Increase in adoption of big data analytics software by multiple organizations and demand for cloud-based big data analytics software among SMEs drive the growth of the global big data and business analytics market. Owing to adoption of “work from culture” by organizations with implementation of lockdown measures, the need for big data and business analytics increased during the Covid-19 pandemic.
/EIN News/ — Portland, OR, Oct. 19, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global big data and business analytics market generated $198.08 billion in 2020 and is expected to generate $684.12 billion by 2030, witnessing a CAGR of 13.5% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
The increase in adoption of big data analytics software by multiple organizations and demand for cloud-based big data analytics software among SMEs drive the growth of the global big data and business analytics market. However, the high cost of implementation and lack of a skilled workforce restrain the market growth. On the other hand, trends such as social media analytics and the need to avail insights for business planning create new opportunities in the coming years.
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- Owing to the adoption of “work from culture” by organizations with the implementation of lockdown measures, the need for big data and business analytics increased.
- The amount of data generated rose and organizations adopted the software and services to analyze the data and improve overall productivity and security. The adoption of cloud-based services increased considerably.
- The changes in buying patterns and customer interactions led companies to implement analytics tools to gain insights and make changes in business models to achieve optimum profitability and retain customers.
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The report offers detailed segmentation of the global big data and business analytics market based on component, deployment model, analytics tools, application, industry vertical, and region.
Based on components, the service segment held the highest share in 2020, accounting for nearly half of the total share, and is estimated to maintain its lead in terms of revenue during the forecast period. However, the software segment is expected to witness the highest CAGR of 14.8% from 2021 to 2030.
Based on industry vertical, the BFSI segment accounted for the largest share in 2020, contributing to nearly one-fifth of the global big data and business analytics market, and is expected to continue its leadership status during the forecast period. However, the retail & e-commerce segment is projected to register the fastest CAGR of 15.9% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, accounting for more than half of the total market share, and is estimated to maintain its dominance by 2030. However, Asia-Pacific is expected to portray the fastest CAGR of 17.5% during the forecast period.
Leading players of the global big data and business analytics market analyzed in the research include Amazon Web Services, IBM Corporation, Fair Isaac Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Hewlett Packard Enterprise Development LP, TIBCO Software Inc., SAS Institute Inc., and Teradata Corporation.
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