Increasing Demand for Data-Driven Decision Making Boosts Big Data Analytics Market Growth
According to our latest study titled "Big Data Analytics Market Forecast to 2031 – Country Share, Trend, and Growth Opportunity Analysis – by Component, Application, and End Use Industry," the market was valued at US$ 293.14 billion in 2024 and is projected to reach US$ 725.93 billion by 2031; it is estimated to register a CAGR of 13.5% from 2024 to 2031. The report includes growth prospects in light of current big data analytics market trends and factors influencing the market growth.
The increasing demand for data-driven decision-making contributes to the growing big data analytics market size. As businesses, governments, and organizations face heightened competition and the need for operational efficiency, there is a growing recognition that data—when analyzed effectively—can provide deep insights that impact strategic decisions. Companies are looking to leverage the abundance of information at their disposal to improve day-to-day activities as well as gain a competitive edge in the market. Big data analytics presents organizations with the tools to analyze vast amounts of organized and unstructured data, allowing decision-makers to make informed choices.
Big Data Analytics Market Analysis – by Geography, 2024
Big Data Analytics Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Software and Services), Deployment (Cloud and On Premises), Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Workforce Analytics, and Others), End-User Industry (IT and Telecom, BFSI, Healthcare, Retail, and Others), and Geography
Big Data Analytics Market Drivers and Trends by 2031
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According to Google Cloud, companies that leverage data-driven decision-making are significantly more likely to surpass their revenue targets, with 58% of these organizations outperforming their goals compared to those that do not utilize data insights. Businesses with advanced data analytics capabilities are nearly three times (2.8x) more likely to experience double-digit year-over-year growth. On average, data-driven enterprises achieve over 30% growth annually. As the demand for big data analytics continues to rise, organizations that proactively invest in these technologies are well-positioned to lead in the future, capitalizing on the advantages of data insights to gain a competitive edge. With more companies in Europe adopting data-driven approaches, they are enhancing operational efficiencies as well as improving decision-making processes across various industries.
The demand for data-driven decision-making is being further boosted by advancements in artificial intelligence (AI) and machine learning (ML). These technologies enable organizations to extract more value from the collected data, providing predictive insights and automating decision-making processes. Companies operating in sectors such as finance, IT and telecom, healthcare, and manufacturing are increasingly relying on AI to make real-time decisions that drive revenue and streamline operations. For instance, AXA, the insurance giant, uses AI algorithms to process claims faster, providing more accurate assessments and improving customer satisfaction.
The big data analytics market analysis has been carried out by considering the following segments: component, deployment, application, and end-user industry. In terms of component, the market is divided into software and services. In terms of deployment, the market is bifurcated into cloud and on premises. Based on application, the market is segmented into customer analytics, marketing analytics, pricing analytics, and others. In terms of end-user industry, the market is categorized into BFSI, healthcare, IT and telecom, retail, and others. The IT and telecom segment held the largest big data analytics market share in 2024.
The scope of the big data analytics market report is primarily divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific is split into Australia, China, Japan, India, South Korea, and the Rest of APAC. China accounted for the largest big data analytics market share in 2024. The Chinese government is emphasizing strategic priority on big data with ample activities encouraging investments and adoption of big data and analytics. China's authorities are focused on developing artificial intelligence (AI) capabilities for various civilian and military applications, starting with mastering big data analytics to interpret vast data sets. China is actively pursuing global leadership in big data analytics as a key component of its strategy for achieving great power status. President Xi Jinping has stated that China should become the global hub for AI by 2030. Moreover, in January 2025, China established a new artificial intelligence (AI) investment fund with an initial capital of 60 billion yuan (US$ 8.2 billion), only days after the US tightened export curbs for advanced chips. The emphasis on big data analytics and investment in AI drive the big data analytics market growth.
Digital transformation, government initiatives, the use of AI and IoT, smart manufacturing, and data-driven decision-making across sectors such as healthcare, finance, and retail are contributing to the growth of Japan's big data analytics industry. Further, in December 2024, IT firm FPT launched the FPT Data & AI Integration Center in Japan, a strategic move to boost investments in technology infrastructure and foster stronger partnerships with leading Japanese and global partners. The center is designed to integrate FPT's existing data and AI capabilities while equipping project teams with the expertise to elevate their service deployment and address the increasing demand in Japan's multi-billion-dollar technology sector. Such instances enhance technological infrastructure, promote global partnerships, and expedite AI adoption, driving the growth of Japan's big data analytics market.
Amazon Web Services Inc., FICO, Hewlett Packard Enterprise Co, International Business Machines Corp, Microsoft Corp, Oracle Corp, SAP SE, SAS Institute Inc., TIBCO Software Inc., and Teradata Corp are among the key players profiled in the big data analytics market report. Several other major players were also studied and analyzed in the market report to get a holistic view of the market and its ecosystem. The market analysis provides detailed market insights, which help the key players strategize their growth.
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