Future of global data analytics Market

Data Analytics is a key player in a business as it helps improve an organization’s decision making abilities while also assisting in a well-organized analysis of large data sets in real time. The primary purpose for implementation of data analytics is for enterprises to grasp better knowledge about their consumer base and realize their target audience in order to build the foundation of their marketing strategies around their target audience

The technologies that are used in data analytics today are just the tip of the iceberg. The real potential of data analytics is yet to be tapped into. Data Analytics is an arena that can fundamentally change how a business works. What is considered to be an impossible feat, is most likely to be made possible and extremely uncomplicated once data analytics is implemented in its optimum capacity.

The analysis of data has an entire process, from a starting point to an ending point which provides intelligence which is then supposed to be translated into effective action. The cycle can be explained as:

• Description: This is the first and foremost stage which requires addressing of the problem and describing what the problem is really all about.
• Diagnosis: This stage focuses on finding the root cause of the problem; going into great detail and search for answers as to why and how did it happen.
• Discovery: Once the causes have been highlighted and understood, the next step is to familiarize ourselves with the gravity of the situation, and what knowledge we can acquire from it.
• Predictive: As the name suggests, this stage accounts for making oneself aware about the likely outcomes of the problem, how it is going to impact a business, either negatively or positively.
• Prescriptive: It all comes down to this final stage of prescriptive analytics. All the information that has been acquired from the previous stages needs to be converted into a plan of action which will determine the path that a business has to take in order to achieve the desired results

As successful data analytics is at present, its real prospects still haven’t been realized which seems to portray it as a mediocre system as against what it can be. Data analytics holds the power to help a business grow exponentially.

The opportunities with data analytics are endless. The Market Research Future (MRFR) has published in its report that the global data analytics market is predicted to grow at a 28.9% CAGR between the forecast period from 2016 to 2026.

The global data analytics market is expected to grow tenfold with constant development and new discoveries that are being made in the field almost everyday. Data analytics can completely transform the way we do our business and even the way we live.