Pune, India, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The global big data analytics market was worth USD 240.56 billion in 2021. It is projected to rise from USD 271.83 billion in 2022 to USD 655.53 billion by 2029, exhibiting a CAGR of 13.4% during the forecast period, 2022-2029. The expanding database across industries, coupled with the proliferation of edge computing to favor the market expansion. Fortune Business Insights™ has published this information in its latest research report titled, “Big Data Analytics Market Forecast, 2022-2029.”
The increasing data generation from Facebook, Snapchat, WhatsApp, Instagram, and other such platform results in huge databases. Hence, the growing database due to social media platforms is anticipated to bolster the demand for big data analytics.
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Key Industry Development-
April 2022: Salesforce introduced CRM Analytics, an AI-based data and analytics platform that can be utilized in every industry.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 13.4% |
| 2029 Value Projection | USD 655.53 Billion |
| Base Year | 2021 |
| Big Data Analytics Market Size in 2021 | USD 240.56 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Component, Application, Vertical and Geography |
Industries Shifting to Digital Solutions amid Pandemic to Boost Market Opportunity
The rapid digitalization observed across retail, manufacturing, healthcare, and other industries has boosted data generation, which amplified the demand for big data analytics. The incorporation of Artificial Intelligence (AI) and the Industrial Internet of Things (IIoT) augments automation across the manufacturing industry. The rising adoption of AI across asset management, network manufacturing, inventory management, and others is expected to boost the market growth due to high product demand in the forthcoming years.
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Report Coverage-
- It provides a thorough analysis of growth rate and market size across regional and global markets.
- It offers insights into the latest industry developments.
- It includes a detailed description and analysis of various segments of the market.
- It showcases a meticulous study of the COVID-19 pandemic.
- It embraces the information on crucial drivers and restraints of the market’s expansion.
Segmentation-
Software Segment to Gain High Growth Due to Rising Adoption of Advanced Tools
Based on component, the market is trifurcated into services, hardware, and software. The software segment holds the largest revenue share, and is expected to grow at the highest CAGR during the forecast period, owing to its solution offerings such as credit risk management, business intelligence solutions, CRM analytics, compliance analytics, and workforce analytics.
Mounting Unstructured/Structured Data Volume to Fuel the Product Demand
Based on application, the market is segmented into Advanced Analytics (AA), Data Discovery and Visualization (DDD), and others (data preparation and others). The data discovery and visualization segment is likely to gain maximum market share during the forecast period.
Growing Emphasis on Customer Retention to Boost Market Expansion
Based on vertical, the market is divided into government, energy & utility, retail, life sciences, healthcare, telecom/media, automotive, BFSI, and others (education, manufacturing, and others). The BFSI segment is expected to gain maximum revenue share in the industry vertical due to growing customer base.
Geographically, the market is classified into North America, Asia Pacific, South America, Europe, and the Middle East & Africa.
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Drivers & Restraints-
Expanding Database across Industries to Foster Market Development
The rising adoption of Machine Learning (ML), IIoT, IoT, and AI algorithms is fostering the demand for more connected IoT devices. IDC’s data estimates that by 2025, approximately 152,200 IoT devices will connect every minute. The rising demand for connected devices fuels edge computing implementation. The expanding database quantity is likely to fuel the demand for edge computing, thereby bolstering the big data analytics market growth.
Further, the augmenting databases across healthcare, retail, banking, agriculture, BFSI, and other end-user industries due to increasing adoption of digital solutions is predicted to favor the market’s expansion.
However, increasing security concerns may restrain the market expansion during the forecast period.
Regional Insights-
North America to Bestride Global Market Due to High Software Adoption
North America is anticipated to witness the highest growth in the global big data analytics market share due to increasing adoption of big data analytics software across all industries. The U.S. is likely to bestride the market growth in the region.
Asia Pacific is projected to gain tremendous growth due to the expanding automotive, healthcare, retail, and other industries. Economic growth in Japan, Singapore, South Korea, China, and other nations will complement the region’s market expansion.
List of Key Market Players -
- IBM Corporation (U.S.)
- SAP SE (Germany)
- Microsoft Corporation (U.S.)
- SAS Institute Inc. (U.S.)
- Fair Isaac Corporation (U.S.)
- Oracle Corporation (U.S.)
- Salesforce Inc. (U.S.)
- Equifax, Inc. (U.S.)
- TransUnion (U.S.)
- QlikTech International AB (U.S.)
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Major Table of Contents:
- Global Big Data Analytics Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Software
- Credit Risk Management
- Business Intelligence Solutions
- CRM Analytics
- Compliance Analytics
- Workforce Analytics
- Others (Content Analytics, Supply Chain Analytics, and Others)
- Hardware
- Services
- Software
- By Application (USD)
- Data Discovery and Visualization (DDV)
- Advanced Analytics (AA)
- Others (Data Preparation and Others)
- By Vertical (USD)
- BFSI
- Automotive
- Telecom/Media
- Healthcare
- Life Sciences
- Retail
- Energy & Utility
- Government
- Others (Manufacturing, Education, and Others)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Big Data Analytics Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Software
- Credit Risk Management
- Business Intelligence Solutions
- CRM Analytics
- Compliance Analytics
- Workforce Analytics
- Others (Content Analytics, Supply Chain Analytics, and Others)
- Hardware
- Services
- Software
- By Application (USD)
- Data Discovery and Visualization (DDV)
- Advanced Analytics (AA)
- Others (Data Preparation and Others)
- By Vertical (USD)
- BFSI
- Automotive
- Telecom/Media
- Healthcare
- Life Sciences
- Retail
- Energy & Utility
- Government
- Others (Manufacturing, Education, and Others)
- By Country (USD)
- United States
- Canada
- Mexico
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