Navigating the Future: Statistical Analysis Software Market Global Report 2024

The Business Research Company's Statistical Analysis Software Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 20, 2024 /EINPresswire.com/ -- The global statistical analysis software market is projected to grow from $8.45 billion in 2023 to $9.32 billion in 2024, at a CAGR of 10.3%. The market is anticipated to reach $14.00 billion by 2028, driven by the increased volume and complexity of data, rise in data-driven decision-making, regulatory compliance requirements, the growth of business intelligence, and a heightened focus on predictive analytics.

Rapid Adoption of Cloud Computing Drives Market Growth
The rapid adoption of cloud computing is a significant factor contributing to the growth of the statistical analysis software market. Cloud computing delivers computing services over the internet, offering resources such as storage, processing power, and software on-demand. This trend is driven by IT infrastructure flexibility, scalability, cost-effectiveness, and enhanced collaboration and accessibility. According to data by Flexera, 87% of organizations adopted a multi-cloud approach in 2022, with a substantial increase in cloud spending by SMBs. These factors are expected to propel the growth of the statistical analysis software market, enabling advanced analytics, data processing, and modeling tasks with ease and efficiency.

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Major Players and Market Trends
Major companies operating in the statistical analysis software market include Microsoft Corp, International Business Machines Corporation, Oracle Corporation, S&P Global, Pearson Education Inc., SAS Institute, Tableau Software LLC, MathWorks, Alteryx Inc., MicroStrategy Incorporated, and TIBCO Software Inc.

In November 2021, Minitab LLC launched the latest version of Minitab Statistical Software, featuring enhanced visualizations, expanded capabilities for the Graph Builder, and strengthened predictive analytics with the inclusion of Cox regression and automated machine learning (AutoML). This innovation aims to democratize data science, empowering professionals to optimize their analysis effortlessly and make better decisions.

Trends in Statistical Analysis Software
The forecast period is expected to see significant trends, including AI-powered features, advanced anomaly detection, natural language processing (NLP) integration, and cloud-based AI services. The shift towards cloud-based solutions, focus on real-time analytics, and integration with AI and ML are key factors driving market growth.

Segments:
• Component: Software, Services
• Products: Cloud-Based, On-Premises
• Functionality: Descriptive, Predictive, Prescriptive
• Industry Vertical: Healthcare, Finance, Education, Manufacturing, Retail, Government, IT And Telecom

Geographical Insights: Asia-Pacific Leading the Market
North America was the largest region in the statistical analysis software market in 2023. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by the rapid adoption of advanced technologies and increasing investments in data analytics solutions.

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Statistical Analysis Software Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Statistical Analysis Software Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on statistical analysis software market size, statistical analysis software market drivers and trends, statistical analysis software market major players, competitors' revenues, market positioning, and market growth across geographies. The statistical analysis software market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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