Global Big Data Analytics Market to Reach USD 842.9 Billion by 2031; Emerging Technologies in Big Data Analytics: AI, Edge Computing, and IoT
Global big data analytics market size was valued at USD 842.9 Billion by 2031 in the forecast period (2024-2031). Data analysis refers to the analysis of data structures to find useful information for solving problems in various industries. It combines computer programming, mathematics and statistics to analyze precise data. Growing demand for big data and predictive analytics is driving the growth of the big data analytics market. Market leaders continue to focus on developing scalable data sharing, data fabrics and artificial intelligence (AI) systems to drive new growth, transformation and innovation.
Greater Emphasis on Data-driven Decision Making
The major factor contributing to the expansion of the global big data analytics market is the increasing emphasis on data-driven decision-making across industries. In today’s competitive environment, organizations are increasingly using data analytics to gain potential insights to inform strategic decision making and enhance productivity. Big data analytics enables organizations to analyze large, complex data sets to identify patterns, trends, and relationships. Leveraging the power of big data analytics, businesses can make knowledgeable decisions. The availability of platforms that are user-friendly and accessible to non-technical users has democratized data analytics, making it accessible to organizations of all sizes, across industries.
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Increasing Security Concerns Hampers the Incremental Market Growth
Major security concerns in technology, such as fake data generation, customer data privacy and security such as remote storage, poor human resource governance are some of the key factors of the market. The growth of the market is likely to be hampered by a high incidence of data loss or cyber-attacks on stored customer data across industries. Furthermore, supported data protection regulations, such as the Data Protection and Privacy, Information Technology Act, 2000, and the European Union’s General Data Protection Regulation (GDPR), are expected to hinder the implementation of the solution.
Growing Trend of Edge Computing to Surge Big Data Analytics Tools Demand
The growth in IoT gadgets quantity is owing to the surging adoption of Machine Learning (ML) algorithms, the Internet of Things (IoT), and Artificial Intelligence (AI). According to the International Data Corporation (IDC) records, 152,200 hundred IoT devices will connect in line with minute by 2025. The growing requirement for linked devices hastens the execution of facet computing. Edge computing answers are described as a structure in which the processors are located towards the vacation spot or source for records as opposed to clouds. Data positioned near the source saves time for importing statistics on the cloud or on-premises structures and sinks the server and network load.
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Growing Acceptance of Cloud Computing
One of the major drivers for the growth of the global big data analytics market is the increasing adoption of cloud computing. As organizations generate more and more data from multiple sources, managing and analyzing this data has become paramount. Cloud computing provides businesses with agility and changes needed to successfully manage big data analytics projects. It gives organizations access to a range of computing resources on demand and enables their systems to scale based on data volume and processing needs. Furthermore, cloud-based big data analytics solutions provide cost savings, period with organizations migrating to offsite operations.
Future Prospects of the Global Big Data Analytics Market
The future of the global big data analytics market looks promising, with many factors pointing to continued growth and development in the coming years. As organizations continue to recognize the importance of data-driven and informed decision-making, we invest in digital transformation initiatives. Demand for data analytics solutions and services is expected to increase significantly. Artificial Intelligence (AI) and Machine Learning (ML) are poised to play a key role in the growth of the big data analytics market. As organizations seek to get more value out of their data, AI and ML technologies provide the ability to quickly analyze big data, identify complex patterns, and gain actionable insights.
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