Big Data & Analytics Market- Overview
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%
