CORONA Impact on Analytics Market Growing at a CAGR 15.5% | Key Player Microsoft, Teradata, IBM, Oracle, Google
The COVID-19 Impact on the Analytics Market size is expected 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.
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.
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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), and ThoughtSpot (US). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global analytics market.
Oracle (US) caters to delivering a broad spectrum of products, solutions, and services that are designed to meet the requirements of corporate Information Technology (IT) environments, such as platforms, applications, and infrastructure. The company is best known for its Oracle database software that is a relational database management system. The company product portfolio comprises an autonomous database, developer tools, engineering systems, IT infrastructure, Java, and middleware. Oracle is providing the White House with software to study unproven COVID-19 drugs. The company is offering an online platform that could allow physicians to upload patient data on how malaria drugs perform on COVID-19 patients.
IBM (US) is one of the leading companies in the analytics market. Using IBM Cognos Analytics, IBM has developed a new, interactive global dashboard to show the spread of COVID-19 across the globe. The COVID-19 data reflected in this dashboard is pulled from state and local governments and the World Health Organization. IBM has developed an Incidents Map on the IBM Weather Channel app and weather.com. The Incidents Map provides data at the state as well as by county-level. It includes trend graphs at the state level in the US, as well as the latest COVID-19 news and video from The Weather Channel editorial team. Public health information and patient education materials are also provided.
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SAS Institute (US) offers various technology solutions, including advanced analytics, Artificial Intelligence (AI), and Machine Learning (ML), cloud computing, data management, and risk management. The company offers a wide range of products and services to various industry verticals, such as banking, manufacturing, healthcare and life sciences, retail, and education. In response to the COVID-19 pandemic, SAS Institute has developed a Business Continuity Management (BCM) plan for crisis management as well as for the resumption of key customer-facing services, such as technical support. SAS has also incorporated a communicable disease plan in its BCM policies to prepare SAS for timely and efficient response in the event of communicable disease. SAS Institute is helping customers to access, deploy, and implement SAS Institute’s cloud analytics across the hybrid environment.
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