlik (US), TIBCO Software (US), Alteryx (US), Sisense (US), Informatica (US), Splunk (US), Hitachi Vantara (US), Information Builders (US), AWS (US), SAP (Germany), Salesforce (US), Micro Focus (UK), MicroStrategy (US), Gorilla Technology (US), and ThoughtSpot (US).
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