Highlights
- Data analytics supports IT, healthcare, manufacturing, travel, and entertainment industries, driving diverse applications.
- 75 billion IoT devices by 2025 will drive real-time data streams, making effective data analysis even more critical for business success.
- Data analytics firms excel at transforming raw, unstructured data into actionable insights for all businesses.
- Data cleaning is crucial; data scientists spend 60% of their time ensuring accuracy and relevance in datasets.
- Machine learning is used in data analytics to uncover trends and enhance decision-making capabilities.
In today’s world, 2.5 quintillion bytes of data are created every day. This means data analytics companies are more important than ever. Businesses everywhere, big or small, use these firms to help understand and manage all this data.
Now, you might be thinking, “Do I need a data analytics company for my business?” or “What exactly do these companies do?”
Good questions! “Data analytics” sounds broad, so in this blog post, we’ll break down what it means and what these companies do. Also, we’ll discuss the big data analytics companies of 2024.
What are Data Analytics Companies?
Data analytic companies specialize in turning raw, often unstructured, data into valuable insights. While anyone can analyze data, these firms excel more effectively and efficiently. Their job is handling complex data analysis tasks that might overwhelm business owners.
Moreover, data analytics are crucial across various industries, including IT, healthcare, manufacturing, travel, and entertainment.
According to Fortune Business Insights, the global big data analytics market was valued at USD 348.21 billion in 2024 and is expected to expand to USD 924.39 billion by 2032. Given these trends, investing in data analytics and adopting data-driven decision-making models is essential for businesses that want to stay competitive.
How Data Analytics Company Work – The Three Pillars of Data Analytics
Now that you understand what data analytics companies are, let’s discuss their core services and how they impact business decisions.
Data Collection
- Diverse Sources: By 2025, it’s expected that 180 zettabytes of data will be created daily worldwide. Data analytics companies gather this data from various sources, like social media, IoT devices, and financial transactions. This broad collection provides a comprehensive view of patterns and trends that would otherwise take an individual business a long time to compile.
- Real-time Data Streams: With projections of 75 billion IoT devices in use by 2025, collecting and analyzing real-time data is becoming crucial. This immediate data helps businesses respond quickly to changes, keeping them ahead of competitors. By hiring a data analytics firm, you ensure that this massive data flow is managed effectively.
Data Cleaning
- Removing Noise: Data scientists spend about 60% of their time cleaning and organizing data. This step is crucial because irrelevant or noisy data can lead to incorrect insights. Data analytics firms streamline this process, ensuring that only the most relevant data is analyzed, leading to more accurate results.
- Handling Missing Values: Data analytics companies use advanced methods to manage and fill in missing values, maintaining data integrity and accuracy. Their specialized tools make this task faster and more efficient.
Data Analysis
- Statistical Analysis: Tools like R and Python commonly use data analytics to uncover trends, correlations, and anomalies in large datasets. Advanced analytics platforms, often unique to the company, enable deeper and more detailed analysis.
- Machine Learning: Many data analytics companies use machine learning to enhance their analysis. For example, Netflix saved $1 billion in 2017 by using machine learning (AI) to provide personalized recommendations.
Top 5 Data Analytics Companies of 2024
- Tambena Consulting
At Tambena Consulting, we specialize in empowering companies with advanced software solutions that enhance data management and analytics capabilities. Our services are designed to support your data-driven strategies and help you leverage insights for better decision-making. Here’s how we contribute to the data analytics landscape:
Database Managed Services
We provide robust management solutions for your databases, ensuring they are optimized for high performance and reliability. Our services help you maintain clean, organized data, which is crucial for accurate and effective analysis.
Database Tier Assessment Services
Our expertise in database tier architecture helps you design and implement scalable solutions that improve data processing efficiency. This optimization is key for handling large volumes of data and performing complex analytics.
Database Consulting Services
Our consulting services offer strategic database design, integration, and utilization guidance. We help you align your database infrastructure with your analytical needs, ensuring your data is structured and accessible for actionable insights.
ERP Development Services
We offer Enterprise Resource Planning (ERP) services integrating various business functions, providing a unified view of your data. This integration supports comprehensive analysis and enhances your ability to derive meaningful insights across different business areas.
EHR Development Services
As one of the best healthcare data analytics companies, we offer Electronic Health Record (EHR) development services to ensure patient data is managed securely and efficiently. By providing accurate and accessible health data, we enable better health analytics and support informed decision-making in healthcare settings.
CMS Development
We offer CMS services that facilitate content creation, management, and dissemination. Effective CMS solutions help streamline data collection and content analysis, supporting data-driven strategies and enhancing your analytics capabilities.
- DataToBiz
DataToBiz is a data analytics company offering data science, business intelligence, and AI technologies to businesses of all sizes. They serve a range of industries, including EdTech, FinTech, manufacturing, retail, eCommerce, IT, and healthcare. Their services include:
- Data analytics consulting
- End-to-end digital transformation strategy
- Data analytics as a service
- Data analytics implementation
- Data analytics support and evolution
They provide descriptive and predictive analytics to help businesses cut costs, reduce errors, and boost ROI. With a team of skilled data strategy consultants, DataToBiz uses the latest technologies and is an official partner of Google, AWS, and Microsoft.
- Accenture
Accenture is a leading data analytics consulting firm with clients across over 40 industries. As a multinational company, it has offices worldwide and is known for its transparent and reliable data analytics services. Accenture offers:
- Data transformation
- AI solutions
- Business process outsourcing
- Applied intelligence
- Data augmentation
- Data democratization
Accenture’s services are scalable and designed to help businesses enhance productivity and make quicker, data-driven decisions. The company focuses on unlocking data’s potential to transform processes and leverage cloud computing solutions.
- Deloitte
Deloitte is a well-known data analytics consulting firm with diverse services and talents. The multinational company serves clients globally, providing strategic, consulting, and technological services to manufacturing, finance, supply chain, operations, and government industries. Deloitte’s services include:
- Data and analytics
- Technology management
- Business strategy and growth
- Digital transformation
- Innovation and emerging technologies
Deloitte offers auditing and taxation services through cloud-based systems and streamlined processes. Their solutions incorporate artificial intelligence and data modeling to support digital transformation.
- Capgemini
Capgemini is a top data analytics firm with a global presence in over 50 countries. The company offers a variety of outsourcing, data analytics, and cloud solutions, focusing on creating a sustainable and inclusive future. Their services include:
- Net zero intelligence
- Data-powered innovations
- Package-based solutions
- Artificial intelligence and business consulting
- Custom solution development
- Business consulting and cloud-managed services
Capgemini helps businesses harness data and AI to enhance their potential and achieve competitive success.
Final Words
Data analytics companies are very crucial today’s world because they help businesses make sense of vast data. They turn raw data into useful insights that guide better decisions and strategies. As the market for data analytics grows and technologies like machine learning become more common, working with a data analytics firm can give your business a big edge.
FAQ
Why Is Data-Driven Analytics Of Interest To Companies?
Data-driven analytics helps businesses make smart choices, improve operations, understand customers’ wants, and spot trends and chances they might miss otherwise. This can lead to more sales and better overall business performance.
