+91-8668442535

Big Data Analytics Market By Component (Hardware, Software, Services) By Deployment Mode (On-premise, Cloud-Based) By Analytics Tool (Dashboard & Data Visualization, Self-Service Tools, Data Mining & Warehousing, Reporting, Others) By Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, Transportation Analytics) By Industry : Growth, Future Prospects, and Competitive Analysis, 2016 - 2028

Data visualization is a key method for evaluating huge data, which would otherwise lose important insights and signals, and exhibiting the outcomes of machine learning and predictive analytics. Data visualization market apps use visual tools like geographical maps, heat maps, and pivot tables to make pattern detection faster and more intuitive. The key growth drivers in the data visualization industry are the growing relevance of data-driven decision-making, rising trends in self-service business intelligence (BI) tools, and insight production from a growing variety of multi-structured data sources. In addition, the increase in the adoption of data visualization in small and medium-sized businesses is likely to drive the data visualization sector. Given the prospects connected with data and its representation, several organizations are investing in strengthening their analytics and visualization skills through ongoing R&D. Growing investments in the field of data visualization, as well as substantial acquisitions of companies, are expected to contribute to Big Data Analytics market growth in the future years.

What is the Market Size of the Big Data Analytics Market in terms of value?

The global Big Data Analytics Market is projected to increase at a significant CAGR of 12.7 % in the coming years. In 2021, the global Big Data Analytics Market was valued at USD 224.1 billion and projected to reach USD 459.1 billion by 2028. The demand for Big Data Analytics is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD 235.08 billion during the forecast period between 2022 and 2028

How will BFSI sector Benefit the Market Growth?

BFSI is predicted to obtain the greatest revenue share in the industry vertical because of its rapidly expanding client base. The use of data analytics is assisting the BFSI industry in efficiently acquiring, developing, and retaining clients. For example, BBVA, a financial services provider, adopted a social media analysis platform to acquire product and brand image insights in order to serve more than 47 million clients in 30 countries. Increased use of advanced technologies such as AI and machine learning will likely provide lucrative prospects for worldwide market expansion during the forecast period. In addition, increased customization of IT solutions for unique banking needs favors market growth.

Interesting Facts about Big Data Analytics Industry

  • An increase is aiding the expansion of the big data market in demand for cloud-based big data analytics software among small and medium-sized organizations.
  • High implementation costs and a scarcity of skilled labor are projected to stymie market growth.
  • North America will have the highest revenue share during the predicted period. This is due to an increase in the usage of smartphones, wearable gadgets, and other smart-connected devices.
  • The software segment is likely to dominate the segment share through its broad solution offerings, such as credit risk management, business intelligence solutions, CRM analytics, compliance analytics, workforce analytics, and others.
  • In 2021, the on-premise sector held more than 45 percent market share. On-premise deployments provide enterprises with greater flexibility and control over their IT infrastructure, decreasing their reliance on the internet and protecting company data from potential losses and theft.

Who are the Top 10 players/companies in the Big Data Analytics Market in terms of value and volume?

The key players in the global Big Data Analytics Market in terms of value and volume include Amazon Web Services, Inc., Fair Isaac Corporation, Hewlett Packard Enterprise Development Lp, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Sap Se, Sas Institute Inc., Tibco Software Inc., and Teradata Corporation. These key players are concentrating on new product developments as well as technological innovation to enhance their production of Big Data Analytics tools to gain competitive market share at a global level. Moreover, regional and country-level players are investing heavily to expand their product portfolio and enhance their sales. For instance, in February 2021, Salesforce bought Acumen Solutions, a provider of industry solutions based in the United States, in order to boost sales income, customer engagement, and employee efficiency. The company hopes to expedite and deploy innovations through its Customer 360 Platform as a result of this purchase. For instance, in July 2020, Microsoft Corporation bought Orions Systems, a data analysis service company based in the United States, to improve the capabilities of Dynamics 365. With this acquisition, shops and other organizations can develop and train their AI models to adapt, optimize, and learn from their physical surroundings.

Who are the Top 10 Countries in the Big Data Analytics Market?

The major countries in the global Big Data Analytics Market are the US, Canada, Japan, China, India, South Korea, the UK, Germany, Netherlands, and Spain. The US is one of the dominating nations not only in the region but also worldwide. One of the primary driving reasons for the US big data analytics market is the increase in data collected from unstructured sources. The big data analytics market in the United States is expanding due to high-demand industries such as public utilities. In addition, government agencies now use mobile, social networks, and weblogs to conduct business. These applications and websites generate massive amounts of data, which must be used for business insights and forecasting. Thus driving the growth of the market in the nation.

Which is the Key Application Area in the Big Data Analytics Market?

The key applications of the Big Data Analytics Market include Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, and Transportation Analytics. The consumer analytics segment will lead the big data and business analytics market in the forecast period. The need to understand customer purchasing behavior for a more personalized customer experience, as well as the introduction of technologies such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations, are the major factors driving the growth of the customer analytics segment. The insight into customers' purchasing behavior is also responsible for increasing the customer analytics segment share. In addition, the growing competition among key companies to give improved customer satisfaction and customized experiences are fuelling the expansion of this segment.

What are the Major Driving Factors for Big Data Analytics Market?

Rising digital solutions in education, banking, retail, agriculture, healthcare, information technology, and telecommunications are rapidly growing data. In addition, YouTube videos, Snapchat, Facebook, Instagram, WhatsApp chats, and other services generate massive amounts of data. Thus, the industrial revolution is predicted to generate massive datasets as technology advances in industries, social media platforms expand, and smart apps are used. This expanding database is expected to drive big data analytics and market statistics. In addition, cloud-based data analytics software has been introduced to small and medium-sized businesses. This has undoubtedly had a favorable impact on market growth.

What are the Major Restraints for Big Data Analytics Market?

When companies acquire profile data, the potential for identity theft increases, especially if the information is not kept securely; the growing number of data losses or cyberattacks on stored customer data across businesses is projected to stymie industry expansion. Furthermore, hefty implementation costs and a scarcity of skilled labor are projected to stifle market expansion.

Which Region Dominated the World Big Data Analytics Market?

North America will have the highest revenue share during the predicted period. The region is home to essential enterprises from many industries and heavily invests in big data analytics software. The United States will experience substantial growth as a result of the rising demand for technologies that provide enhanced and improved client experiences. To generate exponential data for industries, the country is heavily investing in modern technologies such as machine learning, the internet of things, artificial intelligence, and others. In addition, big Data is assisting many regional organizations in improving customer experience, marketing, identifying fraud and waste, and achieving other benefits that directly boost corporate performance.

Asia Pacific experienced remarkable growth over the predicted period due to the rise of BFSI, retail, healthcare, manufacturing, and other industries. The region's market growth potential is wide, with booming countries such as China, India, South Korea, Singapore, Japan, and others. China is projected to dominate, while India is expected to demonstrate more advanced potential. The rising social media platform, internet and smartphone access, advancements in communication technology, and digitalization are all expected to increase market share. Furthermore, there is an increase in the usage of electronic devices and networks among enterprises, which has provided a growth opportunity.

Segmentation of Global Big Data Analytics Market-

Big Data Analytics Market- By Component

  • Hardware
  • Software
  • Services

Big Data Analytics Market- By Deployment Mode

  • On-premise
  • Cloud-Based

Big Data Analytics Market- By Analytics Tool

  • Dashboard & Data Visualization
  • Self-Service Tools
  • Data Mining & Warehousing
  • Reporting
  • Others

Big Data Analytics Market- By Application

  • Customer Analytics
  • Supply Chain Analytics
  • Marketing Analytics
  • Pricing Analytics
  • Spatial Analytics
  • Workforce Analytics
  • Risk & Credit Analytics
  • Transportation Analytics

Big Data Analytics Market- By Industry Vertical

  • BFSI
  • Manufacturing
  • Healthcare
  • Government
  • Energy & Utilities
  • Transportation
  • Retail & E-commerce
  • IT & Telecom
  • Education
  • Others

Frequently Asked Questions:

The big data and business analytics market is predicted to develop in the aftermath of the COVID-19 epidemic, as many firms have begun to adopt work-from-home and remote working cultures, resulting in massive amounts of data and prospects for data analytics.

North America will have the highest revenue share during the predicted period. The region is home to important enterprises from many industries and is heavily investing in big data analytics software.

The increased adoption of big data analytics software by various organizations to deliver improved and faster decision-making and to provide a competitive advantage by analyzing and acting on information in a timely manner contributes significantly to the growth of the global big data and business analytics market.

The software segment is likely to dominate the segment share, through its broad solution offerings such as credit risk management, business intelligence solutions, CRM analytics, compliance analytics, workforce analytics, and others.

The consumer analytics segment will lead the big data and business analytics market in the forecast period.

Big Data Analytics Market Scope

Report Attribute Details
Market Value in 2021 USD 224.1 billion
Market Value in 2028 USD 459.1 billion
CAGR 12.7 %
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Choose License Type
Budget Buying
Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
Trusted By
Godaddy
Published Date:  Jul 2022
Category:  Technology & Media
Report ID:   60166
Report Format:   PDF
Pages:   210
Rating:    4.8 (72)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
+91-8668442535
24/7 Research Support