Dublin, Dec. 17, 2021 (GLOBE NEWSWIRE) -- The "Global Big Data and Business Analytics Market By Component, By Analytics Tool, By Deployment Type, By Application, By Industry Vertical, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Big Data and Business Analytics Market size is expected to reach $448 billion by 2027, rising at a market growth of 13% CAGR during the forecast period. Big Data analytics is a way through which enterprises can evaluate a huge amount of data for extracting useful information that is expected to improve their decision-making capability. Additionally, big data and business analytics solutions is expected to enable companies to discover various market trends, hidden patterns, customer preferences, and numerous hidden facts from the data.
Moreover, companies are highly adopting big data analytics to increase their profit, enhance analytics skills, and support risk management capability. In addition, big data analytics assists companies in better understanding the data and providing important information to the concerned people.
In the current scenario, companies are working in a highly vibrant business landscape, and hence witness dynamic changes in the demands of customers. Several companies not only intend to do in-depth analysis regarding the present information about products, customers, services, and business processes, but also willing to generate more insights from the historical data of their earlier performances and better understand previous trends and patterns. Therefore, there is an increase in the adoption of business analytics market software & solutions among numerous industries for evaluating these trends and creating more business opportunities along with framing different strategies based on new insights.
Moreover, demand for analytics solutions and software is directly proportional to the growing trend of big data among enterprises. Business analytics is becoming a crucial part of various business processes as it helps companies to sustain in the competitive market by better understanding the previous trends and consumer buying patterns. By using big data and business analytics, companies can generate new insights and also improve their decision-making process. Moreover, companies can also get the knowledge related to their past, and present patterns and thus, frame various marketing strategies based on these datasets. Through big data and business analytics, organizations can boost their efficiency and productivity.
COVID-19 Impact Analysis
Due to the outbreak of the COVID-19 pandemic, the big data and business analytics market has recorded a sudden downfall in the initial phase of the pandemic. The imposition of several restrictions around the world like travel ban, complete or partial lockdown has forced the population to stay locked inside their houses.
There are numerous companies around the world that have adopted work-from-home culture for their employees, hence boosting the demand for cloud-based big data analytics to organize crucial data of the companies. This is expected to further accelerate the demand for big data and business analytics solutions in the forecast period. There has been an increase in the deployment of advanced analytics solutions in businesses to ensure business continuity and process optimization. Due to this, the growth of the big data and business analytics market is expected to surge in the coming years.
Market Growth Factors:Deployment of improved technologies
The big data and business analytics market is driven by the deployment of automation technologies and the Internet of Things (IoT) by various companies across different business verticals. IoT deals with physical objects or things that are implanted with electronics, network connectivity, software, and sensors, enabling these gadgets to collect and exchange data. Big data and business analytics with the incorporation of IoT help industries in predictive or preventive failure analysis, thus substantially leading to the growth of the market.
Growing requirement for generating more business insights
The cutthroat competition among the companies is motivating them to implement big data and business analytics solutions to support their expansion. In addition, a rise in requirement to generate more insights for business planning is estimated to open new growth prospects for the market, as big data analytics software helps companies to evaluate the factors, which are impacting the results and offers the power of decision optimization.
Market Restraining Factor:Hight cost of big data and business analytics solutions
The cost of big data analytics differs according to the features and applications required for the business. Additionally, these tools are difficult to use and sometimes need training, which is expected to increase the overall cost of operations that affect the deployment rate of these solutions. Depending upon the amount of generated data volume by the companies, the cost of big data and business analytics solutions may fluctuate.
Component Outlook
Based on Component, the market is segmented into Services, Software and Hardware. The services segment dominated the big data and business analytics market with the highest market share in 2020 and is estimated to continue this trend over the forecast period. Factor like high adoption of big data and business analytics services among various end-users that offer efficient functioning is responsible for the growth of this segment.
Analytics Tool Outlook
Based on Analytics Tool, the market is segmented into Dashboard & Data Visualization, Self-Service Tools, Data Mining & Warehousing, Reporting, and Others. The reporting tools segment is anticipated to exhibit the highest growth rate over the forecast period due to the rising complexity and amount of financial data, restricted capabilities of prevailing spreadsheet solutions and increase in the cost of compliance are among the key aspects propelling the growth of this segment.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The cloud segment is expected to showcase the fastest growth rate during the forecast period. This growth is attributed to the increasing adoption of cloud-based solutions and services across numerous industries.
Application Outlook
Based on Application, the market is segmented into Customer Analytics, Marketing Analytics, Risk & Credit Analytics, Workforce Analytics, Supply Chain Analytics, and Others. The Customer Analytics market dominated the Global Big Data and Business Analytics Market by Application 2020. The Marketing Analytics market is showcasing a CAGR of 14.6% during (2021 - 2027). The Risk & Credit Analytics market is expected to exhibit a CAGR of 14.8% during the forecast period.
Industry Vertical Outlook
Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Transportation, Manufacturing, and Others. Advanced analytics techniques are used in the financial and banking sector to improve processes followed by banks, manage risks, and reduce scams. To protect customers from churn, the telecom sector is using analytics techniques, which will minimize the churn by specific marketing programs for particular customers. Further. these analytics are also used in the healthcare industry to detect & manage scams and enhance clinical performance. In addition, analytics is very useful in retail companies to understand the buyer's behavior and accordingly specialize their planning and establish a better market position.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia-Pacific is estimated to display a considerable growth rate over the forecast period because of the factors like the growing number of people utilizing tablets & smartphones across various nations like China, and India.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Amazon Web Services, Inc. are the forerunners in the Big Data and Business Analytics Market. Companies such as Oracle Corporation, IBM Corporation, SAP SE are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon Web Services, Inc., Fair Isaac Corporation, Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tibco Software Inc., and Teradata Corporation.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2017, Jun - 2021, Jun) Leading Players
Chapter 4. Global Big Data and Business Analytics Market by Component
4.1 Global Big Data and Business Analytics Services Market by Region
4.2 Global Big Data and Business Analytics Software Market by Region
4.3 Global Big Data and Business Analytics Hardware Market by Region
Chapter 5. Global Big Data and Business Analytics Market by Industry Vertical
5.1 Global BFSI Big Data and Business Analytics Market by Region
5.2 Global IT & Telecom Big Data and Business Analytics Market by Region
5.3 Global Healthcare Big Data and Business Analytics Market by Region
5.4 Global Retail & eCommerce Big Data and Business Analytics Market by Region
5.5 Global Government & Defense Big Data and Business Analytics Market by Region
5.6 Global Transportation Big Data and Business Analytics Market by Region
5.7 Global Manufacturing Big Data and Business Analytics Market by Region
5.8 Global Other Industry Vertical Big Data and Business Analytics Market by Region
Chapter 6. Global Big Data and Business Analytics Market by Analytics Tool
6.1 Global Big Data and Business Analytics Dashboard & Data Visualization Market by Region
6.2 Global Big Data and Business Analytics Self-Service Tools Market by Region
6.3 Global Big Data and Business Analytics Data Mining & Warehousing Market by Region
6.4 Global Big Data and Business Analytics Reporting Market by Region
6.5 Global Big Data and Business Analytics Others Market by Region
Chapter 7. Global Big Data and Business Analytics Market by Deployment Type
7.1 Global On-premise Big Data and Business Analytics Market by Region
7.2 Global Cloud Big Data and Business Analytics Market by Region
Chapter 8. Global Big Data and Business Analytics Market by Application
8.1 Global Customer Analytics Big Data and Business Analytics Market by Region
8.2 Global Marketing Analytics Big Data and Business Analytics Market by Region
8.3 Global Risk & Credit Analytics Big Data and Business Analytics Market by Region
8.4 Global Workforce Analytics Big Data and Business Analytics Market by Region
8.5 Global Supply Chain Analytics Big Data and Business Analytics Market by Region
8.6 Global Others Big Data and Business Analytics Market by Region
Chapter 9. Global Big Data and Business Analytics Market by Region
Chapter 10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/u1ixg6
