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The global big data analytics market size was USD 206.95 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with big data analytics witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a significant growth of 11.7% in 2020. The market is projected to grow from USD 231.43 billion in 2021 to USD 549.73 billion in 2028 at a CAGR of 13.2% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Big data analytics study the unstructured and structured database to visualize and provide insights based on correlation, hidden patterns, the market’s changing trends, and more. The industries are focusing on utilizing analytical tools to gain customer insights by advancing business intelligence. For instance, in December 2020, Amazon, Inc. introduced HIPPA-eligible data analytics services, Amazon HealthLake, for the healthcare industry that offers real-time patient data insights.
Industries Shifting on Digital Solutions amid Pandemic to Boost Market Opportunity
Digital transformation across healthcare, manufacturing, retail, and other industries during the pandemic are likely to boost data generation. The industrial internet of things (IIoT) and artificial intelligence (AI) drive automation in the manufacturing industry. The technology is being implemented across inventory management, asset management and predictive maintenance, real-time alerts, network manufacturing, and more to amplify the growth of the manufacturing industry during uncertain business environments.
In healthcare, the increased adoption of AI-driven advanced reporting, healthcare business intelligence, electronic medical records, and others drives the growth of this market. Similarly, organizations of various sectors shifted on remote work 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 had accelerated their digital transformation strategy due to covid-19, and 63% had increased their digital transformation budget. This factor is expected to boost the market growth post-pandemic crisis.
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Growing Trend of Edge Computing to Surge Analytics Tools Demand
The number of connected IoT devices is increasing due to the growing adoption of the Internet of things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms. According to IDC data, 152,200 IoT devices will connect every minute by 2025. The growing demand for connected devices is boosting the implementation of edge computing. Edge computing solutions are defined as a framework wherein processors are located closer to the source or destination for data rather than clouds.
Data stored close to source or destination saves time for data upload on cloud or on-premises and lowers the load on servers and network. With the capability to method data in real-time and quicker response time, edge computing is particularly applicable to Industrial IoT. For instance,
Thus, the growing shift towards edge computing to further boost database quantity is expected to fuel the future opportunities of this market.
Rising Database across Industries to Boost Market Growth
Rising digital solutions across industries such as education, banking, retail, agriculture, healthcare, IT and telecommunications worldwide are exponentially increasing data. For instance, artificial intelligence brings a revolutionary change in precision farming, risk management, and pest control in the agriculture sector.
Sensors, smart machines, GPS-equipped tractors, and soil sensors generate a huge volume of structured and unstructured data. To analyze huge data sets such as natural trends, advanced supply tracks, ideal crops, risk assessment and more, big data and business analytics are being implemented in agriculture.
Similarly, businesses are implementing bots to modernize and automate the work environment. Further, virtual assistance like Amazon Alexa, Apple’s Siri and Google Assistants generates huge 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. Advancement in network connectivity and smartphone technology accelerated the growth of social media users worldwide.
A huge volume of data is generated from YouTube videos, Snapchat, Facebook, Instagram, WhatsApp chats, and others. Thus, with technological advancement in industries, increasing social media platforms, and adopting smart applications, the industrial revolution is expected to generate huge databases. This rising database is likely to drive the big data analytics market statistics.
Growing Security Concerns Might Hinder Growing Market Opportunities
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, 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 market growth. Further, to support 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 Analytics Software Demand
Based on component, the market is segmented into software market, hardware and services.
The software segment is expected to dominate the segment share through its vast solution offerings such as credit risk management, business intelligence solutions, CRM analytics, compliance analytics, workforce analytics, and others. Organizations shifting on 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 such as communication equipment, connected devices, network equipment, and mobile handheld devices is expected to gain traction. For real-time analytics, the need for smart, advanced and connected devices is required. Similarly, the services are likely to showcase steady 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 big data analytics market growth.
Extensive Rise in Structured/Unstructured Data to Fuel Analytics Demand for Data Discovery & Visualization
Based on application, the market for big data analytics is categorized into data discovery and visualization (DDV), advanced analytics (AA), and others (data preparation, and others.)
The data discovery and visualization are 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 data 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 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, government, retail, manufacturing, IT & telecom, healthcare and life sciences, and others (automotive, and others.)
BFSI is expected to gain maximum revenue share in the industry vertical due to the extensively growing customer base. The implementation of data analytics is helping the BFSI industry acquire, develop, and retain customers efficiently. For instance, to cater to more than 47 Mn 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.
Retail is expected to witness growth at a CAGR significantly high 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 retails provide product links that sell together, which, in turn, helps in more sales and customer satisfaction. Similarly, the vast client base of the IT and telecom sector is driving the big data analytics demand. Also, healthcare and life science industries are shifting on analytics tools to understand the customer's needs and improve healthcare worker and patient service.
North America Big Data Analytics Market Size, 2020 (USD Billion)
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Geographically, the market is fragmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
North America to gain maximum revenue share during the forecast period. The region is accommodating prominent businesses across all industries and extensively implementing big data analytics software. The U.S. to showcase rapid growth owing to the growing demand for tools offering advanced and improved customer experience offing applications. The country is investing highly in advanced technologies such as machine learning, the internet of things, artificial intelligence, 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, manufacturing, and more 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, advances in communication technologies, and digitalization is likely to boost the 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 analytical solutions. As per the European Parliament report, data analytics practices in Europe are expected to boost industries' productivity.
Similarly, the growing digitalization and industrial competitiveness in South America may drive market growth. The Middle East and 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
The key players are investing in offering new and innovative analytics applications 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, the 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.
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.
July 2020 – Microsoft Corporation acquired Orions Systems, a data analysis service provider headquartered in the U.S., to expand Dynamics 365's capabilities. This acquisition enables retailers and other businesses to design and educate their own AI models to adapt, optimize, and learn from their physical spaces.
An Infographic Representation of Big Data Analytics Market
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The global big data analytics market 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)
Component, Application, Vertical, and Region
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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