So what is data analytics?
It’s the process of analyzing raw data to derive meaningful business insights.
As a business, predicting consumer behavior is essential to staying profitable, but it’s really difficult to identify these patterns without robust data analytics.
A study by Accenture revealed that 88% of businesses struggle to keep up with customer behaviors. Many of them lose clients and revenue because of it.
If you’d like to always remain relevant in a very volatile market where your consumer’s needs and preferences can easily change on a whim, getting the latest data analytics statistics is the first step to staying several steps ahead.
This data will additionally inspire you to leverage analytics to improve your business intelligence and identify opportunities to expand into new markets.
In this article, we’ll discuss crucial data analytics statistics & trends shaping business organizations in 2024 to help improve profitability and competitiveness.
Let’s get started.
I. Data analytics market statistics
So what is the state of the data analytics market?
Fueled by innovative new technologies, this industry is growing at an unprecedented rate. We’re seeing many businesses channel funds into these solutions, particular from the retail industry.
For more information, I’ve rounded up the following data to get us started:
1) $51.55 billion was the value of the global data analytics market in 2023, with this market growing at a compound annual growth rate (CAGR) of 27.3%. So this market is almost doubling in size every three years. (Source – FBI)
2) 34.68% is the segment held by the North America region in the global data analytics market. While several factors are behind this dominance, the biggest is the presence of several tech companies that are continuously innovating in the field. (Source – FBI)
3) 66% of companies in Asia invested in first-party data collection in 2022. This involves collecting data directly from your customers, and it’s a great way for your business to get reliable data for personalization. (Source – FBI)
4) 52% of businesses accelerated their plans to invest in the data analytics market due to the Coronavirus pandemic. This massive disruption was a huge wake up call but you shouldn’t wait for disruptions to act. (Source – FBI)
5) There has been a 69% increase in the amount of funds the US retail industry is investing in data analytics. With data analytics in retail, you can predict inventory needs with greater accuracy and maximize sales opportunities and profits. (Source – FBI)
6) 35% of the revenue from the data analytics market comes specifically from big data analytics. We can pinpoint the reason behind this trend to the growing volume of data that businesses are handling across omni channel platforms. (Source – GVR)
7) 20.1% is the CAGR of the customer analytics segment of this market, making it one of the fastest growing sections. This is fueled by the growing need to elevate customer experiences and improve lead generation and management. (Source – GVR)
8) 45% of the data analytics market was accounted for by on-premise solutions. With this deployment type, you can greatly improve security of your data and even customize your IT infrastructure as you best see fit. (Source – GVR)
9) 60% of the data analytics market was claimed by large enterprises, with SMEs taking up only 35%. So these data analytics statistics indicate that bigger businesses are embracing this more compared to smaller organizations. (Source – GVR)
10) 25% of the market share is taken up by the banking, finance services and insurance industry or BFSI. This makes it the industry with the largest market share, which is understandable given the importance of data analytics in these areas. (Source – GVR)
II. Statistics about big data analytics
So what is big data analytics?
It refers to the use of various tools and techniques to gather valuable insights from a very huge volume of data. Today, your business is handling enormous amounts of information, which is why big data analytics is important.
If you’d like to learn more about this, I’ve curated the following statistics for you:
11) 59% of business leaders said that big data analytics is a very significant area to invest in. In particular, they believe that the biggest value of the field is the ability to unearth competitive intelligence. (Source – Forbes)
12) 40% of companies are leveraging big data analytics in their day to day processes. They’re using it to understand customers, guide important market decisions and assess the efficacy of various business processes. (Source – BARC)
13) 61% of organizations said that senior management is the primary driver and success factor when it comes to big data initiatives. That’s because of the role they plan in integrating diverse perspectives and navigating change. (Source – BARC)
14) 12.7% is the CAGR of the big data analytics market, which is set to reach $401.2 billion by 2028. These data analytics statistics show that big data will be a major area of focus and investment going forward. (Source – Marketsandmarkets)
15) 40% of the world’s big data will come from the Asia-Pacific region. It’s safe to say that this region will be a hub of opportunities in big data analytics, therefore, it’s one to keep at the top of your watchlist. (Source – Marketsandmarkets)
16) Only 27% of companies demonstrated an excellent level of big data literacy. To improve this aspect of your business, I recommend democratizing data, creating data literacy workshops and hiring data scientists. (Source – Hakkoda)
17) Big data mature companies get an average 164% ROI for their big data projects compared to 74% ROI for least mature organizations. So to maximize benefits, you need to focus on improving data maturity first. (Source – Hakkoda)
18) 68% of data scientists confessed to using open-source software for big data analytics. I’m certain this may have a lot to do with the fact that excellent data analytics solutions can be very expensive. (Source – Anaconda)
19) 82.8% of businesses feel that their big data initiatives are delivering measurable value to their organizations. So big data analytics isn’t just hype, it’s actually helping businesses in very practical and profitable ways. (Source – Anaconda)
20) 44% of companies cited IT budgetary constraints as one of the most significant hurdles to big data analytics adoption. Software tools alone can cost thousands of dollars, so such projects typically require huge capital investments. (Source – Capgemini)
III. Data analytics software statistics
Data analytics software is truly a game changer.
They enable you to turn raw facts and figures into actionable insights for your business. Crucially, they are a superior alternative to Excel, which lacks real-time insights and involves a lot of manual data entry.
That said, we’ll learn more about data analytics software and what they offer in this section:
21) 42% of businesses relied on cloud storage for their data analytics needs. The great thing about the cloud is that you can streamline access to data to improve collaboration and productivity. (Source – Great Expectations)
22) 49% of companies rely on tools with basic reporting capabilities. However, I recommend considering advanced solutions that offer visualizations and predictive analytics to help you extract even more value out of your data. (Source – Deloitte)
23) 18% of companies still rely on Excel spreadsheet solutions to support their analytics programs. One huge problem when you’re working with Excel is that it can be very unstable when it comes to complex data. (Source – Deloitte)
24) 1300% is the average ROI you stand to get from data analytics solutions. So for every $1 you invest, you stand to get back $13. From these data analytics statistics, you’ll agree that such projects are worth it. (Source – Nucleus Research)
25) 23.81% of the data analytics software marketer is taken up by the Morningstar Advisor Workstation platform. This unearths comprehensive data and it specifically excels in portfolio analysis and investment planning. (Source – Statista)
26) Riskalyze Elite makes up 12.21% of the global data analytics software market, making it the second most popular tool according to this data. True to its name, it’s a great platform for portfolio risk analysis. (Source – Statista)
27) 13.6% is the CAGR of the data analytics software market, which was valued at $141.91 billion in 2024. This market is fueled by a growing need to improve business intelligence and enhance regulatory compliance. (Source – GVR)
28) 48% of the global revenue of the data analytics software market arose from the cloud segment. With cloud-powered tools, you can improve collaboration, reduce your IT maintenance burden and accelerate information retrieval. (Source – GVR)
29) 43% of organizations used data analytics technologies with generative AI. With such features, you don’t really need to have special data analytics skills to get the most out of such tools. (Source – Hakkoda)
30) 94% of companies believe they should be getting more value from their big data than they currently are. These data analytics statistics show that there’s certainly a lot of room for improvement. (Source – Salesforce)
IV. Challenges of data analytics statistics
What’s stopping organizations from tapping into data analytics?
From poor quality data and privacy concerns to skills gaps and budgetary constraints, a lot can stand in the way to prevent you from being a data-driven business.
To learn more about these obstacles, I’ve gathered these data analytics statistics to help you streamline adoption:
31) 34% of businesses struggle to safeguard data privacy. Some of the key factors behind this include advanced cyberattacks that circumvent traditional cybersecurity and lack of employee awareness about data privacy best practices. (Source – FBI)
32) 26% of companies confessed to having data accuracy issues. Data analytics operates on a garbage-in-garbage-out policy so when you have inaccurate data to work with, you’ll obviously get inaccurate insights from it. (Source – FBI)
33) 41% of businesses said that the biggest hindrance to data analytics is a lack of tooling. In other words, we’re seeing businesses not unlocking the full value of their data because they lack the right technologies. (Source – Great Expectations)
34) 30% of organizations, however, blamed their data analytics struggles on the absence of standardized metrics. Without a structured and strategic way to analyze data, this can lead to inconsistencies and poor business outcomes. (Source – Great Expectations)
35) 57.5% of companies said data entry mistakes are a huge problem affecting the quality of their data analytics. With typos and errors of omissions, this can lead to inaccuracies that result in poor data analytics. (Source – Statista)
36) 48% of employees are recruiting for hard skills roles, however, 46% of them with this. It points to another huge problem that may keep you from achieving your potential and that’s the data analytics skills gap. (Source – UK GOV)
37) 29% of business leaders cited the high costs involved in upskilling staff in data analytics as another huge hurdle. Data analytics training doesn’t come cheap, but they are usually worth the investment. (Source – UK GOV)
38) 78% of data leaders said the biggest obstacles to becoming a data-driven business result from human factors. This covers issues like a poor workplace culture and resistance to change and digital transformation by insiders. (Source – Wavestone)
39) 29% of IT executives rated the lack of resources and funding to support their data analytics programs as the most significant hurdle their organization faces. I recommend seeking grants and angel investors to help provide these funds. (Source – Gartner)
40) Overall, only 47% of businesses said they are confident in the data analytics process. So most are still missing the mark with such projects, but by addressing the issues we’ve discussed, you can make yours work. (Source – Wavestone)
V. Benefits of data analytics statistics
Data analytics offers huge benefits to your business.
For instance, it can unearth valuable insights that can help you capitalize on new market trends to expand your product offerings and increase your revenue.
But there’s a lot more you stand to gain. So in this section, we’ll discuss this and many other benefits using the following data analytics statistics:
41) 49% of businesses have improved their decision-making processes because of investing in data analytics. They are able to verify the potential effects of decisions with key facts, therefore leading to more desirable outcomes. (Source – Deloitte)
42) 25% of companies said that data analytics “significantly improved their competitive positioning with 30% saying it “fairly improved” this aspect of their organization. So if you want to become a competitive business, data analytics is the way to go. (Source – Deloitte)
43) 64% of companies that use data analytics reported that the biggest benefit was improved productivity. With the right analytics, you can have the insights you need to accelerate innovative thinking and improve employee performances. (Source – Statista)
44) 51% of businesses noticed better financial performances as a result of their data analytics initiatives. This is natural given how such programs can help you uncover market opportunities and boost employee productivity. (Source – Statista)
45) 46% of companies said that data analytics was instrumental in helping them uncover new services and products. If you’re looking to expand your product line or service offerings, data analytics can help you identify profitable ideas. (Source – Statista)
46) 46% of businesses achieved higher customer acquisition and retention rates with data analytics. This is because it enables you to personalize and improve customer experiences, which increases referrals, satisfaction and loyalty. (Source – Statista)
47) 54% of executives who’ve implemented data analytics at their organizations noticed improved control of operational processes. With such programs in place, you can keep tabs on your operations with real-time data which is why this improves. (Source – BARC)
48) 47% of businesses reduced their expenses by incorporating various data analytics projects into their workflows. It achieves this by helping you to avoid costly mistakes and cut out process waste and business inefficiencies overall. (Source – BARC)
49) 10.3% of companies improved compliance with local regulations and laws using big data analytics. With such initiatives, you can identify and sort out compliance bottlenecks and improve data retention and protection as well. (Source – Statista)
50) 60% is the amount you can improve your operating margins by when you turn to big data analytics. So if you’d like to make your business more profitable, you need to become a highly data-driven organization. (Source – McKinsey)
VI. Statistics about predictive data analytics
What is predictive analytics and why is it important?
Simply put, it refers to the use of data to predict future events or trends. Predictive analytics is very important because it can help you perform accurate demand forecasting.
In this section, we’ll dive deeper into this type of analytics to determine what else it brings to the table:
51) $10.5 billion was the predictive analytics market size in 2021, and it is expected to hit $28.1 billion by 2026. So these data analytics statistics show that predictive analytics will become even more important and popular soon. (Source – Marketsandmarkets)
52) 51% of companies are using predictive analytics to forecast purchase patterns and other consumer trends. This enables you to understand your market’s motivations, preferences and purchase habits so you can capitalize accordingly. (Source – Pecan)
53) 44% of businesses said they rely on predictive analytics for customer segmentation. Segmentation is the process of grouping customers based on traits they share, and it’s a tactic that can help you improve your marketing campaigns and sales. (Source – Pecan)
54) 23.1% is the CAGR of the predictive analytics market, which is on course to hit $95.30 billion by 2032. Going by this data, the market will increase by over five times its current market size with the decade. (Source – Statista)
55) 66% of healthcare leaders in the US have either adopted predictive analytics software solutions or are making arrangements to do so. In healthcare, this technology can help you to improve care personalization and reduce treatment costs. (Source – Statista)
56) 61% of companies rated predictive analytics as “very important” to the success of their digital transformation projects. They can help you predict the result of process and technology interventions so you can focus on highly viable opportunities. (Source – MicroStrategy)
57) 59% of businesses said they’re making great progress with their predictive data analytics programs. In fact, most of them have reached their break even point with a good number already generating positive ROI. (Source – MicroStrategy)
58) 31% of companies cited that siloed data is preventing them from using predictive analytics. Silos essentially make data invisible across departments, and they may mean having to rely on incomplete information that lowers prediction accuracy. (Source – Pecan)
59) 39% of employees said they haven’t implemented predictive analytics at their organizations because of the leadership issues they’re facing. In particular, some leaders aren’t convinced about the exact value it brings to the table. (Source – Pecan)
60) 72% of companies rely on descriptive analytics, while 42% have already deployed predictive analytics. So while descriptive analytics still remain popular, I’m sure the tables will turn as AI-powered solutions enhance predictive accuracy. (Source – Gartner)
VII. Data analytics trends statistics
Data analytics is a transformative business force.
Being aware of the latest trends in this field is crucial to improving the efficiency and efficacy of your business processes and maintaining a competitive advantage.
If you’d like to know about the latest trends in data analytics, this section is for you:
61) 62% of the data analytics software market is claimed by self-service business intelligence tools. These leverage natural language processing technologies to enable you to use these platforms to interact with your data without special skills. (Source – GMI)
62) 42% of companies created an independent and standalone department for their analytics programs. Most simply augment this across existing departments but having dedicated data analytics personnel can improve the efficacy of such projects. (Source – APQC)
63) 52.7% of enterprises have implemented hybrid analytics programs. This is a strategy where you incorporate decentralized & centralized data analytics, and it can help improve information sharing without giving up too much control over data. (Source – APQC)
64) 88% of companies are planning to increase their data analytics budget, with just 11.5% looking to maintain their current levels of funding. Part of this may be because businesses intend to complete more analytics-driven projects. (Source – APQC)
65) 39% of businesses confessed to having a very high interest in implementing data meshes in their workflow. A data mesh is basically a decentralized data architecture that stores information by departments or specific use cases to boost efficiency. (Source – Deloitte)
66) 53% of companies said that real-time availability will become even more important going forward. I couldn’t agree more. When you’re working with real time data, you can respond faster to changing conditions to enhance your business’s agility. (Source – Deloitte)
67) 36% of financial institutions adopted multi-cloud designs to improve data analytics performances and reduce latency. Other benefits of such systems include lower risk of vendor lock in, reduced costs and better uptime, just to name a few. (Source – Deloitte)
68) 30% of modern data analytics platforms will use artificial intelligence to create adaptive user interfaces by 2027. This means that we could soon have analytics tools that offer UI that vary distinctly from one user to the next. (Source – Gartner)
69) 60% of data center infrastructure teams will have relevant cloud and automation skills by 2026. While these data analytics statistics show there’s still a long way to go, it’s a remarkable improvement from previous years. (Source – Gartner)
70) 55.2% of companies took on up to 10 data analytics projects at a time, with 29.4% handling between 11 to 50 simultaneously. However, it takes great strategy, resources and coordination to achieve success with this multi-faceted approach. (Source – APQC)
VIII. Consequences of poor data analytics statistics
What happens when you neglect data analytics?
Then you’ll probably rely on gut feeling and other unreliable tactics to make important business decisions, which could backfire in your face, causing a lot of wasted time and financial resources.
In this section, we’ll discuss some of the consequences of poor data analytics:
71) 26% of businesses spend too much time and effort accessing data needed for analytics. This shows that data analytics, especially when plagued by silos and other inefficiencies, can really be a very time-intensive endeavor. (Source – Great Expectations)
72) 27% of companies incurred product launch as well as production delays because of poor data analytics. As a result, many of these businesses are losing millions in revenue and potential earnings by postponing or even abandoning these launches. (Source – Great Expectations)
73) 34% of organizations said that they face collaboration issues resulting from poor data quality and analytics. It can hurt cross-department communication and information sharing, thus making it difficult to facilitate teamwork. (Source – Great Expectations)
74) 68% of businesses take 4 hours or more to identify data incidents. This is too long and it’s a sign of poor data visibility, which can lead to information outages that cause very costly business disruptions that also damage your reputation. (Source – Monte Carlo)
75) 74% of stakeholders are impacted by poor data analytics. For instance, it may make stakeholders rely on flawed insights to fund the opening of a new business subsidiary in a location that doesn’t guarantee enough ROI to justify the investment. (Source – Monte Carlo)
76) 35% of companies reported customer dissatisfaction as the biggest consequence of ineffective data analytics. This is partly due to inaccurate insights giving you wrong perceptions of customers, thereby hindering marketing and personalization. (Source – Statista)
77) 38% of enterprises cited the duplication of data as the biggest risk of poor data analytics. Some of the challenges that come with duplicated data include increased storage costs, lower worker productivity and decreased business efficiency. (Source – Statista)
78) 16.5% of enterprises faced compliance problems because of data analytics issues. The absence of excellent data visibility can lead to inaccurate and incomplete data, as well as poor data protection, all of which threaten regulatory compliance. (Source – Statista)
79) 29% of businesses said that the biggest effect of poor data usage is the inability to reach new customer segments. As a result, it can make it harder for your businesses to attract new customers and grow. (Source – Statista)
80) $15 million is the amount of losses organizations are making because of bad data analytics. These are funds that you can lose due to unattended process inefficiencies, lost sales, and inaccurate financial decision-making overall. (Source – Gartner)
IX. Statistics about data visualization
A picture is worth a thousand words.
When you visualize data in the way of charts, graphs and other visual aids, you can spot the most important information, pick out easily missable trends and generally make data analytics so much simpler.
That said, I’ve gathered the following data analytics statistics to help us learn more about data visualization:
81) 79% of IT leaders plan to increase their investment in data visualization tools. While many businesses have some sort of data analytics in place, they’re struggling to make sense of their data which is why they’re turning to data visualization. (Source – Salesforce)
82) The human brain processes images 60,000 times faster than text. So the reality is that our brains crave images, with these data analytics statistics also indicating just how important visualization is in data comprehension. (Source – LMC)
83) 74% of employees said that data visualization tools are very valuable for improving business insights. That’s because they make it very easy for you to view trends and identify patterns that are much harder to spot in text-heavy data. (Source – Tableau)
84) Up to 65% of the time employees spend analyzing business data is spent looking at information in tables and text. This once more serves as proof regarding just how valuable data visualization can be in helping you become more time-efficient. (Source – Tableau)
85) 67% of respondents said that data visualization has a very high and positive impact on user productivity. With charts, graphs and other visual elements, your business can analyze data and summarize findings faster and more efficiently. (Source – Tableau)
86) 71% of users of data visualization tools confessed that visualization is most useful when analyzing time-series data. This type of data entails a collection of data points that occur successively, usually over a certain period of time. (Source – Tableau)
87) 31% of companies said they rely on Microsoft Power BI for their data visualization needs. Besides robust data visualization capabilities, one other key thing I like about this platform is that it offers you extensive data connectivity options. (Source – BARC)
88) 21% of businesses, on the other hand, rely on Qlink for data visualization. Qlink is a great option to consider because it features a user-friendly UI that accommodates all skill levels and also offers automated data integration. (Source – BARC)
89) 18% of the data visualization software market goes to WhereScape, which rounds out the top three tools. This is a data automation platform that offers a complete suit of tools for visualization, demand forecasting and so much more. (Source – BARC)
90) 74% of IT leaders intend to dedicate more financial resources toward training employees on using data visualization tools. This is because even the most powerful data analytics technologies can be near useless in inexperienced hands. (Source – Salesforce)
X. Data analytics projects KPI statistics
Why should you track KPIs for data analytics initiatives?
Well, data analytics is usually a very expensive affair given the personnel and technologies involved so you want to be sure that your project is actually profitable.
This is why we’ll be discussing some important KPIs that can help you quantify ROI from your data analytics initiatives:
91) 82.1% of companies that implemented analytics are measuring success according to the accuracy of their predictive analytics models. Of course, the higher the accuracy, the fewer the errors and the more reliable your insights become. (Source – APQC)
92) 90% of businesses, on the other hand, rate customer satisfaction as the most important KPI when evaluating the success of data analytics initiatives. I agree since this directly correlates to how much revenue your business makes. (Source – APQC)
93) 86.6% of organizations determine the value of their data analytics projects by stakeholder satisfaction. That’s because when your stakeholders are content, they’re likely to continue to provide support and funding for such initiatives. (Source – APQC)
94) 82.1% of IT leaders assess analytics program performance according to the cost benefits they achieve. A reduction in labor hours and expenses, for example, can be one way to assess the effectiveness of your data analytics project. (Source – APQC)
95) 31% of data analytics implementers also consider the ability to detect threats quickly as a key KPI. When you’re able to detect anomalies in your data faster, you can shore up your cyber security and enhance regulatory compliance. (Source – Foundry)
96) 34% of companies judge data analytics project performances by increase in audience targeting accuracy. This is a very popular KPI to track because most businesses are applying data analytics for marketing and sales purposes. (Source – Statista)
97) 126% is the average ROI businesses are getting from data analytics tools and technologies, making them a very worthwhile investment. That said, this figure is an excellent benchmark to aim for in terms of long-term success. (Source – Hakkoda)
98) 46.5% of businesses are “somewhat sure” that they’re tracking the right KPIs for their data analytics projects. To help you monitor the right KPIs, it’s important to create and focus on specific objectives for each project. (Source – Databox)
99) Almost 50% of organizations reported choosing KPIs for data analytics initiatives based on their experience. While experience certainly counts, augmenting this with a growth or profitably model of some sort proves a more reliable strategy. (Source – Databox)
100) 45% of companies said they track and review key performance indicators for their data analytics projects quarterly. Regularly assessing your KPIs is essential for realigning your analytics projects with changing goals and market conditions. (Source – Databox)
Conclusion
Data can be a potent weapon for your business.
But just like any tool, knowing how to use it is essential to deriving value from it.
If you don’t go about your data analytics initiative strategically, data can become a stumbling block rather than being an extremely valuable asset.
Unfortunately, a Gatner study predicted that 80% of data analytics initiatives will fail by 2026. Two primary reasons include investing in the wrong areas and a one-size-fits-all analytics strategy.
If you’d like to be counted among the minority of such projects that succeed, creating an excellent data analytics strategy is important. This is where the data analytics statistics we’ve discussed help.
You should let this information guide you to invest in the right technologies, skill sets and type of analytics for your business.
Ultimately, this will help you create an effective data analytics strategy that improves decision making and leads you to your business’s desired outcomes.