Statistical Analysis Software Global Market Report 2024

The statistical analysis software market size has grown rapidly in recent years. It will grow from $8.45 billion in 2023 to $9.32 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth observed in the historical period can be attributed to several factors, including the increased volume and complexity of data, a rise in data-driven decision-making processes, regulatory compliance requirements driving data analysis, the expansion of business intelligence practices, and a heightened focus on predictive analytics for informed decision-making.

The statistical analysis software market size is expected to see rapid growth in the next few years. It will grow to $14.0 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The anticipated growth in the forecast period can be attributed to several factors, including the emergence of industry-specific solutions tailored to specific sectors, a significant shift towards cloud-based solutions for enhanced scalability and accessibility, an increasing emphasis on real-time analytics capabilities, integration with artificial intelligence (AI) and machine learning (ML) technologies to drive insights, and a growing demand for self-service analytics tools empowering users to analyze data independently. Major trends expected during this period include the integration of AI-powered features into analytics platforms, advanced anomaly detection capabilities, the integration of natural language processing (NLP) for improved data interpretation, ongoing innovation in analytics solutions, and the rise of cloud-based AI services for enhanced functionality and performance.

The statistical analysis software market is set to experience significant growth due to the rapid adoption of cloud computing. Cloud computing delivers computing services over the internet, providing resources such as storage, processing power, and software on-demand, eliminating the need for local infrastructure or management. This adoption is driven by the complete flexibility, scalability, cost-effectiveness, and improved collaboration and accessibility offered by cloud computing. Statistical analysis software is utilized in cloud computing environments to leverage the scalability, flexibility, cost efficiency, and integration capabilities of cloud platforms, enabling users to conduct advanced analytics, data processing, and modeling tasks efficiently. For example, Flexera reported that in 2022, 87% of organizations adopted multi-cloud setups, with 72% adopting hybrid clouds, 13% multiple public clouds, and 2% multiple private clouds. Additionally, cloud spending by small and medium-sized businesses (SMBs) surged, with 52% spending more than $1.2 million in 2022, up from 38% in 2021.

Major players in the statistical analysis software market are innovating with solutions such as Minitab Statistical Software to maintain their market position. Minitab statistical software offers a comprehensive range of statistical tests and analyses, including t-tests, ANOVA, regression, and more. For instance, Minitab LLC launched the latest version of Minitab Statistical Software in November 2021, featuring enhanced visualizations, expanded Graph Builder capabilities, and strengthened predictive analytics with Cox regression and automated machine learning. This tool democratizes data science, allowing professionals to make informed decisions, drive revenue growth, and reduce costs. It ensures accuracy and transparency in predictive analytics.

In March 2021, Insightful Science acquired Dotmatics to create an end-to-end scientific research platform, enabling faster data access, analysis, and exchange among scientists worldwide. Dotmatics provides visualization tools for data manipulation, statistical analysis, and advanced plotting capabilities.

Major companies operating in the statistical analysis software market are Microsoft Corp, International Business Machines Corporation, Oracle Corporation, S&P Global, Pearson Education Inc, SAS Institute, Tableau Software LLC, MathWorks, Alteryx Inc., MicroStrategy Incorporated, TIBCO Software Inc., Dataiku Ltd, Domo Inc., JMP Statistical Discovery LLC, Minitab, LLC, Free Software Foundation, Inc., StataCorp LLC, Wolfram, OriginLab Corporation, DataClarity Corporation, Statwing Inc., Lumivero Pty. Ltd, AcaStat Software, StatGraphics Technologies, GraphPad Software Inc.

North America was the largest region in the statistical analysis software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the statistical analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the statistical analysis software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Statistical analysis software (SAS) comprises computer programs designed to analyze, manipulate, and visualize data, aiming to uncover patterns, trends, and relationships within datasets. These tools offer a wide array of statistical techniques and methods, aiding researchers, analysts, and data scientists in understanding complex data and deriving meaningful insights.

The main components of statistical analysis software include software and services. Software encompasses a set of instructions and data that guide a computer in performing specific tasks. It comes in various forms such as cloud-based and on-premises solutions, offering functionalities such as descriptive, predictive, and prescriptive analytics. Statistical analysis software is utilized across various industry verticals including healthcare, finance, education, manufacturing, retail, government, IT, and telecommunications.

The statistical analysis software market research report is one of a series of new reports that provides statistical analysis software market statistics, including the statistical analysis software industry global market size, regional shares, competitors with statistical analysis software market share, detailed statistical analysis software market segments, market trends, and opportunities, and any further data you may need to thrive in the statistical analysis software industry. This statistical analysis software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The statistical analysis software market consists of revenues earned by entities by providing services such as consulting services, data analysis services, training, and education. The market value includes the value of related goods sold by the service provider or included within the service offering. The statistical analysis software market also includes sales of data visualization tools, descriptive statistics tools, and regression analysis tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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