Global Big Data Analytics Market

Big Data Analytics Market Size, Share, Growth Analysis, By Component(Software, and Services), By Deployment Mode(On-premises, Cloud-Based), By Deployment Mode(On-premise, Cloud-Based), By Organization Size(SMEs, Large Enterprises), By Vertical(BFSI, Healthcare and Life Sciences), By Application() - Industry Forecast 2024-2031


Report ID: SQMIG45A2211 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 185 | Figures: 76

Big Data Analytics Market Insights

Big Data Analytics Market size was valued at USD 271.83 billion in 2022 and is poised to grow from USD 308.27 billion in 2023 to USD 842.9 billion by 2031, growing at a CAGR of 13.4% in the forecast period (2024- 2031).

The global big data analytics market continues to exhibit robust growth, fueled by the escalating volume, velocity, and variety of data generated across industries. More and more companies are making use of big data analytics in strategic planning and coming to actionable conclusions that can be implemented for the sake of managers' informed decision making. Crucial growth stimulators are bursting from the seams of the presence of digital technology in the form of IoT devices and social media which act as the sources of a bumper crop of data that can be analyzed. Moreover, the spread of sophisticated analytics devices like machine learning and artificial intelligence is giving the organizations a chance to extract the right information from the vast amount of data in real time. Industries such as banking, healthcare, retail, and manufacturing are the principal users of big data analytics, and they take the advantage of analytics-driven knowledge combining it with operation optimization, improved consumer experience, and better competitiveness with other companies. On the other hand, cloud deployment models have proved the best options for organizations, they are scalable, flexible, and cost-effective model regardless of the size. On the other hand, challenges including data privacy matters, regulatory needs and the scarcity of proficient data analysts act like a huge barrier and slow the market's advancement down. Big data analysis presents companies with unprecedented opportunities for achieving new levels of success, but they must also invest hefty sums in broad technical infrastructure, develop data-driven cultures, and cooperate with providers of technology and specialists on the analysis of the data.

Market snapshot - 2024- 2031

Global Market Size

USD 271.83 billion

Largest Segment

Software

Fastest Growth

Services

Growth Rate

13.4% CAGR

Global Big Data Analytics Market By Component ($ Bn)
Country Share for North America Region (%)
Global Big Data Analytics Market By Component ($ Bn)
Global Big Data Analytics Market By Component (%)

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Big Data Analytics Market Segmental Analysis

The global big data analytics market is segmented into component, deployment mode, organization size, industry vertical and region. Based on components the market is segmented into software and services. Based on deployment mode the market is segmented into on-premises and cloud-based. Based on organization size, the market is segmented into SMEs and Large Enterprises. Based on Industry vertical, the market is segmented into BFSI, healthcare and life sciences, retail and e-commerce, government and defense, IT and telecommunications, and others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Big Data Analytics Market Analysis by Component

The software segment stands out as the largest segment in the global big data analytics market. The dominance of this segment is attributed because software plays vital role for processing, analyzing and drawing conclusions from a large amount of data which makes its application so attractive for management of various spheres in modern society. Major corporations like IBM, Oracle, Microsoft, SAP and SAS Institute are allocated a critical role in this sector, primarily because they offer a full range analytics software that then meets the diverse needs of a business across such multiple industries. 

On the other hand, the services segment emerges as the fastest-growing category within the big data analytics market. This is a development that consumes more professional and managed services for organizations to be able to implement and manage data analytics solutions, but also be able to balance the costs and benefits of the big data analytics solutions. The very visible aspects of professional services, such as consulting, implementation, and support services, are witnessing an increased prevalence as this is the avenue through which companies get the help they need to navigate the complexities of data analytics adoption. Furthermore, the in-house services area also shows a fast increase, for instance, when companies hire dedicated data management and analysis companies to automate their business processes, these service providers help to cut down costs and drive efficiency.

Big Data Analytics Market Analysis by Organization Size

The large enterprises segment stands out as a dominant force within the market, commanding a significant revenue share of 70% in 2023. Large companies usually own a massive amount of data, as well as both human and tech resources, while complexity in their organization plays a role in the decision to use big data as a part of their chain business processes. Their ability to channel funds into suitable data analytic platforms, infrastructure, and personnel is what defines their capability to create significant value from data-driven insights. Data gaps impede this growth path. 

On the other hand, SMEs represent the fastest-growing segment in the global big data analytics market. SMEs are increasingly becoming aware of the significant role data analytics can assume in their everyday business operations and how data analytics can be a competitive advantage, make their operations more efficient and help them grow their business. Speaking for the key elements including the affordability of cloud analytics solutions that are widely available, increasing awareness on data-driven decision-making and the news of the analytics-as-a-service, these are helping SME adoption rate to move upward more quickly. While SMEs are becoming more and more involved in big-data analytics the repercussions of such a fusion will be tremendous and the sector can really expect high growth rates here first years.

Global Big Data Analytics Market By Component, 2022 (%)

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Big Data Analytics Market Regional Insights

North America asserts its dominance in the market, capturing a substantial revenue share of 34.7% in 2023. Renowned for hosting prominent businesses across diverse industries, the region stands as a hub for widespread software implementation. A notable example lies within social media giants like Facebook, Twitter, and Instagram, leveraging data analytics to gather user preferences and deploy targeted advertising strategies. 

During the forecast period, Asia Pacific experienced remarkable growth, marked by a substantial CAGR of 34.2% in 2023. This surge is attributed to the expansive developments across multiple sectors including retail, Banking, Financial Services, and Insurance (BFSI), healthcare, automotive, and various other industries within the region.

Global Big Data Analytics Market By Region, 2024- 2031
  • Largest
  • Fastest

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Big Data Analytics Market Dynamics

Big Data Analytics Market Drivers

Rising Adoption of Smart Applications to Augment Market Growth

  • The escalating adoption of smart applications, the emergence of new social media platforms, and the ongoing industrial revolution collectively anticipate the generation of extensive databases. This exponential growth in data is particularly evident in the colossal volume generated by various social media platforms such as Facebook, YouTube, Instagram, Snapchat, and others. The proliferation of databases across diverse industries is poised to be a significant driver for the data analytics market. Notably, within agriculture, equipment like smart machines, GPS-equipped tractors, and soil sensors contribute substantially to generating vast sets of data.

Big Data Analytics Market Restraints

Privacy Concerns and Data Security is Likely to Hinder Market Growth

  • One primary challenge revolves around privacy concerns and data security. As data volumes expand, ensuring the confidentiality and protection of sensitive information becomes increasingly complex. Compliance with stringent data protection regulations adds another layer of challenge for organizations dealing with vast datasets. Additionally, the scarcity of skilled professionals adept in handling and interpreting large volumes of data poses a significant restraint. The shortage of talent capable of navigating sophisticated analytics tools and technologies limits the full potential of big Data analytics.

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Big Data Analytics Market Competitive Landscape

The competitive environment of the global Big Data Analytics Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.

Big Data Analytics Market Top Player’s Company Profiles

  • Looker Data Sciences, Inc.
  • Oracle Corporation
  • SAP SE
  • Sisense Inc.
  • Tableau Software LLC.
  • ThoughtSpot Inc.
  • Zoho Corporation Pvt. Ltd.
  • IBM Corporation
  • Microsoft Corporation
  • Fair Isaac Corporation
  • Salesforce Inc.
  • Equifax, Inc.
  • TransUnion
  • QlikTech International AB

Recent Developments

  • In October 2023, NEC Corporation announced the launch of FireDucks, a free software program designed to accelerate the table data analysis Capable of carrying out the data preparation required for data analysis up to 16 times (*2) faster than existing products, this newly developed software significantly shortens the time spent on data analysis and lowers computing costs.
  • In November 2023, Altair announced that Altair RapidMiner, its data analytics and AI platform, is becoming more integrated, more powerful, and easier to use for mass data analysis.
  • In November 2022, IBM announced new software designed to help enterprises break down data and analytics silos so they can make data-driven decisions quickly and navigate unpredictable disruptions. IBM Business Analytics Enterprise is a suite of business intelligence planning, budgeting, reporting, forecasting, and dashboard capabilities that provides users with a robust view of data sources across their entire business.

Big Data Analytics Key Market Trends

  • The scarcity of adequate talent and resources across diverse business sectors has prompted a notable shift towards the adoption of analytics and digital solutions. This trend is particularly evident in industries spanning Banking, Financial Services, and Insurance (BFSI), Retail, Telecommunications, and various other sectors. As businesses navigate the landscape of Industry 4.0, there's a growing recognition of the pivotal role played by data analytics in driving sustainable manufacturing processes.

Big Data Analytics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

The global big data analytics market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The rising  growth of Big Data technologies finds its roots in the emergence and rapid advancement of complementary technologies such as Blockchain, Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing. In the field of data collection increasing at on edge, which is triggered by digital transformation and technology advancements, big data analytics is becoming more and more important for companies to identify actionable insights which give them an edge over their competitors. While large companies today already rule out the market in terms of their expanded resources and capabilities, this is the most dynamic part of the market with a continuous growth of small and medium enterprises. This trend can be explained by the availability of cloud-based solutions on the one hand and a rising level of awareness among managers who have started to value data-driven decision-making. While these problems are being addressed, the problems of data privacy, regulatory compliance, and workforce have appeared and remain major obstacles on the way of blockchain implementation at a large scale. It is necessary for the companies to allot funds towards practical data infrastructure, make the workplace more data-driven centered, and give importance to partnership with the technology providers and the analytics experts to handle well the dynamic of the industry effectively.

Report Metric Details
Market size value in 2022 USD 271.83 billion
Market size value in 2031 USD 842.9 billion
Growth Rate 13.4%
Base year 2023
Forecast period 2024- 2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Software, and Services, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, Transportation Analytics, Customer Analytics, Descriptive Analytics, and Others
  • Deployment Mode
    • On-premises, Cloud-Based, Data Mining & Warehousing, Reporting, and Others
  • Deployment Mode
    • On-premise, Cloud-Based
  • Organization Size
    • SMEs, Large Enterprises, and Services
  • Vertical
    • BFSI, Healthcare and Life Sciences, Retail and E-commerce, Government and Defense, IT and Telecommunications, and Others, Energy & Utility, Government, Others (Manufacturing, Education, and Others
  • Application
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Looker Data Sciences, Inc.
  • Oracle Corporation
  • SAP SE
  • Sisense Inc.
  • Tableau Software LLC.
  • ThoughtSpot Inc.
  • Zoho Corporation Pvt. Ltd.
  • IBM Corporation
  • Microsoft Corporation
  • Fair Isaac Corporation
  • Salesforce Inc.
  • Equifax, Inc.
  • TransUnion
  • QlikTech International AB
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Big Data Analytics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Big Data Analytics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Big Data Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Big Data Analytics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Big Data Analytics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Big Data Analytics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Big Data Analytics Market size was valued at USD 271.83 billion in 2022 and is poised to grow from USD 308.27 billion in 2023 to USD 842.9 billion by 2031, growing at a CAGR of 13.4% in the forecast period (2024- 2031).

The competitive environment of the Big Data Analytics Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Amazon Web Services Inc.', 'International Business Machines Corporation', 'Looker Data Sciences, Inc.', 'Mu Sigma', 'Oracle Corporation', 'SAP SE', 'Sisense Inc.', 'Tableau Software LLC.', 'ThoughtSpot Inc.', 'Zoho Corporation Pvt. Ltd.', 'IBM Corporation', 'Microsoft Corporation', 'Fair Isaac Corporation', 'Salesforce Inc.', 'Equifax, Inc.', 'TransUnion', 'QlikTech International AB'

The escalating adoption of smart applications, the emergence of new social media platforms, and the ongoing industrial revolution collectively anticipate the generation of extensive databases. This exponential growth in data is particularly evident in the colossal volume generated by various social media platforms such as Facebook, YouTube, Instagram, Snapchat, and others. The proliferation of databases across diverse industries is poised to be a significant driver for the data analytics market. Notably, within agriculture, equipment like smart machines, GPS-equipped tractors, and soil sensors contribute substantially to generating vast sets of data.

The scarcity of adequate talent and resources across diverse business sectors has prompted a notable shift towards the adoption of analytics and digital solutions. This trend is particularly evident in industries spanning Banking, Financial Services, and Insurance (BFSI), Retail, Telecommunications, and various other sectors. As businesses navigate the landscape of Industry 4.0, there's a growing recognition of the pivotal role played by data analytics in driving sustainable manufacturing processes.

North America asserts its dominance in the market, capturing a substantial revenue share of 34.7% in 2023. Renowned for hosting prominent businesses across diverse industries, the region stands as a hub for widespread software implementation. A notable example lies within social media giants like Facebook, Twitter, and Instagram, leveraging data analytics to gather user preferences and deploy targeted advertising strategies. 

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