Big Data Analytics Market Size, Share & Industry Analysis, By Component (Software, Hardware, and Services), By Enterprise Type (Large Enterprises and Small & Medium Enterprises (SMEs)), By Application (Data Discovery and Visualization, Advanced Analytics, and Others), By Vertical (BFSI, Automotive, Telecom/Media, Healthcare, Life Sciences, Retail, Energy & Utility, Government, and Others), and Regional Forecast, 2024-2032

The global big data analytics market size was valued at USD 307.51 billion in 2023. The market is projected to grow from USD 348.21 billion in 2024 to USD 924.39 billion by 2032, exhibiting a CAGR of 13.0% during the forecast period.

In the scope, we have considered solutions offered by major market players such as Azure Databricks, SAP Analytics Cloud, SAP HANA Cloud, IBM Db2 Big SQL, and Background Data Solutions.

Big data analytics examines unstructured and structured databases to understand and deliver insights based on correlation, hidden patterns, varying market trends, and more. Prominent sectors aim on employing analytical tools to obtain customer insights by developing business intelligence. For instance, in December 2020, Amazon, Inc. launched Amazon HealthLake, a HIPAA-compliant big data analytics service for the healthcare industry that provides real-time patient data.

Digital transformation in manufacturing, healthcare, retail and other sectors during the pandemic is expected to evolve data generation. Artificial intelligence technology is applied to asset management, inventory management, predictive maintenance, network manufacturing, and real-time alerts. to help the manufacturing sector grow in a tough business environment.

Adoption of AI-driven advanced reporting, healthcare business intelligence, and electronic medical records, are driving the growth of the healthcare market. Similarly, organizations in various sectors are switching to working from home and implementing advanced analytics to understand emerging trends during the pandemic. Businesses are shifting their digital strategies to operate efficiently in this ever-changing environment amid the pandemic.

Big Data Analytics Market Trends

Growing Trend of Edge Computing to Surge Big Data Analytics Tools Demand

The increase in connected IoT devices volume is owing to the surging adoption of Machine Learning (ML) algorithms, the Internet of Things (IoT), and Artificial Intelligence (AI). According to the International Data Corporation (IDC) data, 152,200 IoT devices will connect per minute by 2025. The increasing requirement for connected devices accelerates the execution of edge computing. Edge computing solutions are defined as a structure where the processors are placed closer to the destination or source for data instead of clouds.

Data located near the source or destination saves time for uploading data on the cloud or on-premise platforms and sinks the server and network load. For instance,

• In May 2021, Telefonica Tech collaborated with Microsoft on Azure Edge Zone. Telefonica united its 5G connectivity with Microsoft Edge computing competencies, allowing industry procedures to strengthen digital transformation.

Thus, the rising adoption of edge computing to further boost database quantity is projected to create lucrative opportunities for the market.

Further, the popularity of big data analytics has increased considerably due to immense growth in computing, ample data, and available infrastructure that enables knowledge creation and employing analytics to big data to establish huge opportunities for various businesses to achieve numerous insights with better future outcomes. The use of big data is playing a crucial role for the global key players to outperform their competitors across sectors. Forward-thinking leaders began to build their organizations aggressively with the use of big data analytics. The impact of developing exceptional capability to take advantage of big data will consult enhanced competitive advantage for long-term investments.

Big Data Analytics Market Growth Factors

Increasing Adoption of Databases across Industries to Bolster Market Growth

The increasing digital solutions across business sectors, such as banking, healthcare, BFSI, retail, agriculture, and telecom/media, significantly increase data. For instance, artificial intelligence brings a noteworthy change in the agriculture sector's risk management, precision farming, and pest control.

Smart machines, soil sensors, and GPS-equipped tractors generate massive data sets. In agriculture, big data analytics is applied to analyze huge data sets, such as advanced risk assessment, supply tracks, natural trends, ideal crops, and more.

Similarly, businesses are implementing bots to automate and reform functional scenarios. Further, virtual assistants, such as Apple’s Siri, Google Assistants, and Amazon Alexa, produce enormous amounts of data. For instance, as per the Statista report published in January 2021, the number of digital voice assistants is expected to reach 8.2 billion. Network connectivity and smartphone technology developments fueled the growth of social media users worldwide.

A massive volume of data is generated from Facebook, WhatsApp chats, YouTube videos, Instagram, Snapchat, and other platforms. Hence, with advanced technologies in the industries, the growing adoption of smart applications, and emerging social media platforms, the industrial revolution is anticipated to produce enormous databases. Thus, rising database across industries is projected to fuel the market.

Big data is capable of generating significant financial valuation across industries. For instance, according to McKinsey Global Insititute analysis, big data is generating approx. USD 300 billion value each year in the U.S. healthcare industry. Further, there is a ~60% increase in the net margin of the U.S. retail industry due to big data analytics. Moreover, the manufacturing industry experienced around a 50% decline in product development assembly costs.

RESTRAINING FACTORS

Growing Security Concerns Might Hinder Growing Market Growth

The technology contains major security concerns, including fake data generation, the need for real-time security, and customers’ data privacy and security, among others. Remote storage, weak identity governance, low investment in the system and network security, human error, connected devices, and Internet of Things (IoT) applications are some of the major areas that need to be addressed. Overcoming these challenges is a major task for organizations. The increasing data loss or cyberattacks on stored customer data across industries will likely hamper the market growth. Further, supporting the data privacy laws, such as Data Protection & Privacy, Information Technology Act, 2000, EU General Data Protection Regulation (GDPR) and more are expected to hinder the implementation of solutions.

Big Data Analytics Market Segmentation Analysis

By Component Analysis

Growing Adoption of Intelligent Tools to Drive Software Demand

The market is segmented into software, hardware, and services based on components.

The software segment holds the largest revenue share. It is expected to grow at the highest CAGR during the forecast period, owing to its vast solution offerings such as credit risk management, business intelligence solutions, CRM analytics, compliance analytics, workforce analytics, and others. Organizations shifting to digital platforms are adopting business intelligence solutions, customer relationship management, and workforce analytics. These solutions support businesses with real-time insights, foresight, and visualization, providing advanced decision-making capabilities.

The hardware segment, such as communication equipment, connected devices, network equipment, and mobile handheld devices, is expected to have a steady growth rate. For real-time analytics, smart, advanced, and connected devices are required. Similarly, the services segment will likely showcase prominent growth during the forecast period. The services offer unstructured data management, implementation, and consultation to support building better solutions. This factor is likely to drive the big data analytics market growth.

By Enterprise Type Analysis

Large Enterprise Segment to Dominate Supported by Rising Product Demand

As per our study, the solutions are used by large enterprises and small & medium enterprises. Large enterprises will dominate the market during the forecast period due to the initial adoption of the solutions. Furthermore, small & medium enterprises are predicted to witness a rapid growth rate during the forecast period owing to the increasing number of SMEs in developing regions such as the Middle East & Africa, South America, and Asia Pacific.

By Application Analysis

Extensive Rise in Structured/Unstructured Data to Fuel Big Data Analytics Demand for Data Discovery & Visualization

Based on application, the market is categorized into Data Discovery and Visualization (DDV), Advanced Analytics (AA), and others (data preparation and others).

The data discovery and visualization segment will likely gain maximum segment share during the forecast period. The rapidly growing structured and unstructured data piles will likely fuel the demand for analytics solutions for data discovery and visualization. Large enterprises are applying data analytics to gain big insights for their decision-makers.

Advanced analytics is likely to gain significant growth during the forecast period. Organizations are implementing the technology with advanced technologies to achieve meaningful patterns from any database. Integrating machine learning and data mining in advanced analytics is expected to surge the demand for data analytics.

By Vertical Analysis

Increasing Focus on Customer Retention to Drive Market Development

Based on vertical, the market is categorized into BFSI, automotive, telecom/media, healthcare, life sciences, retail, energy & utility, government, and others (manufacturing, education, and others.)

The BFSI segment is expected to gain maximum revenue share in the industry vertical due to the extensively growing customer base. The implementation of such solutions is helping the BFSI industry to acquire, develop, and retain customers efficiently. For instance, to cater to more than 47 million customers across 30 countries, a financial service provider BBVA, implemented a social media analytic tool to gain product and brand image insights. Similarly, Singapore-based Citibank offers retailing discounts based on transaction patterns to retain customers.

The retail segment is expected to grow at the highest CAGR during the forecast period. Retailers are implementing advanced analytical tools to understand customer preferences and dynamic market trends to enhance customer experience. For instance, online retailers provide product links that sell together, which, in turn, helps in more sales and customer satisfaction. Similarly, the vast client base of the telecom sector is surging product demand. Also, healthcare and life science industries are shifting to analytics tools to understand customers' needs and improve healthcare worker and patient service.

REGIONAL INSIGHTS

The market is geographically divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.

North America is predicted to gain maximum revenue share during the forecast period. The region accommodates prominent businesses across all industries and extensively implements the software. The U.S. will showcase rapid growth owing to the growing demand for analytics tools offering advanced and improved compliance analytics, which plays a vital role in uncovering fraud, policy violations, and other business misconduct. The country is investing highly in advanced technologies, such as ML, the IoT, AI, and more, to generate exponential data for industries.

Asia Pacific witnessed a remarkable CAGR during the forecast period due to the expansion of BFSI, retail, healthcare, automotive, and other industries. The region's growth potential is extensive, with booming countries such as China, India, South Korea, Singapore, Japan, and others. China will likely dominate, and India is expected to showcase further advanced potential. The growing social media platform, internet and smartphone access, communication technology advancement, and digitalization are likely to boost the big data analytics market share.

Europe has significantly boosted the adoption of advanced communication, network solutions, electronic devices, social media, and connected devices. The extensively growing data in the region is likely to surge the demand for analytics tools. As per the European Parliament report, European data analytics practices are expected to boost industries' productivity.

Similarly, South America's growing digitalization and industrial competitiveness may drive market growth. The Middle East & Africa is expected to grow steadily due to significant investment in the solution. For instance, South African Nedbank Ltd. bank invested in analytics to understand customer preferences and plan marketing campaigns accordingly.

List of Key Companies in Big Data Analytics Market

Strategic Acquisitions and Collaborations to Boost Market Expansion

Key players invest in innovative big data analytics solutions across all business segments. Major companies operating in the market extend the scope of underlying data to upgrade their tools and technology, create novel solutions, and strengthen their technology and analytics solutions capabilities.

List of the Key Companies Profiled:

• IBM Corporation (U.S.)


• SAP SE (Germany)


• Microsoft Corporation (U.S.)


• SAS Institute Inc. (U.S.)


• Fair Isaac Corporation (U.S.)


• Oracle Corporation (U.S.)


• Salesforce Inc. (U.S.)


• Equifax, Inc. (U.S.)


• TransUnion (U.S.)


• QlikTech International AB (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• April 2022 – Wipro collaborated with DataRobot, an augmented intelligence business, to boost the business impact of consumers by offering augmented intelligence at scale and assisting them in becoming an AI-powered company. Further, this collaboration will guarantee that the AI approach is adopted quickly and businesses receive their data to value more efficiently.


• March 2022 – Microsoft released Azure Health Data Services, a Platform as a Service (PaaS) designed to support transactional and analytical workloads. It powers Artificial Intelligence (AI) and combines health data in the cloud, supporting Protected Health Information (PHI).


• December 2021 – Oracle Corporation purchased Cerner, a digital information systems supplier in health systems and hospitals. Cerner utilizes big data analytics to process and collect the patient’s information. In addition, this acquisition will allow medical specialists to provide better healthcare to individual patients and communities.


• February 2021 – Salesforce acquired Acumen Solutions, a supplier of industry solutions, to increase customer engagement, maximize revenue, and enhance employee productivity. The company aims to accelerate and deliver innovations through its Customer 360 Platform through this acquisition.


• January 2021 – Dun and Bradstreet acquired Bisnode, a European data and analytics company headquartered in Sweden. This acquisition benefited clients by providing critical business intelligence that helped them achieve their goals.

REPORT COVERAGE

The research report highlights leading regions worldwide to offer a better understanding of the user. Furthermore, the report provides insights into industry and market trends and analyzes technologies deployed rapidly globally. It further highlights some growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.

REPORT SCOPE & SEGMENTATION