USD 271.83 billion
Report ID:
SQMIG45A2211 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
185 |
Figures:
76
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.
Global Market Size
USD 271.83 billion
Largest Segment
Software
Fastest Growth
Services
Growth Rate
13.4% CAGR
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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.
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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.
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Big Data Analytics Market Drivers
Rising Adoption of Smart Applications to Augment Market Growth
Big Data Analytics Market Restraints
Privacy Concerns and Data Security is Likely to Hinder Market Growth
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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
Recent Developments
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 2023 | USD 271.83 billion |
Market size value in 2031 | USD 842.9 billion |
Growth Rate | 13.4% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global 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 Global Big Data Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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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.
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Product ID: SQMIG45A2211