Data analysis can be done by adopting a variety of explicit data analysis methods. Some of them comprise data mining, business intelligence, text analytics, and data visualization. The tools which are used for data analysis, dedicated to data mining, business intelligence, text analytics or for data visualizations are termed as data analysis tools. Some of these include Klipfolio, Geckoboard, Cyfe, Grow, SiSense, and GoodData. Data analysis tools help organizations to collect, visualize, and share vital information within the company.
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These tools usually support multiple and different cloud applications, including HubSpot, Google Analytics, Salesforce, and Facebook. Incorporating data analysis tools, companies features a business intelligence platform, which is capable of generating real time out understandable insights from the complex data. Using data analysis tools, companies are digitally monitoring their customer’s buying behavior and accordingly launching new products in the market. Digital marketing professionals are making use of data analytics tools and targeting specific customers to generate business leads.
Data analytics tools are helping manufacturers, IT professionals, and other small, medium, and large enterprises to leverage customer centric solutions or products to support business expansion. The data analysis tools market is expected to witness remarkable growth during the forecast period 2018 – 2026, due to such use cases and their applications.In the current market, digital data has grown remarkably. Internet of things (IoT) proliferation is creating huge volumes of digital information at rapid pace. During the last few years, data has seen this tremendous growth. Over 85% of digital data available in the current market was generated in the last two years. In the age of connected everything, organizations are using this data for business expansion.
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Organizations with the help of data analysis tools, are mining the data, analyzing it, and accordingly designing their business strategies to best cater to the end use market. This in turn is driving the global data analysis tools market to experience remarkable growth. However, complexity to configure the data analysis tools would slower the market growth globally. Rising number of enterprises and their trend of cloud services adoption, specifically their migration from on premise to cloud is creating lucrative market opportunities for vendors active in the data analysis tools market across the world, and predominantly in the North America market.
The data analysis tools market can be segmented on the basis of service, type, organization size, deployment model, end-use industry, and region. Based on the type, the market is categorized as CPM suites, BI platforms, predictive and advanced analytics, content analytics, and analytics applications