Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "Global Big Data and Business Analytics Market: Analysis By Component, Analytics Tool, Application, Industry Vertical, By Region Size And Trends With Impact Of COVID-19 And Forecast Up To 2028" report has been added to ResearchAndMarkets.com's offering.
The global big data and business analytics market in 2022 was valued at US$294.16 billion. The market value is anticipated to grow to US$662.63 billion by 2028.
The market value is expected to grow at a CAGR of 14.48% during the forecast period of 2023-2028, with software segment being the dominant component.
Artificial Intelligence (AI) and Machine Learning (ML) are proving to be essential instruments to keep control over increasing amounts of data and to enable real-time execution.
There has been a surge in adoption of big data analytics software by various organizations to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner.
In addition, increase in demand for cloud-based big data analytics software among small & medium enterprises positively impacts the growth of the market.
Market Segmentation Analysis:
In 2022, in terms of value, software segment held the major share in the market, followed by services. The increasing need for data-driven decision-making, the growing volume and variety of data, and the increasing adoption of cloud-based technologies are some of the factors driving the growth of the big data and business analytics software market.
In 2022, dash board & data visualization held the major share in the market, followed by data mining & warehousing. The explosion of data from various sources has made it difficult for businesses to manage and analyze data effectively. Dashboard and data visualization tools help to simplify this process, providing a way to make sense of large volumes of data quickly and easily. This is expected to incline the growth of dash board & data visualization market.
In 2022, customer analytics hold a dominant position in the big data and business analytics market due to rise of digital channels. Businesses are facing intense competition in various industries, leading to a need for differentiation. Customer analytics can help companies identify opportunities for innovation and new product development based on customer needs and preferences.
In 2022, BFSI hold a dominant position in the big data and business analytics market to gain insights into customer behavior, detect fraud, manage risks, and enhance operational efficiency. BFSI companies are using Big Data and Business Analytics to understand customer preferences, behavior, and needs to create targeted offerings that meet individual requirements. Financial fraud is a significant problem for BFSI companies, resulting in significant financial losses and reputational damage.
North America held the major share in the market, owing to increasing adoption of cloud-based technologies, which are enabling businesses to store and analyze large amounts of data more efficiently and cost-effectively. Within North America, the US is leading the market.
The US is an early adopter of advanced technologies, helping market vendors offer customized and advanced technology-enabled business analytics solutions for consumers. In addition, the region is witnessing high adoption of the cloud across organizations, thus enabling the proper implementation of business analytics.
Impact Analysis of COVID-19 and Way Forward:
One of the biggest impacts of COVID-19 on the big data and business analytics market has been the increased demand for cloud-based solutions. With remote work becoming the norm for many businesses, there has been a growing need for cloud-based solutions that can be accessed from anywhere.
Competitive Landscape:
The global big data and business analytics market is highly fragmented due to the presence of many small and medium-sized companies competing with each other and large enterprises. Technological advancements in the market are also bringing sustainable competitive advantage to companies, and the market is witnessing multiple partnerships and mergers.
Market Dynamics
Growth Drivers
- Surge in Adoption of Cloud Computing
- Integration of Artificial Intelligence
- Increasing Amount Of Data
- Increasing Use of Big Data Analytics in Supply Chain Management
- Increasing Adoption Of Big Data Analytics In Various Industries
Challenges
- Data Privacy and Security
- High Cost Of Big Data And Business Analytics Solutions
Market Trends
- Growing Volume of Internet of Things (IoT) Devices
- Emerging Trends Of Social Media Analytics
- Increase In Need To Gain Insights For Business Planning
- Rising Use of DataOps
- Evolution Of Streaming Analytics And Edge Computing
Company Profiles: Business Overview, Operating Segments, Business Strategy
- Amazon.com, Inc. (Amazon Web Services, Inc.)
- Microsoft Corp.
- International Business Machines Corporation (IBM)
- Oracle Corporation
- Salesforce.com, Inc.
- SAS Institute
- SAP SE
- Qlik
- Cisco Systems, Inc.
- Hewlett Packard Enterprise Company
- Teradata Corporation
- Accenture Plc.
For more information about this report visit https://www.researchandmarkets.com/r/11d6m
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