What is Data analytics?
Data analytics help find useful trends, insights and patterns using raw data. It helps find useful information which can help organizations in strategic decision making and keep an eye on the important functions of the organizations.
Types of Data Analytics
There are 5 types of data analytics.
- Prescriptive Analytics
- Predictive Analytics
- Diagnostic Analytics
- Descriptive Analytics
- Cognitive Analytics
Big data analytics revenue worldwide 2025
68bn USD
Business intelligence and analytics software application market worldwide 2021<br /> 15.75bn USD
Volume of data created worldwide 2025
181 zettabytes
How data analytics help business
Data analytics help companies analyze customers buying trends, products selling patterns, best and worst selling products, overall growth of the business, strong and weak areas which can help them change strategies and processes to increase sales and turn least profit making products into best selling products. Organizations can use data analytics to find useful information including:
- patterns of products sales
- customers spending behaviors
- sales trend of different products
- price change pattern over time
- performance of sales and promotions in a city or country or a custom region
- performance of their products in a specific city or country
Uses of data analytics
Data analytics is used in a wide variety of business and industries such as healthcare, pharmaceutical companies, financial services, research firms, aviation and transport companies, distribution and logistics, accounting firms, marketing and advertising companies, sales, etc.
Data Analytics Tools
Various tools and techniques are used to find hidden patterns inside the raw data. Some of the most popular data analytics tools are:
