Global Research And Development (R&D) Analytics Market demand is anticipated to be valued at USD 2,025.0 Million in 2022, forecast a CAGR of 12.1% to be valued at USD 6,366.6 Million from 2022 to 2032. Growth is attributed to the evolving need in end-use industries. From 2016 to 2021 a CAGR of 9.1% was registered for the Research And Development Analytics Market.
Revenue growth for any institution depends on the investment made in Research and Development organizations, there is a need to take several vital decisions with regard to allocations of funds, monitor the recent technology trends and assess the risks and also manage talent. Much of these are done through experience and the expertise of the organization which is more of an art than science in which they have devised their own methods.
For short-term projects, these methods might be beneficial but for long-term Research and Development projects adoption of analytics has to be done in industries as there is a need to take decisions regarding what products to develop, competition landscape, intellectual property, patent data, market segmentation, etc.
The use of analytics in Research and Development can increase revenue and lower cost, improve accuracy, save time, and meet customers’ ever-increasing demand. There is a large volume of unstructured or unorganized data in this complex business environment, so there is a need to optimize this data using analytics in order to improve their return on investment in Research and Development.
| Data Points | Key Statistics |
|---|---|
| Growth Rate (2016 to 2021) | 9.1 % CAGR |
| Projected Growth Rate (2022 to 2032) | 12.1% CAGR |
| Expected Market Value (2022) | USD 2,025.0 Million |
| Anticipated Forecast Value (2032) | USD 6,366.6 Million |
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Increasing Usage in Large Enterprises to Drive the Market Growth
There is a large increase in the amount of data and there is a need to effectively manage the database with appropriate tools for converting them to valuable and structured data for accelerating the growth of the Research and Development organizations. There is a need to take decisions regarding what products to develop, customer behavior, competition landscape, intellectual property, patent data, spending, and revenue return analysis.
The increasing adoption of analytics tools assists in precise and customer-focused businesses and offers accurate data which helps in tracking achievements and goals from campaigns. This will continue to fuel the demand for Research and Development analytics solutions across different industry verticals.
Large organizations are finding it difficult to analyze these large sets of unstructured data, so here advanced Research and Development analytics tools come in to extract the relevant and appropriate information. Data being stored is growing exponentially everywhere in many formats which need to be organized and utilized appropriately.
The Data Security Concern May Impede the Market Growth
Although the Research And Development (R&D) Analytics Market has numerous end-uses, there are numerous obstacles that likely pose a challenge to market growth. Data security and privacy concerns are major challenges faced in Research And Development (R&D) Analytics Market.
Another challenge was with nomenclature followed by different companies in their data as several standards are designed by themselves internal of the organization or by respective government regulations.
However, with the increasing usage of analytics in industries such as automobile, aerospace, and clinical research, demand in the Research And Development (R&D) Analytics Market is poised to grow exponentially during the assessment period.
Presence of a Leading Market Provider to Boost the Market Growth in North America
North America dominated the global Research And Development (R&D) Analytics Market and accounted for 34.4% market share and the global Research And Development (R&D) Analytics Market is anticipated to spur over the forthcoming years in this region. North America is projected to lead the global market during the forecast period with augmenting developments in the IT sector and the presence of large enterprises.
Also, the growing demand for innovative business intelligence products in the North American region has assisted the growth of the Research And Development (R&D) Analytics Market in this region.
Cloud computing, the Internet of Things (IoT), blockchain, and artificial intelligence are expanding the applications of Research and Development analytics and, as a result, driving the market. Due to the existence of prominent service suppliers, such as Microsoft, Oracle, and IBM corporation. A plethora of technological breakthroughs has been tested in the USA.
Increasing Adoption of Analytical Tools in Many Organizations to Drive The Market Growth
According to Future Market Insights, Europe is expected to provide immense growth opportunities for the Research And Development (R&D) Analytics Market, due to the technological development in the region. Europe’s Research And Development (R&D) Analytics Market accounts for a 24.7% share of the total global market. The European Market is expected to exhibit growth at a swift pace owing to the large-scale adoption of Research and Development analytics supporting tools in industries across the region.
Furthermore, the growing adoption of connected and IoT-enabled devices has driven the demand for innovative solutions based on the latest technologies, as well as the continued rollout of analytics. This is likely to expand the global Research And Development (R&D) Analytics Market size. The technological advancement in various industries, such as BFSI, IT and telecom, technology, automotive, and healthcare, in the region provides opportunities for the growth of the market.
The Asia-Pacific is expected to register the fastest growth in revenue generation for Research And Development (R&D) Analytics Market due to the large population in countries such as China, and India.
The growth of the regional market is driven by the widespread adoption of big data analytics tools and solutions in the region. The enterprises in the region are investing heavily in customer analytics to improve business efficiency and productivity.
Moreover, the expansion of the IT sector in countries such as China, India, and Japan is anticipated to elevate the market demand in the near future. The presence of leading Research and Development analytics providers in the region boosts the growth of the market in the Asia Pacific.
The new entrants in the Research And Development (R&D) Analytics Market are continually indulging in several collaborations and highly investing in research and development activities to provide more convenient solutions to industry verticals. Some of the major start-ups that are leading the development of the market are- Fractal Analytics, Mu Sigma, Latent View
Some of the key participants present in the global Research And Development (R&D) Analytics Market include Teradata, Oracle Corporation, IBM Corporation, SAS Institute Inc., Tableau Software Inc., Microsoft Corporation, Sisense Inc., SAP SE, and TARGIT among others. Major players in the Research And Development (R&D) Analytics Market follow the strategy of partnership or acquisition of various local players to gain a competitive edge in the market. Some of the developments are listed below
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 12.1 % from 2022 to 2032 |
| Expected Market Value (2022) | USD 2025.0 Million |
| Anticipated Forecast Value (2032) | USD 6366.6 Million |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | End-Use, Enterprise Size, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Mexico, Brazil, Germany, Italy, France, United Kingdom, Spain, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Teradata; Oracle Corporation; IBM Corporation; SAS Institute Inc.; Tableau Software Inc.; Microsoft Corporation; Sisense Inc.; SAP SE; TARGET |
| Customization | Available Upon Request |
FMI projects the global Research And Development (R&D) Analytics Market to expand at a 12.1% value CAGR by 2032
North America is expected to be the most opportunistic with a 34.3% share of the total Research And Development (R&D) Analytics Market
Teradata, Oracle Corporation, IBM Corporation, SAS Institute Inc., and Tableau Software Inc., are some prominent Research and Development analytics, market providers.
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Research And Development (R&D) Analytics Market
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