Big Data & Analytics Market Size, Industry Analysis Report By Component (Software, Hardware, Services), By Application (Data Discovery and Visualization, Advanced Analytics), By Vertical (BSFI, Automotive, Telecom/ Media, Healthcare, Life Sciences, Retail) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 216
- CATEGORY
- Information Communication & Technology
The Big Data & Analytics Market is valued at USD 271.83 billion in 2022 and is projected to reach a value of USD 743.36 billion in 2030 expanding at a CAGR of 13.4% over the forecast period of 2022-2030. The big data analytics is mainly used to analyse the structured as well as unstructured database in order to understand and deliver the insight that is based on hidden patterns, correlations, changing market trends, etc. The leading factors mainly focus on employing the analytical tools in order to acquire consumer insights by evolving business intelligence. Also, during the pandemic, the digital transformation in manufacturing, healthcare, retail, as well as other sectors had a positive impact to develop data generation. The Artificial Intelligence and IoT had fuelled automation in the production sector. The market had a positive impact during the pandemic.
Big Data & Analytics Market- Growth Factors
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the growing trend of edge computing in order to surge big data analytics tools demand. The rise in the connected IoT devices volume is because of the surging adoption of machine learning algorithms, Internet of Things, as well as Artificial Intelligence. Also, the rising requirement of connected devices has accelerated the execution of edge computing. In addition to this the data located close to the destination or source also saves time for uploading data on the on-premises or cloud platforms and also skins the load on networks and servers. The rising digital solutions, across business sectors such as banking, healthcare, BSFI, retail, agriculture, as well as media worldwide has significantly increased the data over the forecast period.
Big Data & Analytics Market- Market Trends
• Increasing adoption of database across countries has bolstered the big data and analytics market over the forecast period. This is mainly due to the rising digital solution across business sectors.
• Industries that are shifting to digital solutions amid the pandemic had also boosted the market growth over the forecast period.
Big Data & Analytics Market- Segmentation
The Big Data and Analytics market has been sub-classified into component, application, and vertical.
Based on Component, the market is classified into
• Software
• Hardware
• Services
Based on Application, the market is classified into
• Data Discovery and Visualization
• Advanced Analytics
• Others
Based on Vertical, the market is classified into
• BSFI
• Automotive
• Telecom/ Media
• Healthcare
• Life Sciences
• Retail
Big Data & Analytics Market- Regional Segmentation
The big data and analytics market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the regional market growth over the forecast period. The growth is because of the rising demand for analytics tools offering advanced and improved compliance analytics that has played a vital role in uncovering fraud, policy violations, and other business misconducts in the region.
Big Data & Analytics Market- Key Market Players
Some of the prominent companies operating in the market are IBM Corporations, Microsoft Corporation, SAS Institute Inc., Oracle Corporation, Salesforce Inc., and TransUnion.
Report Scope
Big Data and Analytics Market: Historical Year- 2018-2021
Big Data and Analytics Market: Forecast Year- 2022-2030
Big Data and Analytics Market 2022- USD 271.83 billion
Big Data and Analytics Market CAGR- 13.4%
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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