U.S. and Southeast Asia EDSP Market Is Driven by Increase in adoption of big data analytics software
In 2023, the US market for enterprise data services platforms is estimated to reach a value of USD 20,137.5 million and it is projected to grow at a CAGR of 8.4% from 2024 until 2030 to reach USD 35,053.4 million by 2030.
In addition, the Southeast Asian enterprise data service platform (EDSP) market projected to size USD 1,712.5 million in 2023 is expected to increase by 12.3% annually between 2024 and 2030 with a view to reaching USD 3,955.8 million by 2030.
The solutions category grips the higher share in the U.S., at 76.5%, mainly because this software describes and enforces guidelines and rules that gather data across workflows. This adjustment attains businesses the following benefits: a lessening in prices through enhanced working efficiencies and the formation of a data-driven culture.
Among solutions, the development of the analytics category is primarily due to these solutions can absorb information in any kind of format, from structured and semi-structured to unstructured. Analytics solutions additionally renovate it for visualization and analysis, therefore allowing industries of all sizes to make sense of their data.
The BFSI category leads the industry in Southeast Asia with a share of 16.9%. This is mainly because this industry is quickly accepting a full-fledged data-powered method to manage the problems linked with the long-term loyalty of high-valued clientele, fraud discovery, and application screening.
In 2023, in Southeast Asia, huge enterprises grip the leading share, of 65.8%. To quicken their digital alteration, huge establishments are accepting numerous high-tech computer tools and channels. Using effective applications to estimate and foresee potential issues and then utilizing this data to make fast and better business decisions are major emphasis areas for large firms.
AI plays a key role in helping to transform, design, and store data by enhancing the efficiency, effectiveness, and insights of analysis. Moreover, it and ML enable automated data processing and insight generation, support interactions between natural languages, facilitate intelligent exploration and enable modeling and advanced analytics, as well as recommendations and enhancements.
With the use of AI tools and algorithms, a large number of processing tasks such as integration, cleaning, or transformation may be automated. This will make it easier for researchers and analysts to focus on analysis and exploration, thereby reducing manual effort and shortening data generation phases in order to ensure the quality of information.
The need for EDSP platforms is propelled by the huge generation of numerous kinds of data by an array of devices, detectors, video/audio services, networks, transactional applications, and web and social media platforms across the world.
SOURCE: P&S Intelligence