NEW CASTLE, Delaware, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Big Data Analytics Market by Component (Solution and Services), Application (Data Discovery, Data Visualization, Advanced Analytics and Other), and End User (BFSI, Healthcare, Automotive, IT and Telecom, Retail, Energy and Utilities, Government and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the big data analytics market was valued at $0.3 trillion in 2023, and is estimated to reach $1.1 trillion by 2032, growing at a CAGR of 14.5% from 2024 to 2032.
Prime Determinants of Growth
Rise in need for cost effective and flexibility, community support, and innovation and rise in concern regarding security features and stability of software positively are factors expected to propel the growth of the global big data analytics market. However, lack of availability of popular mainstream software is anticipated to hamper the growth of global market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $0.3 trillion |
| Market Size in 2032 | $1.1 trillion |
| CAGR | 14.5% |
| Segments covered | Component, Application, End User and Region. |
| Drivers | Increase in demand for data-driven decision-making |
| Technological advancements in data processing and storage | |
| Opportunities | Expansion into new markets and industries |
| Restraints | Data privacy and security concerns |
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The service segment is expected to dominate the market during the forecast period
By component, the services segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, as organizations increasingly seek specialized expertise and support in implementing and optimizing big data analytics solutions. Service providers offer consulting, implementation, and support services to help businesses leverage the full potential of big data analytics, which drives the segment growth in the big data analytics market.
The advance analytics segment to maintain its lead position during the forecast period
By application, the advance analytics segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, as businesses seek to extract deeper insights and predictive capabilities from their data. Advanced analytics techniques, such as machine learning and predictive modeling, enable organizations to uncover hidden patterns and trends in data, leading to more accurate forecasting and strategic decision-making. Thereby, driving the growth of this segment in the global big data analytics market.
The retail segment to maintain its lead position during the forecast period
By end user, the retail segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to enhanced customer insights, optimized inventory management, personalized marketing strategies, and improved overall operational efficiency. Thereby, driving the growth of this segment in the global big data analytics market.
Asia-Pacific region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2023, owing to the early adoption of advanced technologies, a strong presence of key market players, and a high level of awareness about the benefits of big data analytics among businesses in the region. Big data analytics has been quickly embraced by North American businesses to obtain a competitive edge, streamline decision-making procedures, and improve customer experiences—all of which are expected to fuel the market's expansion in this region. However, the Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032, owing to rapid digital transformation and increasing investments in technology across various industries in countries like China, India, Japan, and South Korea. The growing adoption of cloud computing, IoT, and AI technologies in the Asia-Pacific region, is further expected to contribute to the growth of the market in this region.
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Leading Market Players: -
- SAP SE
- IBM
- Oracle
- MapR Technologies Inc.
- Google LLC
- Hewlett Packard Enterprise
- Amazon
- Datameer
- Sage Clarity Systems Kinaxis Inc.
- Microsoft Corporation
The report provides a detailed analysis of these key players in the big data analytics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In July2020, Microsoft partnered with SAS and announced an extensive technology and go-to-market strategic partnership. The two companies are expected to enable customers to easily run their SAS workloads in the cloud, expanding their business solutions and unlocking critical value from their digital transformation initiatives. The companies migrate SAS’ analytical products and industry solutions onto Microsoft Azure as the preferred cloud provider for the SAS Cloud. SAS’ industry solutions and expertise are expected to bring added value to Microsoft’s customers across healthcare, financial services, and other industries.
- In March 2022, IBM launched new software designed to help enterprises break down data and analytics silos so they can make data-driven decisions quickly and navigate unpredictable disruptions. IBM Business Analytics Enterprise is a suite of business intelligence planning, budgeting, reporting, forecasting, and dashboard capabilities that provides users with a robust view of data sources across their entire business. A This suite also includes a new IBM Analytics Content Hub that helps streamline how users discover and access analytics and planning tools from multiple vendors in a single, personalized dashboard view.
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