USD 272.80 billion
Report ID:
SQMIG45A2211 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
132
|Figures:
77
Global Big Data Analytics Market size was valued at USD 272.80 billion in 2022 and is poised to grow from USD 309.35 billion in 2023 to USD 845.97 billion by 2031, growing at a CAGR of 13.40% during the forecast period (2024-2031).
The Big Data Analytics market is a dynamic and growing sector that is playing a significant role in the revolution of industries across the globe. This market covers a broad spectrum of technologies, tools, and techniques that are used in the analysis of big data to enable businesses to make informed decisions, enhance operating efficiency, and improve customer satisfaction. The adoption of Big Data Analytics has become popular across the globe in the last decade due to the skyrocketing data points generated from various sources like social media, IoT devices, digital transactions, and mobile applications.
Some of the most important factors that are driving the growth of this market include the increasing adoption of new technologies like Artificial Intelligence (AI), machine learning (ML), etc. These technologies allow for the enhanced analysis of data and reveal information that was earlier not possible to obtain. Furthermore, the increased adoption of the cloud computing technology has also made Big Data Analytics affordable and easily accessible to all business entities. The advantages of cloud computing include scalability, adaptability, and a major decrease in the cost of infrastructure that is essential for SMEs. In addition, the increase in the application of data as a tool for decision making in fields like health, finance, commerce, and manufacturing is boosting the adoption of Big Data Analytics. For instance, in the healthcare industry, the application of Big Data Analytics is seen in enhancing patient care through the means of predictions and individualized treatments. In the finance industry, it aids in risk management, fraud identification, and customer categorization. Retailers use Big Data Analytics to improve supply chain, stock control and customer satisfaction by using targeted marketing strategies.
However, the Big Data Analytics market has its own challenges that it has to overcome despite the market’s growth. There are challenges such as data privacy issues and requirements of the General Data Protection Regulation in Europe. Also, the lack of available workforce with adequate expertise to analyze large and intricate data is still a major challenge. Many organizations have therefore developed training and development programs that can help close this gap. In the future, the Big Data Analytics market is likely to expand further, with new technologies such as edge computing and blockchain opening new possibilities for development. Given the current understanding of the role of data within the enterprise, the further development and application of Big Data Analytics into the core business processes will be more evident in the future, and thus will lead to further innovation and competitive advantage on the global market.
Global Market Size
USD 272.80 billion
Largest Segment
Software
Fastest Growth
Services
Growth Rate
13.40% CAGR
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The global Big Data Analytics market is segmented by component, enterprise type, application, industry verticals, and region. Based on component, the market is segmented into hardware, software, and services. Further based on software market is segmented into credit risk management, business intelligence solutions, CRM Analytics, compliance analytics, workforce analytics, and others. Based on hardware market Is segmented into servers, storage devices, networking equipment, and data centers. Based on services, market is segmented into consulting services, system integration services, and managed services. Based on enterprise type, the market is segmented into large enterprises, and small & medium enterprises (SMEs). Based on application, the market is segmented into data discovery and visualization (DDV), advanced analytics (AA), and others. Based on industry verticals, the market is segmented into BFSI, automotive, telecom/media, healthcare, life sciences, retail, energy & utility, government, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Component
In the big data analytics market, the most complex segment is the software that includes various products and services for different needs. Of these, the business intelligence solutions are the largest sub-segment as they provide organizations with the means of deriving value from their data through the generation of insights that can be used to support business decisions. As the data produced by businesses becomes larger and more complex, the need for sound business intelligence solutions remains high, which in turn fuels this segment’s growth. These solutions help organizations to capture and process both past and current data, pattern recognition, performance prediction, and operational improvements in the various sectors, and this has led to their increasing use.
Furthermore, the services segment of the big data analytics market is growing at the fastest pace and includes managed services. Managed service providers are capable of providing organizations with a complete package as part of their data analytics infrastructure management service to help improve their efficiency, security, and flexibility. While many companies are focusing on how to use big data and advanced analytics to their advantage, the challenge of managing overwhelming data and sophisticated analysis tools is causing more and more businesses to seek help from the third-party service providers. Currently, managed services are in high demand due to factors like efficiency, professionalism, and adaptability, in various industries. As the technologies for data analytics and data-driven decision making become more advanced and widespread, the need for managed services is anticipated to rise significantly in the coming years.
Analysis by Industry Vertical
BFSI (Banking, Financial Services, and Insurance) is one of the biggest and most crucial segments in the big data analytics domain. Thus, the BFSI companies work with big data analytics to process a large number of financial transactions, customer data, and market trends to gain insights, manage risks, protect from fraud, and improve the customer experience. For instance, in the banking sector, big data plays a significant role through service customization, investment management, and regulation compliance among others. Likewise, in the insurance sector, analytics is an essential component of the underwriting process, claims handling, and fraud identification that results in enhancing operational effectiveness and managing risks. The demand for the advanced and more specific big data analytics for the BFSI segment is likely to increase even further as more and more institutions in this sector turn to digital transformation, and therefore, this segment will remain one of the most important ones within the big data analytics market.
However, one of the most rapidly developing fields in the sphere of big data analytics is healthcare. Today, health care is facing a big issue of how to manage large data sets coming from electronic health records, medical images, wearables and next-generation sequencing, and this is both a threat and a chance. With big data, healthcare organizations, drug manufacturers, and research facilities are able to better understand the medical data and develop more effective treatments, early diagnosis, and better delivery of medical care. Big data analytics in the healthcare sector ranges from using data to predict patients’ outcomes to using data to monitor epidemics in real-time, making it one of the most promising segments of the big data analytics market. With the current acknowledgement that the use of big data can bring significant benefits, the commitment to investing in big data analytics solutions is set to ramp up, thus propelling the growth of this active segment.
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North America dominates the global market and is expected to continue doing so in the years to come with a CAGR of 13.50% during the forecast period. North America’s comprehensive data analytics market research is based on the U.S. and Canada only. This can be attributed to the growing adoption of big data solutions by some of the world’s leading IT firms such as International Business Machines Corporation (IBM), Google Inc., Oracle Corporation, and Microsoft Corporation, among others. In addition, it is increasing the number of R&D projects in order to enhance productivity and improve business processes in order to achieve market growth. In addition, the market for big data analytics suggests a shift towards big data where the solutions proposed are comprehensive and deliver enhanced value from the vast quantity of information that is collected from different sources. The high adoption of wearables, ICDs, and smart phones, the availability of skilled professional and technology providers and developers also play into this progress.
Asia Pacific is expected to witness the fastest CAGR of 15.40% during the forecast period. The Asia-Pacific big data analytics market has been segmented into China, India, Japan, Australia, and the remaining countries in the Asia-Pacific region. The growth of big data analytics market is influenced by factors such as increased use of social media and mobile devices in a certain region. The market for big data analytics across the different segments has been rising steadily due to increasing technological innovations. Increasing numbers of social media users in the region will accelerate further market development. The reason behind this is the rising volume of data created by the advancement in technology and the use of electronic devices and smart networks by organizations within the area.
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Big Data Analytics Market Drivers
Exponential Data Growth
Advancements in AI and Machine Learning
Restraints
Data Privacy and Security Concerns
High Implementation Costs
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Global Big Data Analytics market is defined by a high level of competition between the leading players in the market, as well as emerging players in the market. Some of the giants in the market include IBM, Microsoft, and Google, who use their large cloud services and robust AI to develop comprehensive analytics solutions. Some of these firms are still competing on the basis of scale, integration, and new analytics powered by artificial intelligence. New entrants are gradually building market momentum because they are offering products and services that incorporate state-of-the-art technologies and interfaces that focus on real time analysis and simplicity. Also, there are some niche players including Cloudera and Splunk that have a narrower focus and serve specific sectors like cybersecurity and financial services, respectively. There is also a notable trend of mergers and acquisitions that are being made in the market with the aim of improving the capacity and the market presence. In the present and the future, the competition will be determined by new developments in the application of Artificial Intelligence and Machine Learning, the speed of data processing, and the ability to provide valuable and timely information.
Big Data Analytics Market Top Player’s Company Profiles
Recent Developments
In May 2023, SAP SE and Google Cloud extended their existing collaboration and introduced a new open data package to solve data complexity and increase the business value of data. This new solution connected SAP with Google Cloud’s big data and analytics and helped to increase the value of the enterprise data, and accelerate the enterprise AI. It helped clients develop an end-to-end data cloud where data from different parts of the enterprise could be connected through the use of SAP Datasphere in combination with Google’s data cloud. This integration enabled the companies to have a comprehensive view of their data across the entire network at any given time, thereby getting the most out of their investments in Google Cloud and SAP solutions.
In June 15, 2023, Moody’s Corporation, the credit rating agency, and Microsoft Corporation announced that they had entered into a strategic partnership to provide the financial services and global knowledge workers with innovative data, analytics, research, collaboration, and risk solutions. This partnership leverages Microsoft Azure OpenAI Service and Moody’s data and analytical tools with Microsoft AI for improving corporate intelligence and risk analysis. Major areas of cooperation include the development of new products and services to support research and risk analysis, the use of Moody’s CoPilot as an internal copilot tool integrating Moody’s data with large language models (LLMs) and Microsoft’s generative AI, and the Moody’s decision to incorporate the Microsoft Azure cloud platform reasserts the importance of big data analytics as a key driver of innovation and risk management in the financial industry.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Big Data Analytics Market analysis, market is rapidly expanding, particularly due to the increasing adoption of technologies that create large volumes of data across a wide range of industries. Advanced analytics is being used by businesses to gain insights, make better decisions and stay ahead in the market. It is regionalized based on the deployment mode, on-premises and cloud-based solutions, with the latter gaining more traction in the market due to its flexibility and affordability. Some of the main sectors that are implementing big data include finance, healthcare, retail and manufacturing sectors; the use of analytics in the mentioned industries is to improve efficiency, predict consumer behaviors and preferences, and enhance the customer experience. The leading companies include international giants like IBM, Microsoft, Oracle, and others that develop and introduce ever more complex and integrated systems. The increased usage of big data analytics, AI and machine learning is significantly driving the growth of the market. Some of the challenges include data privacy concerns and the lack of skilled professionals, however, the overall outlook remains encouraging with prospects of further growth based on technological advancements and growing emphasis on big data management strategies.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 272.80 billion |
Market size value in 2031 | USD 845.97 billion |
Growth Rate | 13.40% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Big Data Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Big Data Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Big Data Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Big Data Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG45A2211