Big Data Analytics Market Share Report | Growth Statistics & Forecast 2028

[Research Report] The big data analytics market amassed US$ 239.75 billion in 2021 and is speculated to hit US$ 638.66 billion by 2028, expanding at a CAGR of 15.3% during 2022–2028. 

Analyst Perspective:

The big data analytics market has experienced significant growth and transformation in recent years, revolutionizing how businesses and organizations extract valuable insights from vast data. The exponential growth in data generation across various industries, including retail, finance, healthcare, and telecommunications, has created a pressing need for advanced analytics tools and technologies. With the proliferation of digital devices, social media platforms, and IoT devices, massive volumes of data are being generated at an unprecedented rate. Organizations have recognized the immense potential of harnessing big data to gain a competitive advantage. Moreover, technological advancements have played a crucial role in shaping the big data analytics market.

The availability of scalable and cost-effective cloud computing platforms has made it easier for businesses to store, process, and analyze large datasets. A diverse range of solution providers, including established software vendors, niche analytics startups, and cloud service providers, characterizes the big data analytics market. These companies offer various analytics platforms, tools, and services tailored to business needs. The market offers many options for organizations of all sizes, from self-service analytics tools that empower business users to perform ad hoc analyses to enterprise-grade analytics platforms that provide advanced analytics capabilities. The big data analytics market has experienced significant growth and transformation in recent years, revolutionizing how businesses and organizations extract valuable insights from vast data. Big data analytics refers to examining, organizing, and interpreting large and complex datasets to uncover patterns, trends, and correlations that can inform decision-making and drive business strategies. Several key factors have driven the market for big data analytics. The exponential growth in data generation across various industries, including retail, finance, healthcare, and telecommunications, has created a pressing need for advanced analytics tools and technologies. With the proliferation of digital devices, social media platforms, and IoT devices, massive volumes of data are being generated at an unprecedented rate. Organizations have recognized the immense potential of harnessing big data to gain a competitive advantage. The market offers many options for organizations of all sizes, from self-service analytics tools that empower business users to perform ad hoc analyses to enterprise-grade analytics platforms that provide advanced analytics capabilities.

Market Overview:

Big data analytics play a significant role in businesses because they enable them to manage, organize, and streamline huge datasets in real time while enhancing their decision-making capacity. Additionally, a key goal of big data and business analytics is to assist organizations in strengthening their marketing campaigns by assisting them in better understanding their target audiences and customers. Additionally, various businesses are implementing big data and business analytics to analyze the enormous amount of data produced by both offline and online trading globally. This gives different big data service providers an advantage over rival service providers, allowing them to enhance their investment in cloud technologies. Furthermore, customers can access all the data online from any location in the world thanks to the development of big data and business analytics on the cloud. This gives different big data service providers an advantage over rival service providers, allowing them to enhance their investment in cloud technologies.

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Big Data Analytics Market: Strategic Insights

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Market Driver:

Increasing Data Generation to Drive Growth of Global Big Data Analytics Market

The increasing data generation is a significant driver fueling the development of the big data analytics market. In today's digital age, there is a massive surge in data creation from diverse sources such as social media, IoT devices, digital transactions, and enterprise systems. This explosion of data provides a vast and valuable resource for organizations to gain insights and make informed decisions. The abundance of data allows businesses to analyze and understand customer behavior, preferences, and trends with much greater depth and accuracy. By leveraging big data analytics, companies can uncover hidden patterns, correlations, and previously inaccessible insights. This enables organizations to make data-driven decisions, identify new market opportunities, and optimize operations.

Moreover, the increasing data generation is closely linked to the rise of digital technologies and connectivity. With the proliferation of smartphones, social media platforms, and online transactions, individuals and businesses are leaving digital footprints that generate massive amounts of data. This digital footprint provides a rich source of information that can be leveraged for targeted marketing, personalized customer experiences, and improved operational efficiency. The growth in data generation also aligns with the emergence of the Internet of Things (IoT), where various interconnected devices and sensors collect and transmit data in real time. This data includes valuable insights into consumer behavior, product usage, environmental factors, etc. Big data analytics helps organizations extract valuable insights from this IoT-generated data to enhance product development, optimize supply chains, and improve customer experiences.

Furthermore, the increasing data generation has created opportunities for businesses to monetize data assets. By leveraging big data analytics, organizations can analyze large volumes of data and extract valuable insights that can be packaged as products or services for their customers. This data monetization model has opened up new revenue streams and business models for companies, further driving market growth.

Segmental Analysis:

Based on component, the big data analytics market is bifurcated into software and services. The software segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Due to several key factors, the software segment holds the largest share of the big data analytics market. Software solutions offer various analytics platforms, tools, and applications to handle large and complex datasets. They enable organizations to process, analyze, and interpret data efficiently. Advanced analytics techniques like predictive analytics and machine learning can be applied through software tools, providing valuable insights. User-friendly self-service analytics tools empower non-technical users to explore and analyze data independently.

Software solutions also offer scalability and flexibility, with on-premises or cloud deployment options. The market is characterized by a vibrant ecosystem of solution providers continually innovating their offerings. Overall, the software enables efficient data analysis, advanced analytics capabilities, self-service analytics, scalability, and innovation within the big data analytics market.

Regional Analysis:

The North America global big data analytics market was valued at US$ 100.40 billion in 2021 and is projected to reach US$ 253.55 billion by 2028; it is expected to grow at a CAGR of 14.4% during the forecast period. The dominance of the North American region in the big data analytics market can be attributed to several key factors contributing to its leadership position. North America has been at the forefront of technological advancements and innovation, with a robust ecosystem of technology companies, research institutions, and startups driving the development and adoption of big data analytics solutions. Major technology hubs, like Silicon Valley, have played a pivotal role in nurturing and accelerating market growth. The region has a mature and highly digitized business landscape, housing numerous large enterprises across the finance, healthcare, retail, and manufacturing industries. These organizations recognize the strategic importance of leveraging big data analytics to gain a competitive advantage, resulting in substantial investments in analytics infrastructure, talent, and solutions. North America also boasts a wealth of data sources and generates significant volumes of data. Sectors such as e-commerce, social media, digital advertising, and financial services, which are technologically advanced and data-intensive, contribute significantly to data generation. This data abundance creates a fertile ground for applying big data analytics and drives the demand for advanced analytics capabilities.

Additionally, North America benefits from a favorable regulatory environment with a strong data privacy and security focus. Regulation stability and clarity create an ecosystem conducive to leveraging big data analytics while ensuring compliance with data protection laws. Robust data governance practices and frameworks enhance trust and confidence in analytics solutions. The region's highly skilled workforce and emphasis on data science education and research also play a significant role. North America boasts a deep pool of talent in data analytics, further supporting the development and adoption of big data analytics solutions.

Big Data Analytics Market Regional Insights

The regional trends and factors influencing the Big Data Analytics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Big Data Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Big Data Analytics Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Big Data Analytics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Big Data Analytics Market are:

1. Amazon Web Services
2. FICO
3. Hewlett Packard Enterprise Development LP (HPE)
4. IBM Corporation
5. Microsoft Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Key Player Analysis:

The global big data analytics market analysis consists of the players such as Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc., and Teradata. Among the players in the global big data analytics Amazon Web Services and Oracle Corporation are the top key players owing to the diversified product portfolio offered.

Recent Developments:

 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global big data analytics market. A few recent key market developments are listed below: 

• In February 2021, RapidMiner, Inc. announced a partnership with Hivecell, an Edge-as-a-Service company.
• In Oct 2020 – Fractal Analytics announced that one of its subsidiaries, Theremin.ai, has raised funds from OLMO Capital.  The funds will be used for building its algorithmic investment product and for expanding its talent.