Pune,India, April 28, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global big data analytics market size was valued at USD 271.83 billion in 2022 and is projected to grow from USD 307.52 billion in 2023 to USD 745.15 billion by 2030, exhibiting a CAGR of 13.5% during the forecast period.
Big data analytics analyzes structured and unstructured databases to recognize and supply insights primarily based on hidden patterns, correlation, converting marketplace trends, and more, leading the sector's awareness of using analytical gear to accumulate client insights via evolving enterprise intelligence.
Key Industry Development:
Salesforce launched CRM Analytics in all sectors. CRM Analytics is an AI-powered analytics and facts platform that lets in Salesforce clients throughout each area to provide predictive insights and additionally allows clients to position any facts in the middle of CRM.
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Key Takeaways:
- Big Data Analytics Market is expected to flourish & reach USD 745.15 Billion in 2030
- The amount of linked IoT devices has increased as a result of the Internet of Things (IoT), machine learning (ML) algorithms, and artificial intelligence (AI) technologies' rapid adoption.
- Data is greatly increased by the expanding use of digital solutions across corporate sectors, including banking, healthcare, BFSI, retail, agriculture, and telecom/media.
- During the projected period, the data discovery and visualisation segment is anticipated to obtain the largest segment share.
- Big Data Analytics Market Size in North America was USD 101.06 Billion 2022
Discover the Leading Players Featured in the Report:
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.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.5% |
| 2030 Value Projection | USD 745.15 Billion |
| Base Year | 2022 |
| Big Data Analytics Market Size in 2022 | USD 271.83 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Component, Enterprise, Application, Vertical, Regional |
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Drivers and Restraints:
Growing Adoption of Databases across Industries to Foster Market Growth
The growing digital solutions across business sectors, such as BFSI, banking, healthcare, agriculture, retail, and telecom/media, significantly increase data.
GPS-equipped tractors, soil sensors, and smart machines generate massive data sets. In agriculture, such as advanced risk assessment, big data analytics is applied to analyze huge data sets, natural trends, supply tracks, ideal crops, and more.
North America will lead the Big Data Analytics Market Growth to Boost Market Development
North America is anticipated to expand its maximum revenue share from 2023-2030. This region has the key businesses through all industries and heavily implements the software. The U.S. is anticipated to witness rapid growth owing to the growing demand for analytics tools offering improved and advanced compliance analytics, which plays a crucial role in policy violations, uncovering fraud, and other business misconduct. The region is highly investing in new and advanced technologies, such as AI, ML, the IoT, and more, to generate exponential data for industries.
Leading Segments Covered in this Report:
By Component
- Software
- Hardware
- Services
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Application
- Data Discovery and Visualization (DDV)
- Advanced Analytics (AA)
- Others (Data Preparation, etc.)
By Vertical
- BFSI
- Automotive
- Telecom/Media
- Healthcare
- Life Sciences
- Retail
- Energy & Utility
- Government
- Others (Manufacturing, Education, etc.)
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FAQs
How big is the Big Data Analytics Market?
Big Data Analytics Market size was USD 271.83 Billion in 2022. It is expected to reach USD 745.15 Billion by 2030.
How fast is the Big Data Analytics Market growing?
The Big Data Analytics Market will exhibit a CAGR of 13.5% during the forecast period, 2023-2030
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