Global Big Data Analytics Market - Overview
As per Market Research Future (MRFR), the global Big Data Analytics Market is projected to reach USD
275 billion, with approximately 12% CAGR from 2017 to 2023 (forecast period).
The report discusses and explores the effects of the outbreak of COVID-19 on
the global big data analytics industry, including potential opportunities and
threats, drivers, and risks.
Big data is generally referred to as large and
varied data sets, and the examination of data to recognize customer trends and
preferences, data patterns, relations for companies to make informed business
decisions. Companies use advanced analytics techniques for large and
diversified data sets, allowing researchers, analysts, and business owners to
make decisions on the basis of previously inaccessible data. Big data contains
software and hardware components, and the data set varies from Megabytes to
Terabytes. Several companies are investing in big data analytics, which has led
the banking and manufacturing industry to invest more in big data analytics,
mainly due to security and compliance concerns. Other than banking and
manufacturing, many other sectors are more likely to find customer experience
information to use the data for customer retention and customer delight
properly.
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Market Dynamics
Growing investment in the Internet of Things
infrastructure development, the expansion of enterprise networks, increasing
data complexity, and the advancement of data analytics solutions are vital
attributes to the global market's growth for big data analytics. Big data
refers to the high quantity of data generated by distributed devices across
industrial, commercial, and residential infrastructures. Big data is generated
in high volume, at high speed, and is highly versatile in nature. This makes it
difficult to capture, store, and process-relational databases with low latency,
generating a market for advanced analytics solutions and services. Quantum data
has grown dramatically over the last few years due to the Internet of Things
(IoT) and the growth of the enterprise network.
Companies focus on leveraging big data analytics
solutions to make better decisions through the processing and analysis of big
data generated from different sources through the industrial network. Machine
learning, text analytics, natural language processing, data mining, predictive
analytics, and statistics are the primary tools used to capture, manage, and
analyze big data. In addition, shifting preference towards the adoption of
distributed processing across clusters of computing devices using simple
programming contributes to the development of the global market for big data
analytics. With rising process complexities across multiple organizations and
an evolving IT ecosystem, big data is expected to grow exponentially in the
coming years. This is expected to fuel the global market's growth for big data
analytics during the forecast period.
Market Segmentation
The global market for big data analytics has been
segmented based on components, solutions, and end-users.
Based on components, the global big data analytics
market has been divided into software and hardware. The software component is
further divided into reporting and analytics and data warehouse management
systems. In this segment, software components lead the market share; however,
the hardware component follows the segment with nominal growth.
Based on solutions, the global big data analytics
market has been divided into fraud detection, risk management, customer
analytics, and content analytics. Most telecommunication and media industries
are intended to offer customer analytics and content analytics solutions for
customer experience for customer retention, acquisition, and loyalty. Customer
analytics is at the center of the telecommunication industry for investments in
big data analytics.
Based on end-users, the global big data analytics
market has been divided into banking, discrete manufacturing, transportation,
process manufacturing, government, telecom, insurance, and utilities. Out of
these, banking, discrete manufacturing, and process manufacturing are investing
highly in big data analytics, focusing on risk management, fraud prevention,
and security and compliance issues. Manufacturing, banking, and government will
account for approximately 50% of the data analytics market's spending.
Regional Analysis
Regionally, the global big data analytics market has
been divided into North America, Asia Pacific, Europe, and the rest of the
world.
North America, in particular the United States, is
leading and will continue to lead the big data analytics market with more than
80% of the region's investments. Another reason for accelerated market growth
in the North American region is due to the concentration of major big data
companies in the U.S., following the U.S is the Europe and Asia Pacific region
in terms of the investments in big data.
Key Players
The global big data analytics market holds some of
the prominent players like IBM Corporation (U.S.), Microsoft Corporation
(U.S.), Teradata Corporation (U.S.), Tableau Software (U.S.), SAP SE (Germany),
VMware, Inc (U.S.), Oracle Corporation (U.S.), Pentaho (U.S.), Google Inc
(U.S.), Hewlett Packard Enterprise (U.S), Datameer (U.S.). The big data
analytics market is expanding at a significant rate. It includes many new
entrants in the big data analytics market, majorly in customer analytics and
content analytics solutions due to the higher demand for e-commerce.
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