In today's rapidly evolving business landscape, businesses are collecting a tremendous amount of data. From customer interaction and sales figures to social media marketing and website traffic, businesses have access to a wealth of data. As per IDC, the world's data is expected to reach 175 zettabytes by 2025. However, collecting a lot of data is not enough for businesses to drive growth. They need to turn the data into actionable insights by utilizing data analytics.
Considering the importance of data and the hidden valuable data insights, companies are investing heavily in data analytics. The global big data and business analytics (BDA) market was projected to grow by over $274 billion by 2022, a 27% increase from 2021. Moreover, the NewVantage Partners 2023 survey showed that 87.8% of organizations reported increased investment in data and analytics in 2022. When every company values data analytics as a crucial asset, it's important to look into how data analytics drive business growth. Therefore, this article discusses in detail what major roles data analytics play in business growth.