Advent of cloud computing, plummeting technology costs, and the integration of digital transformation strategies are pivotal drivers in unlocking the Potential of Big Data Analytics
Big Data Analytics Market Overview
The SNS Insider report reveals a remarkable trajectory for the Big Data Analytics Market, which surged from USD 268.55 billion in 2022 to a projected USD 755.37 billion by 2030. This robust growth, expected at a CAGR of 13.8% from 2023 to 2030, stems from the explosive expansion of unstructured data sources coupled with the quest for actionable insights.
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Major Key Players Included in the Report are:
- Amazon Web Services
- Fair Isaac Corporation
- Hewlett Packard Enterprise Development
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute
- Tibco Software
- Teradata Corporation
- Others
Big Data Analytics Market Dynamics and Scope
Big data, voluminous and diverse, requires sophisticated computing to extract meaningful insights. Data analytics, pivotal for business insights, aligns with modern enterprise platforms, fostering scalability and cost efficiency. It facilitates advanced analytics projects, propelling learning applications, predictive analysis, and data mining, revolutionizing data collection, processing, and analysis.
Factors Driving Big Data Analytics Market Growth
The surge in social media, IoT, and multimedia has inundated organizations with data. Approximately 89% of the world’s data was generated in the past two years, with machine-generated and human-generated data growing tenfold compared to traditional business data. The advent of cloud computing, plummeting technology costs, and the integration of digital transformation strategies are pivotal drivers, amplifying the adoption of big data solutions and services.
Market Segmentation Insights
By Application Segmentation:
Data Discovery and Visualization (DDV) dominates, propelled by the burgeoning need to decipher structured and unstructured data for insights. Meanwhile, Advanced Analytics (AA) witnessed notable growth, empowered by machine learning and data mining integration.
By Vertical Segmentation:
In the BFSI sector, leveraging analytics aids in customer acquisition and retention, cementing its dominant position. Simultaneously, the retail sector harnesses advanced analytics to comprehend customer preferences, fostering dynamic market strategies.
Market Segmentation and Sub-Segmentation Included Are:
By Components
- Hardware
- Software
- Services
By Organization Size
- Small and Medium-Sized Enterprises
- Large Enterprises
By Application
- Data Discovery and Visualization (DDV)
- Advanced Analytics
- Others
By Vertical
- BFSI
- Government and Defense
- Healthcare and Life Sciences
- Manufacturing
- Retail and Consumer Goods
- Media and Entertainment
- Telecommunications and IT
- Transportation and Logistics
- Other Verticals
Regional Development
North America:
This region spearheads revenue generation, buoyed by extensive software implementation across industries. The U.S. stands out due to robust demand for compliance analytics, fostering rapid growth through technology investments.
Asia Pacific:
Witnessing remarkable growth, particularly in China and India, the region benefits from expanding industries like BFSI, retail, healthcare, and automotive. China’s dominance and India’s potential for growth underline the region’s rising significance.
Key Takeaways from the Big Data Analytics Market Report
- Unprecedented data growth and technological advancements are reshaping the Big Data Analytics Market landscape.
- Industries increasingly rely on analytics for customer insights and operational efficiency, propelling market expansion.
- North America and Asia Pacific emerge as focal points, driving substantial market growth.
Recent Developments
In April 2022, Wipro partnered with DataRobot, aiming to enhance customer business impacts through augmented intelligence adoption. Microsoft’s launch of Azure Health Data Services in March 2022 fortified AI adoption by facilitating health data aggregation on the cloud, ensuring analytical and transactional capabilities.
Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Big Data Analytics Market Segmentation, By Component
- Big Data Analytics Market Segmentation, By Organization Size
- Big Data Analytics Market Segmentation, By Application
- Big Data Analytics Market Segmentation, By Industry Vertical
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Conclusion