Australia Data Analytics Market is expected
to register a high CAGR during the forecast period, 2024-2028. The data analytics market in Australia is expected to grow as organizations
become more data driven. Data analytics has become a critical tool for
businesses to make important choices. The Australia Data Analytics Market has
been driven by the increasing demand from organizations for predictive insights
and data-driven decision-making capabilities.
The
Australia data analytics market is rapidly growing and has become a significant
contributor to the country's economy, Moreover, the
development of advanced technologies such as artificial intelligence, machine
learning, and big data has made it easier to analyse large amounts of data. Furthermore,
the adoption of cloud computing has made it easier for businesses to store and
access their data, enabling them to analyse it more efficiently. Data analytics
assists firms in identifying fraud, increasing efficiency, decreasing risk,
enhancing customer experience and happiness, responding quickly to new market
trends, obtaining a competitive advantage over other industry players, and so
on. The rising number of enterprises that rely on big scale data analytics to
get more insights into their customers' behaviour as well as their particular
business requirements is one of the reasons for the growth of the data
analytics industry in Australia. Furthermore, increased awareness among
companies about the generated data that can be utilised to predict
future events is favorably driving the growth of the country's data analytics
industry. Additionally, increased use of integrated and linked technologies is
expected to drive market growth during the forecast period.
Adoption of Cloud-Based Technologies &
Rise of Big Data Analytics
Australia's data analytics market is
seeing a rapid expansion, propelled by the increasing prevalence of cloud-based
technologies and the emergence of big data analytics. These advances in
technology are revolutionizing the manner in which companies interact with and
analyse their data, permitting them to generate priceless insights and make
well-informed decisions.
Firstly, the emergence of cloud-based
technology has had a significant impact on the landscape of data analytics.
Cloud services provide organizations in Australia with a scalable and elastic
infrastructure, enabling them to store and process significant amounts of data
with greater efficiency. On-premises constraints are easily navigated and, on
top of that, access to advanced analytics is made achievable. Moreover,
cloud-based data analytics solutions allow businesses of any size to undertake
real-time analysis, foster collaboration across teams, and gain access to
analytics tools and services at the click of a button. It is this scalability and
accessibility that has led to the growing popularity and quicker-than-expected
growth of the data analytics market within Australia.
The rise of big data analytics has fuelled
the demand for advanced analytics solutions in Australia. With the
proliferation of digital technologies and the increasing connectivity of
devices, organizations are generating massive volumes of data. Big data
analytics involves extracting valuable insights from these large and complex
datasets to drive decision-making and gain a competitive edge. Australian
businesses recognize the importance of effectively managing and analysing big
data to identify trends, patterns, and correlations that can inform strategic
initiatives and operational improvements. Advanced analytics techniques, such
as predictive analytics and machine learning, are being applied to big data to
uncover actionable insights and enable proactive decision-making. The
combination of cloud-based technologies and big data analytics offers
significant advantages to organizations. Cloud platforms provide the necessary
infrastructure and computational power to handle big data workloads, allowing
businesses to scale their analytics capabilities as data volumes grow.
Furthermore, cloud-based analytics solutions enable organizations to leverage
advanced analytics tools and services without heavy upfront investments in
hardware or software. This flexibility and cost-effectiveness have made
cloud-based big data analytics more accessible to businesses of all sizes in
Australia. The Australia data analytics market has seen a significant shift in
recent times, with the adoption of cloud-based technologies and big data
analytics becoming commonplace. Businesses are increasingly relying on cloud
platforms to store, process, and analyze data, and utilizing big data analytics
techniques to derive valuable insights. These techniques allow for scalability,
flexibility, and cost-efficiency, enabling organizations to harness the power
of big data. This shift is likely to continue, as the benefits of cloud-based
analytics have become increasingly apparent, and businesses strive to remain
competitive in this data-driven era; thus driving further growth in data analytics
market in Australia.
Advances
in Artificial Intelligence and Machine Learning
Artificial intelligence (AI) and machine
learning (ML) have emerged as transformative technologies with the potential to
revolutionize various industries and sectors across the globe. Australia, being
a technologically advanced nation, is
well-positioned to harness the power of AI and ML to drive its analytics market
forward. This is evident from the significant advancements and investments in
the field, coupled with a supportive ecosystem and a growing demand for
data-driven insights.
One of the key drivers
behind the growth of Australia's analytics market is the increasing
availability of data. With the proliferation of digital technologies,
businesses, organizations, and individuals are generating massive amounts of
data. This data, when properly analysed and interpreted, can provide valuable
insights and help make informed decisions. AI and ML techniques excel in
processing and analysing large datasets, enabling organizations to extract
meaningful information and derive actionable insights.
Furthermore, the evolution
of AI and ML algorithms has significantly enhanced their capabilities in areas
such as natural language processing, computer vision, and predictive analytics.
These advancements have opened up new possibilities for businesses in various
sectors, including finance, healthcare, retail, and manufacturing. Companies
can leverage AI and ML to automate processes, detect patterns and anomalies,
personalize customer experiences, optimize operations, and mitigate risks.
Australia’s strong research and development ecosystem also contribute to the
growth of the analytics market. The country boasts world-class universities,
research institutes, and technology-focused organizations that are actively
involved in AI and ML research. This collaborative environment fosters
innovation, leading to breakthroughs in algorithms, techniques, and
applications. Moreover, the Australia government recognizes the strategic
importance of AI and ML and has been supportive in providing funding and
incentives to promote research and development in these fields. In addition to
the local market opportunities, Australia's analytics industry is also
well-positioned to tap into the global market. As organizations worldwide
increasingly recognize the importance of data-driven decision-making, there is
a growing demand for advanced analytics solutions and services. Australia
companies with expertise in AI and ML can leverage their capabilities to offer
cutting-edge analytics solutions to a global clientele.
In conclusion, the
advancements in AI and ML will be key drivers behind the growth of Australia's
analytics market. The availability of vast amounts of data, coupled with the
technological advancements and supportive ecosystem, positions Australia as a
hub for analytics innovation. By harnessing the power of AI and ML, businesses and
organizations in Australia can unlock valuable insights, gain a competitive
edge, and drive growth in various sectors domestically and internationally.
Increasing Demand for Data-driven
Decision-making & Need for Real-time Analytics
Data analytics solutions give organisations
the tools that need to handle, analyse, and understand data in order to make
better business choices and achieve a competitive edge. In Australia, there is
an increasing demand for real-time analytics solutions, notably in banking,
healthcare, and transportation. Businesses may use real-time analytics to
monitor their operations in real-time, allowing them to adapt rapidly to
changes in their environment and make more informed decisions. The analytics market in Australia is poised for
significant growth due to two major factors: the increasing demand for
data-driven decision-making and the need for real-time analytics. These factors
are driven by the evolving business landscape and the growing importance of
leveraging data to gain a competitive advantage.
In today's digital age,
organizations across industries are generating vast amounts of data. This data
holds immense potential for extracting valuable insights that can drive
business growth and operational efficiency. As a result, there is a rising
demand for analytics solutions that can effectively process and analyse this data
to provide actionable intelligence. Data-driven decision-making has become a
crucial strategy for organizations seeking to stay ahead in the competitive
marketplace. By leveraging analytics, businesses can uncover patterns, trends,
and correlations within their data that would otherwise remain hidden. These
insights enable organizations to make informed decisions, optimize processes,
and identify new business opportunities. As the awareness of the benefits of
data-driven decision-making continues to grow, the demand for analytics
solutions in Australia is expected to surge.
Furthermore, there is an
increasing need for real-time analytics capabilities. In today's fast-paced
business environment, organizations require immediate access to accurate and
up-to-date information to make timely decisions. Real-time analytics allows
businesses to monitor and analyse data as it is generated, providing
instantaneous insights that can drive proactive decision-making. This is
particularly critical in sectors such as finance, e-commerce, and logistics,
where even slight delays in decision-making can result in significant losses.
Consequently, organizations are seeking advanced analytics solutions that can
deliver real-time insights, empowering them to respond quickly to changing
market conditions and customer demands.
The demand for data-driven
decision-making and real-time analytics is further fuelled by the advancement
of technologies such as AI and ML. These technologies have the capability to
process vast amounts of data at high speeds and extract meaningful insights.
AI-powered analytics solutions can automate data analysis, detect patterns, and
generate predictive models, enabling organizations to make data-driven
decisions in real-time. In conclusion, the increasing demand for data-driven
decision-making and the need for real-time analytics are driving the growth of
Australia's analytics market. As businesses recognize the value of leveraging
data to gain a competitive edge, the demand for advanced analytics solutions
continues to rise. By harnessing the power of analytics, organizations can
unlock actionable insights, optimize their operations, and make timely
decisions. The convergence of data-driven decision-making, real-time analytics,
and transformative technologies like AI and ML will shape the future of
Australia's analytics market and drive innovation across industries.
Download Free Sample Report
Market Segments
Australia
Data Analytics market is segmented into component, deployment, end-user
industry and region. Based on component, the market is further segmented into software
and services. Based on deployment, the market is further bifurcated into on-premises
and cloud. Based on organization
size, the market is segmented into large enterprises, and small and medium enterprises.
Based on end-user industry, the market is further split into Retail &
E-Commerce, Government & Defense, BFSI, IT &
Telecom and Others. On the basis of region, the market is divided into AUSTRALIAN
CAPITAL TERRITORY+ NEW SOUTH WALES, Victoria+Tasmania, Queensland, and Western
Australia.
Market Players
Major
market players in Australia Data
Analytics Market are TIBCO Software Australia Pty Ltd, Teradata
Corporation., Pernix Corporation, Woveon Australia, QlikTech Australia Pty Ltd,
SAS Institute Australia Pty Ltd, SAP Australia Pty Ltd., IBM Australia Ltd, SFDC
Australia Pty. Ltd. (Salesforce), and Microsoft Pty Ltd. To achieve good market growth, businesses that are active in the market
employ organic tactics such as service launches, mergers, and partnerships.
Recent
Development
- In May 2023, Teradata and FICO, have
announced plans to collaborate on integrated advanced analytic solutions for
real-time payments fraud, insurance claims, and supply chain optimization. This
collaboration intends to expedite the development process for a wide range of
industry use cases by unifying data, analytics, and insights into a single
platform. This method will speed up the delivery of solutions to joint clients
while also increasing their benefits. This global partnership between the two
firms is projected to result in cost savings, profit increases, improved risk
management, and increased customer satisfaction for Teradata/FICO clients.
- In October 2022, Kyndryl and Teradata
collaborate to help global customers transform their businesses through
artificial intelligence and data modernization. The firms plan to provide value
for clients by combining Kyndryl's services and know-how, including as
consultation, installation, and managed services, to assist joint customers get
the most out of the Teradata VantageCloud analytics and data platform.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 –
2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024
– 2028
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments covered
|
By Component
By Deployment
By Organization Size
By End-User Industry
By Region
|
|
Regional scope
|
AUSTRALIAN
CAPITAL TERRITORY+ NEW SOUTH WALES, Victoria+Tasmania, Queensland, Western
Australia, Northern Territory+Southern Australia
|
|
Key companies profiled
|
TIBCO Software Australia Pty Ltd, Teradata Corporation., Pernix
Corporation, Woveon Australia, QlikTech Australia Pty Ltd, SAS Institute Australia Pty Ltd, SAP
Australia Pty Ltd., IBM Australia Ltd, SFDC Australia Pty. Ltd. (Salesforce),
Microsoft Pty Ltd.
|
|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
|
Report Scope:
In this report, Australia Data Analytics Market has been segmented
into following categories, in addition to the industry trends which have also
been detailed below:
·
Australia Data Analytics Market, By Component
o
Software
o
Services
·
Australia Data Analytics Market, By Deployment
o On-Premise
o Cloud
·
Australia Data Analytics Market, By Organization Size
o Large
Enterprises
o Small
and Medium Enterprises
·
Australia Data Analytics Market, By End-User Industry
o Retail
& E-Commerce
o Government
& Defense
o BFSI
o IT & Telecom
o Others
·
Australia Data Analytics Market, By Region:
o
Australian Capital Territory+ New South
Wales
o
Victoria+Tasmania
o
Queensland
o
Western Australia
o
Northern Territory+Southern
Australia
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in Australia Data
Analytics Market
Available Customizations:
With the
given market data, Tech Sci Research offers customizations according to a
company’s specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Australia Data Analytics Market is an upcoming report to be
released soon. If you wish an early delivery of this report or want to confirm
the date of release, please contact us at [email protected]