Market Highlights
As per Market Research Future (MRFR), the global big data analytics market is projected to reach USD 275 billion, with approximately 12% CAGR from 2017 to 2023 (forecast period). The report discusses and explores the effects of the outbreak of COVID-19 on the global big data analytics industry, including potential opportunities and threats, drivers, and risks.
Big data is generally referred to as large and varied data sets, and the examination of data to recognize customer trends and preferences, data patterns, relations for companies to make informed business decisions. Companies use advanced analytics techniques for large and diversified data sets, allowing researchers, analysts, and business owners to make decisions on the basis of previously inaccessible data. Big data contains software and hardware components, and the data set varies from Megabytes to Terabytes. Several companies are investing in big data analytics, which has led the banking and manufacturing industry to invest more in big data analytics, mainly due to security and compliance concerns. Other than banking and manufacturing, many other sectors are more likely to find customer experience information to use the data for customer retention and customer delight properly.
Market Dynamics
Growing investment in the Internet of Things infrastructure development, the expansion of enterprise networks, increasing data complexity, and the advancement of data analytics solutions are vital attributes to the global market's growth for big data analytics. Big data refers to the high quantity of data generated by distributed devices across industrial, commercial, and residential infrastructures. Big data is generated in high volume, at high speed, and is highly versatile in nature. This makes it difficult to capture, store, and process-relational databases with low latency, generating a market for advanced analytics solutions and services. Quantum data has grown dramatically over the last few years due to the Internet of Things (IoT) and the growth of the enterprise network.
Companies focus on leveraging big data analytics solutions to make better decisions through the processing and analysis of big data generated from different sources through the industrial network. Machine learning, text analytics, natural language processing, data mining, predictive analytics, and statistics are the primary tools used to capture, manage, and analyze big data. In addition, shifting preference towards the adoption of distributed processing across clusters of computing devices using simple programming contributes to the development of the global market for big data analytics. With rising process complexities across multiple organizations and an evolving IT ecosystem, big data is expected to grow exponentially in the coming years. This is expected to fuel the global market's growth for big data analytics during the forecast period.
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Segmentation:
The global market for big data analytics has been segmented based on components, solutions, and end-users.
Based on components, the global big data analytics market has been divided into software and hardware. The software component is further divided into reporting and analytics and data warehouse management systems. In this segment, software components lead the market share; however, the hardware component follows the segment with nominal growth.
Based on solutions, the global big data analytics market has been divided into fraud detection, risk management, customer analytics, and content analytics. Most telecommunication and media industries are intended to offer customer analytics and content analytics solutions for customer experience for customer retention, acquisition, and loyalty. Customer analytics is at the center of the telecommunication industry for investments in big data analytics.
Based on end-users, the global big data analytics market has been divided into banking, discrete manufacturing, transportation, process manufacturing, government, telecom, insurance, and utilities. Out of these, banking, discrete manufacturing, and process manufacturing are investing highly in big data analytics, focusing on risk management, fraud prevention, and security and compliance issues. Manufacturing, banking, and government will account for approximately 50% of the data analytics market's spending.
Regional Analysis
Regionally, the global big data analytics market has been divided into North America, Asia Pacific, Europe, and the rest of the world.
North America, in particular the United States, is leading and will continue to lead the big data analytics market with more than 80% of the region's investments. Another reason for accelerated market growth in the North American region is due to the concentration of major big data companies in the U.S., following the U.S is the Europe and Asia Pacific region in terms of the investments in big data.
Key Players
The global big data analytics market holds some of the prominent players like IBM Corporation (U.S.), Microsoft Corporation (U.S.), Teradata Corporation (U.S.), Tableau Software (U.S.), SAP SE (Germany), VMware, Inc (U.S.), Oracle Corporation (U.S.), Pentaho (U.S.), Google Inc (U.S.), Hewlett Packard Enterprise (U.S), Datameer (U.S.). The big data analytics market is expanding at a significant rate. It includes many new entrants in the big data analytics market, majorly in customer analytics and content analytics solutions due to the higher demand for e-commerce.
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Global Big Data Analytics Market, By Component (Software & Hardware), By Solution (Fraud Detection, Risk Management, Customer Analytics & Content Analytics) By End – User (Banking, Discrete manufacturing, Process Manufacturing, Government, telecom, Insurance, Transportation and Utilities)
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