Big Data & Business Analytics Market To Reach USD 684.12 Billion By 2030, Growing At A CAGR of 13.5%
BANGALORE, India, Oct. 29, 2021 /PRNewswire/ — Big Data and Business Analytics Market by Component (Hardware, Software, and Service) Deployment Model (On-premise and Cloud), Analytics Tool (Dashboard & Data Visualization, Data Mining & Warehousing, Self-service Tools, Reporting, and Others), Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, and Transportation Analytics), and Industry Vertical (BFSI, Manufacturing, Healthcare, Government, Energy & Utilities, Transportation, Retail & ECommerce, IT & Telecom, Education and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030. It is published in Valuates Reports under the Software Category.
The global big data & business analytics market size was valued at USD 198.08 Billion in 2020 and is projected to reach USD 684.12 Billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.
The major factor driving the growth of big data & business analytics market size are:
The increased adoption of big data analytics software by various companies to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting on information in a timely manner is driving the big data market growth. The big data market size is also growing due to the growing demand for cloud-based big data analytics software among SMEs.
Furthermore, the big data market growth is aided by a surge in demand for cloud-based big data analytics software among small and medium businesses.
During the forecast period, the growing need for better insights for company planning, as well as rising trends such as social media analytics, are likely to provide lucrative growth opportunities for the Big Data and Business Analytics Market.
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TRENDS INFLUENCING THE GROWTH OF THE BIG DATA & BUSINESS ANALYTICS MARKET:
Big data analytics is a critical component of businesses since it enables them to manage, process, and simplify massive datasets in real-time while also improving their data driven decision-making capabilities. Furthermore, the primary goal of big data and business analytics is to assist enterprises in better understanding their customers and narrowing down their target audiences, hence boosting marketing strategies. These features are expected to increase the adoption by various organizations from different industries, thereby driving the growth of the big data market size.
During the forecast period, emerging trends such as social media analytics are likely to boost the growth of the Big Data Market size. Emerging developments in big data analytics, such as social media analytics and text analytics, are expected to open up a slew of new industry opportunities. Furthermore, because social media is more effective than traditional advertising, many organizations have made it their primary source for various advertising campaigns, product promotions, and events. Furthermore, the increased use of mobile phones and tablets with internet access, as well as the ever-increasing user volume on social media platforms, promotes the expansion of social media analytics.
Organizations operate in a fast-paced commercial environment, and client demands are always changing. Companies seek to delve into not only current information about their customers, goods, services, and business processes, but also historical data about their prior performances in order to gain insights and learn about previous trends and patterns. As a result, numerous sectors have adopted business analytics software and solutions to analyze such trends, uncover new business possibilities, and design plans based on fresh insights. This in turn is expected to further boost the big data market growth.
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BIG DATA AND BUSINESS ANALYTICS MARKET SHARE ANALYSIS
Based on the application, the customer analytics segment held the largest market share during the forecast period. The growth of this segment is fueled by increased competition among key companies to give improved customer satisfaction and customized experiences.
Based on the deployment model, the dashboard & data visualization tools segment is expected to hold a significant share during the forecast period. This is due to an increase in the use of data visualization technologies in various businesses to extract reports from a diversified and continually expanding volume of data.
Based on region, North America held the largest market share during the forecast period. This is due to an increase in demand for digital transformation across a wide range of end-users, as well as the convergence of several technologies such as big data and analytics and artificial intelligence (AI), which have had an impact on the area and led to an increase in its IT budget.
Based on component, Service is expected as one of the most lucrative segments.
Based on industry vertical BFSI is expected to be the most lucrative during the forecast period.
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BIG DATA & BUSINESS ANALYTICS MARKET SEGMENTATION
- Big Data & Business Analytics Market By Application
- Customer Analytics
- Supply Chain Analytics
- Marketing Analytics
- Pricing Analytics
- Spatial Analytics
- Workforce Analytics
- Risk & Credit Analytics
- Big Data & Business Analytics Market By Component
- Hardware
- Software
- Services
- Implementation & integration service
- Training & support service
- Consulting service
- Big Data & Business Analytics Market By Deployment Model
- Big Data & Business Analytics Market By Industry Vertical
- BFSI
- Manufacturing
- Healthcare
- Government
- Energy & Utilities
- Transportation
- Retail & E-commerce
- IT & Telecom
- Education
- Others
- Big Data & Business Analytics Market By Region
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Big Data & Business Analytics Market By Analytics Tool
- Dashboard & Data Visualization
- Self-Service Tool
- Role-Based Dashboards
- Data Governance
- Meta-Data Management
- Visual Data Exploration
- Data Mining & Warehousing
- Reporting
- Others
Big Data & Business Analytics Market By Company
- Amazon Web Services, Inc.
- Fair Isaac Corporation
- Hewlett Packard Enterprise Development Lp
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Sap Se
- Sas Institute Inc.
- Tibco Software Inc.
- Teradata Corporation.
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