Product ID: SQMIG45A2211
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.
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Product ID: SQMIG45A2211