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The global big data analytics market size was valued at USD 240.56 billion in 2021. The market is projected to grow from USD 271.83 billion in 2022 to USD 655.53 billion by 2029, exhibiting a CAGR of 13.4% during the forecast period. Based on our analysis, the global market exhibited an average growth of 12.5% in 2020 as compared to 2019.
In the scope, we have considered big data analytics solutions provided by key players such as IBM Db2 Big SQL, SAP Analytics Cloud, SAP HANA Cloud, Azure Databricks, and Background Data Solutions.
Big data analytics analyzes the structured and unstructured database to understand and deliver insights based on hidden patterns, correlation, changing market trends, and more. Leading sectors focus on employing analytical tools to acquire consumer insights by evolving business intelligence. For instance, in December 2020, Amazon, Inc. launched HIPAA-eligible big data analytics services, Amazon HealthLake, for the healthcare sector which provides real-time patient data insights.
Industries Shifting to Digital Solutions amid Pandemic to Boost Market Opportunity
Digital transformation in manufacturing, healthcare, retail, and other sectors during the pandemic is anticipated to develop data generation. The Artificial Intelligence (AI) and Industrial Internet of Things (IIoT) fuel automation in the production sector. Artificial Intelligence technology is being executed in asset management, inventory management, predictive maintenance, network manufacturing, real-time alerts, and more to magnify the growth of the production sector during challenging business conditions.
In healthcare, the adoption of AI-driven advanced reporting, healthcare business intelligence, electronic medical records, and others drives the growth of the market. Similarly, organizations of various sectors shifted to remote work and implemented advanced analytics to understand the new trends during the pandemic. Businesses have changed their digital strategies to work efficiently in this constantly changing environment amid the pandemic. In July 2020, KPMG conducted a 780 digital transformation strategy leaders survey across 12 sectors in 10 countries. The survey stated that 67% of respondents accelerated their digital transformation strategy due to COVID-19, and 63% increased their digital transformation budget. This factor is expected to boost the market growth post the pandemic.
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Growing Trend of Edge Computing to Surge Big Data Analytics Tools Demand
The increase in connected IoT devices volume, owing to the surging adoption of Machine Learning (ML) algorithms, Internet of Things (IoT), and Artificial Intelligence (AI). According to the International Data Corporation (IDC) data, 152,200 IoT devices are expected to connect per minute by 2025. The increasing requirement of 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 close to destination or source saves time for uploading data on the on-premises or cloud platforms and sinks the load on network and servers. Along with, the ability to method data in quicker response time and real-time, edge computing can be particularly applied to Industrial IoT. For instance,
Thus, the rising adoption of edge computing to further boost database quantity is projected to create lucrative opportunities for the market.
Increasing Adoption of Database across Industries to Bolster Market Growth
The increasing digital solutions, across business sectors such as banking, healthcare, BFSI, retail, agriculture, and telecom/media, worldwide are significantly increasing data. For instance, artificial intelligence brings a noteworthy change in risk management, precision farming, and pest control in the agriculture sector.
Smart machines, soil sensors, and GPS-equipped tractors generate a massive volume of data sets. To analyze huge data sets, such as advanced risk assessment, supply tracks, natural trends, ideal crops, and more, big data analytics is being applied in agriculture.
Similarly, industries are executing bots to reform and automate the working scenarios. Furthermore, virtual assistants, such as Google Assistants, Apple’s Siri, and Amazon Alexa, generate huge data. For instance, according to the Statista report published in January 2021, the number of digital voice assistants is anticipated to reach 8.2 billion. Advancements in smartphone technology and network connectivity boosted the growth of social media users worldwide.
A massive volume of data is being generated from Facebook, WhatsApp chats, YouTube videos, Instagram, Snapchat, and other platforms. Hence, with advanced technologies in the industries, 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 big data analytics market.
Growing Security Concerns Might Hinder Growing Market Growth
The technology contains major security concerns, including fake data generation, the need for real-time security, 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 IoT applications are some of the major areas that need to be addressed. Overcoming these challenges is a major task for organizations. The increasing incidents of data loss or cyberattacks on stored customer data across industries are likely to 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.
Growing Adoption of Intelligent Tools to Drive Big Data Analytics Software Demand
Based on component, the market is segmented into software, hardware, and services.
The software segment holds the largest revenue share, and 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 that provide 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, the need for smart, advanced, and connected devices is required. Similarly, the services segment is likely to 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.
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 is likely to gain maximum segment share during the forecast period. The rapidly growing structured and unstructured data piles are likely to 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. The integration of machine learning and data mining in advanced analytics is expected to surge the demand for data analytics. For instance, in 2016, the German banking sector shifted to advanced analytics, and within a three-year span, its cost-to-income ratio increased by 75%. Advanced analytics helps in enhancing competitive advantage in any adverse environment.
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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 big data analytics 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 the product demand. Also, healthcare and life science industries are shifting to analytics tools to understand customer's needs and improve healthcare worker and patient service.
North America Big Data Analytics Market Size, 2021 (USD Billion)
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Geographically, the market is divided into five key regions such as 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 is accommodating prominent businesses across all industries and extensively implementing 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 remarkable CAGR during the forecast period due to the expansion of BFSI, retail, healthcare, automotive, and other industries. With booming countries, such as China, India, South Korea, Singapore, Japan, and others, the market's growth potential is extensive in the region. China is likely to dominate, and India is expected to showcase further advanced potential. The growing social media platform, access to the internet and smartphone, advancement in communication technologies, and digitalization are likely to boost the big data analytics market share.
Europe has significantly boosted the adoption of advanced communication, network solution, electronic devices, social media, connected devices, and more. The extensively growing data in the region is likely to surge the demand for analytics tools. As per the European Parliament report, data analytics practices in Europe are expected to boost industries' productivity.
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Similarly, the growing digitalization and industrial competitiveness in South America may drive the market growth. The Middle East & Africa is expected to gain steady growth owing to significant investment in the solution. For instance, the South Africa-based Nedbank Ltd. bank invested in analytics to understand customer preferences and accordingly plan marketing campaigns.
Strategic Acquisition to Boost Market Expansion of Key Players
Key players are investing in offering innovative big data analytics solutions across all business segments. Major market players extend the scope of underlying data to create novel solutions, upgrade their tools and technology, and strengthen their analytics and technology solutions capabilities.
Also, through the collaboration, companies are gaining expertise and expanding their business by reaching a mass customer base. The key players adopt this strategy to integrate solutions on the cloud-based data platform. Through the strategic acquisition, the key players are focusing on market share expansion and customer reach.
December 2021 – Oracle Corporation acquired Cerner, a provider of digital information systems used in health systems and hospitals. Cerner uses big data analytics to process and store the patient’s data. Furthermore, this acquisition will enable medical professionals to deliver better healthcare to communities and also to individual patients.
February 2021 – Salesforce acquired U.S.-based Acumen Solutions, an industry solutions provider, to increase sales revenue, customer engagement, and employee productivity. Through this acquisition, the company aims to accelerate and deliver innovations through its Customer 360 Platform.
An Infographic Representation of Big Data Analytics Market
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The research report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry and big data analytics market trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
Value (USD billion)
By Component, Application, Vertical, and Geography
The market is projected to reach USD 549.73 billion by 2028.
In 2020, the market was valued at USD 206.95 billion.
The market is projected to grow at a CAGR of 13.2%.
Data discovery and visualization (DDV) is likely to lead the market.
Rising database across industries likely to boost the market growth
Microsoft Corporation, Dun & Bradstreet Holdings, Inc., Equifax, Inc., IBM Corporation, Salesforce.com, Inc., SAP SE, Verisk Analytics Inc., Dow Jones & Company, Inc., and Moody's Corporation are the top players in the market.
North America region is expected to hold the highest market share.
Asia Pacific is expected to grow with the remarkable CAGR.
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