Global Big Data and Analytics Market Analysis By Component (Software, Services), By Deployment (On-Premises, Cloud-Based), By Application (Customer Analytics, Fraud Detection and Compliance, Operational Analytics, Risk and Security Analytics, Others), By Industry Vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare and Life Sciences, Retail and E-commerce, Manufacturing, IT and Telecommunications, Government and Defense, Energy and Utilities, Media and Entertainment, Others) & Forecast
- PUBLISHED ON
- 4/24/2023
- NO OF PAGES
- 256
- CATEGORY
- Information Communication & Technology
The global big data and analytics market was valued at USD 195.14 billion in 2022 and is projected to grow at a CAGR of around 12% from 2023 to 2033. The big data and analytics market is experiencing significant growth driven by several trends and opportunities that are contributing to its expansion. Some of the key market trends and opportunities include:
• Increasing adoption of data-driven decision making: Organizations across various industries are recognizing the value of data-driven decision making to gain insights, optimize operations, and improve business outcomes. Big data and analytics solutions are being used to analyze large volumes of structured and unstructured data to uncover actionable insights and support decision making.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 195,140 Million |
Market Forecast in 2033 | USD 340,190 Million |
CAGR % 2023-2033 | 12% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2033 |
Report USP | Country and regional estimates, key investment areas, case studies, companie share by countries |
Segments Covered | Component, deployment, application and verticals |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | IBM Corporation, Microsoft Corporation, Google LLC, Amazon Web Services Inc., Oracle Corporation, SAP SE, Tableau Software, LLC (now part of Salesforce), Cloudera, Inc., Teradata Corporation, Qlik Technologies Inc., Snowflake Inc., Palantir Technologies Inc., SAS Institute Inc., Informatica LLC, MicroStrategy Incorporated, |
• Growing demand for real-time data analytics: With the increasing availability of data from various sources in real-time, there is a growing demand for real-time data analytics to enable organizations to respond quickly to changing market dynamics, customer preferences, and competitive landscape. Real-time data analytics helps organizations to gain competitive advantage by making timely and informed decisions.
• Expansion of Internet of Things (IoT) and connected devices: The proliferation of IoT devices and connected devices is generating massive amounts of data that can be utilized for gaining insights and improving operational efficiencies. Big data and analytics are playing a crucial role in processing and analyzing IoT-generated data, enabling organizations to extract meaningful insights and drive value-added services.
• Advancements in artificial intelligence and machine learning: Advancements in artificial intelligence (AI) and machine learning (ML) technologies are driving the development of advanced analytics solutions that can analyze large volumes of data with speed and accuracy. AI and ML are being used in big data and analytics solutions for tasks such as data processing, pattern recognition, predictive analytics, and natural language processing, among others.
• Increasing focus on data privacy and security: As the volume of data being collected and analyzed grows, data privacy and security concerns are becoming critical considerations for organizations. The need for robust data security measures, compliance with data protection regulations, and ethical use of data are driving the demand for advanced analytics solutions that can ensure data privacy and security.
• Emergence of cloud-based big data and analytics solutions: Cloud computing has become a popular choice for storing and processing large volumes of data, and big data and analytics solutions are no exception. Cloud-based big data and analytics solutions offer scalability, cost-effectiveness, and ease of deployment, making them attractive options for organizations looking to leverage big data and analytics capabilities.
• Increasing adoption of big data and analytics in emerging economies: Big data and analytics are gaining traction in emerging economies as organizations look to harness the power of data for business growth. The rising adoption of digital technologies, increasing internet penetration, and growing awareness about the benefits of data-driven decision making are driving the demand for big data and analytics solutions in these regions.
With the exponential growth of data generated from various sources such as social media, sensors, online transactions, and other digital channels, organizations are leveraging Big Data and Analytics solutions to extract valuable insights and make informed decisions. The ability to process and analyze large volumes of data in real-time or near-real-time has become crucial for businesses to gain a competitive advantage, optimize operations, enhance customer experience, and identify new growth opportunities. Organizations are realizing the importance of data-driven decision making to drive innovation, improve operational efficiency, and achieve business goals. Big Data and Analytics solutions offer advanced analytics capabilities such as predictive analytics, machine learning, and artificial intelligence that enable organizations to gain actionable insights from vast amounts of data. These insights help organizations to understand customer behavior, optimize pricing and inventory management, identify market trends, forecast demand, and personalize customer experiences, among others. In addition, the increasing adoption of Internet of Things (IoT) devices and technologies is generating massive amounts of data that require advanced Big Data and Analytics solutions for processing, analysis, and interpretation. IoT devices generate data from various sources such as sensors, machines, wearables, and connected devices, which can be utilized to optimize operations, improve safety, and enhance customer experiences. This is driving the demand for Big Data and Analytics solutions that can handle large-scale data processing and analysis, and provide real-time insights for IoT applications.
Geographical Analysis:
North America: North America is a leading region in the Big Data and Analytics market due to the presence of several established technology companies and early adoption of advanced analytics in industries such as healthcare, finance, and retail. For example, companies like Amazon, Google, and Microsoft have significant investments in Big Data and Analytics solutions to improve their products and services, enhance customer experience, and gain a competitive edge.
Europe: Europe is also a prominent region in the Big Data and Analytics market, with increasing adoption of data-driven decision making in industries like manufacturing, automotive, and telecommunications. For instance, companies like SAP, Siemens, and Bosch are leveraging Big Data and Analytics to optimize their manufacturing processes, enhance product quality, and improve supply chain management.
Asia Pacific: The Asia Pacific region is experiencing significant growth in the Big Data and Analytics market due to the increasing adoption of digital technologies and the proliferation of data from various sources such as e-commerce, social media, and IoT devices. Many companies in this region, such as Alibaba, Tencent, and Baidu, are using Big Data and Analytics to gain insights into consumer behavior, personalize offerings, and improve customer engagement.
Latin America: Latin America is also witnessing a growing demand for Big Data and Analytics solutions, particularly in sectors such as healthcare, finance, and agriculture. For example, companies like Banco Bradesco, BRF, and Vale are using Big Data and Analytics to optimize their operations, improve risk management, and enhance decision-making processes.
Middle East and Africa: The Middle East and Africa region are gradually adopting Big Data and Analytics solutions in various industries such as oil and gas, transportation, and telecommunications. For instance, companies like Saudi Aramco, Emirates Airlines, and MTN Group are leveraging Big Data and Analytics to optimize their operations, enhance customer experience, and drive business growth.
Why to buy this Report?
Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of Big Data and Analytics Market they are operating in or considering entering, and make more informed decisions based on data and analysis.
Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in Big Data and Analytics Market.
Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.
Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.
Company Profiles:
• IBM Corporation
• Microsoft Corporation
• Google LLC
• Amazon Web Services Inc.
• Oracle Corporation
• SAP SE
• Tableau Software, LLC (now part of Salesforce)
• Cloudera, Inc.
• Teradata Corporation
• Qlik Technologies Inc.
• Snowflake Inc.
• Palantir Technologies Inc.
• SAS Institute Inc.
• Informatica LLC
• MicroStrategy Incorporated
Segmentation:
By Component:
• Software
• Services
By Deployment:
• On-Premises
• Cloud-Based
By Application:
• Customer Analytics
• Fraud Detection and Compliance
• Operational Analytics
• Risk and Security Analytics
• Others
By Industry Vertical:
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare and Life Sciences
• Retail and E-commerce
• Manufacturing
• IT and Telecommunications
• Government and Defense
• Energy and Utilities
• Media and Entertainment
• Others
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
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Market Research Process
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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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