USD 272.80 billion
Big Data Analytics Market Size, Share, Growth Analysis, By Component(Hardware (servers, storage devices, networking equipment, and data centers)), By Enterprise Type(Large enterprises, small & medium enterprises (SMEs).), By Application(Data discovery & visualization (DDV), advanced analytics (AA), others), By Industry Vertical(BFSI, automotive, telecom/media, healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2211 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
132
|Figures:
77
Big Data Analytics Market Insights
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 marketplace is driven via terrific growth in statistics from various sources along with IoT devices, social media, and commercial enterprise networks, which require superior analytics solutions to generate valuable insights. The growing adoption of cloud computing affords scalable, price-effective approaches to manipulate and analyze large amounts of data, even as advances in AI and gadget gaining knowledge of provide the capacity to find patterns and make decisions robotically. Companies use this assessment to improve decision-making and enterprise performance. However, the market faces demanding situations, along with data privateness and security concerns, high processing charges, and the issue of integrating facts resources in addition to a preventable scarcity of professional employees of the effectiveness technique.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Services
Growth Rate
13.40% CAGR
Global Big Data Analytics Market ($ Bn)
Country Share for North America Region (%)
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Big Data Analytics Market Segmental Analysis
The Global Big Data Analytics Market is segmented by Component, Enterprise Type, Application, Industry Verticals, and Region. Based on Components, the market is segmented into Hardware, Software, and 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
The software segment is dominating the market during the forecast period, owing to its extensive solution offering of credit risk management, business intelligence solutions, CRM analytics, compliance analytics and employee analytics. This solution supports employees with real-time insights, insights, and visualizations, enabling improved decision-making.
The hardware segment such as communication equipment, connected devices, communication equipment and mobile handheld devices are expected to witness steady growth. Smart, advanced and connected devices are essential for real-time analytics. The segment is likely to show significant growth over the forecast period. The services provide raw data, services and advice to support the creation of optimal solutions. This feature is likely to boost the big data analytics market.
Analysis by Industry Vertical
The BFSI segment is likely to account for the largest revenue share in the industry vertical. Implementing such solutions helps the BFSI industry to acquire, grow and retain customers more effectively. For example, BBVA, a financial services provider to serve more than 47 million customers in 30 countries, used a social media analytics tool to gain insights into product and brand images while Citibank based in Singapore offers network-based retail discounts to retain customers.
The retail segment is expected to grow at the highest CAGR during the forecast period. Retailers are using advanced analytics tools to enhance customer experience and understand customer preferences and dynamic market dynamics. For example, online retailers offer co-selling of product deals, which contributes to higher sales and customer satisfaction. Similarly, many customers in the telecommunication sector are increasingly demanding the products. Additionally, the health and life sciences industries are turning to analytics tools to understand consumer needs and improve health care provider and patient services.
Global Big Data Analytics Market By Components (%)
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Big Data Analytics Market Regional Insights
North America dominates the market with a revenue share of 34.7% in 2022. The region is home to leading companies from all industries, and heavy users of software e.g., Facebook, Twitter and Instagram collect profile users about their preferences through data analytics. The availability of infrastructure supporting data analytics and increasing use of advanced technologies such as AI and machine learning are driving the market growth in North America.
Despite a significant CAGR of 34.2% due to the expansion in retail, BFSI, healthcare, automotive, and other sectors in Asia-Pacific during the forecast period. The adoption of social media platforms, internet and smartphones, the growth in communication technologies and digitization are both expected to increase the big data analytics market share. Many Asian countries, including China and Japan, apply features of data-intensive AI and ML technologies in various industries into the market, leading to increased usage of data analytics. The increased usage of data analytics tools and solutions will also boost market growth.
Global Big Data Analytics Market By Geography
- Largest
- Fastest
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Big Data Analytics Market Dynamics
Big Data Analytics Market Drivers
Increasing Volume of Data
- The exponential growth of data generated by businesses and consumers is driving the demand for big data analytics solutions. Companies are trying to use this vast amount of data to gain actionable insights and improve decision-making.
Technological Advances
- Technological innovations in cloud computing, artificial intelligence, and machine learning are increasing the power and efficiency of big data analytics tools. These advances make it easier for businesses to generate data sizes that have been processed and analyzed in real time.
Restraints
Data Privacy Concerns
- Increased data privacy concerns and stricter regulations (e.g., GDPR) may restrict the extent to which companies can store and analyze personal data. This can hinder the effectiveness of big data analytics solutions.
High Cost
- Implementing a big data analytics solution can be expensive, especially for small and medium-sized enterprises (SMEs). Costs associated with technology, infrastructure and skilled labor can be prohibitive.
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Big Data Analytics Market Competitive Landscape
Global Big Data Analytics market is defined by high competition between the leading players and 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 in 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 being made in the market to improve capacity and 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
- Amazon Web Services Inc. (United States)
- International Business Machines Corporation (United States)
- Looker Data Sciences, Inc. (United States)
- Mu Sigma (United States)
- Oracle Corporation (United States)
- SAP SE (Germany)
- Sisense Inc. (United States)
- Tableau Software LLC. (United States)
- ThoughtSpot Inc. (United States)
- Zoho Corporation Pvt. Ltd. (India)
- Microsoft Corporation (United States)
- Fair Isaac Corporation (United States)
- Salesforce Inc. (United States)
- Equifax, Inc. (United States)
- TransUnion (United States)
- QlikTech International AB (Sweden)
- SAS Institute Inc. (United States)
- Google LLC (United States)
- Hewlett Packard Enterprise (United States)
- Datameer (United States)
Recent Developments
- In June 2024, Fractal, an AI and advanced analytics provider to Fortune 500 firms, merged with Eugenie AI (Eugenie. ai), an AI firm in climate change and industrial sustainability. Having had the privilege of spearheading Occam’s work since 2020, Eugenie has grown to become an expert in the use of Artificial Intelligence solutions in climate impacts mitigation, working with large industrial companies in industries that include energy, metals and mining.
- In March 2024, LatentView Analytics Ltd, Chennai-based digital analytics consulting, and solutions firm announced its plan to acquire 70% of Decision Point’s outstanding equity capital for $39.1 million. The remaining 30% equity will be acquired over the next two years based on agreed valuation principles.
- In January 2024 Qlik acquired additional AIPs for unstructured data with the natural language processing and generative AI intellectual property of Kyndi, a software company located in San Mateo, California. This strategic move involves patents and technology assets, which Qlik will use to help its customers gain analysis on big data and achieve AI-based business results.
Big Data Analytics Key Market Trends
- Integrating Artificial Intelligence (AI) and Machine Learning (ML): The combination of AI and ML with big data analytics is changing the market. This technology enhances the ability to reveal patterns, predict, and automate decision-making processes. By leveraging AI and ML, organizations can gain deeper insights from their data, leading to more informed strategic decisions and operational efficiencies.
Big Data Analytics Market SkyQuest Analysis
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 SkyQuest analysis, the 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. 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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Big Data Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Big Data Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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