Pune, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Big Data Analytics Market Size Analysis:
“The Big Data Analytics Market was valued at USD 284.3 billion in 2023 and is projected to grow at a CAGR of 12.9%, reaching USD 842.6 billion by 2032.”
The Big Data Analytics Market is witnessing robust growth due to the increasing volume and complexity of data arising from various industries. Organizations are using advanced analytics to draw actionable insights from the massive dataset which helps in improving their decision-making process. This market expansion is driven by the increase in the adoption of technologies such as artificial intelligence and machine learning for data analytics. The data from the Internet of Things devices is also contributing to the growth of data, which in turn requires tools for advanced analysis. Industries such as finance, healthcare, retail, and manufacturing are investing heavily in big data analytics to compete efficiently in the market, improve operations, and increase customer satisfaction.
The integration of cloud computing with big data analytics is also playing a pivotal role in market growth, as they provide a scalable solution which in turn decreases the cost and complexity of data handling. However, the market is facing challenges such as a rise in data privacy protection and demand for talented professionals to manage & analyze data. Despite this, the market is expected to see significant expansion due to the high adoption rate of data analytics by various industries.
Get a Sample Report of Big Data Analytics Market@ https://www.snsinsider.com/sample-request/1586
Major Players Analysis Listed in this Report are:
- IBM - (IBM Watson Analytics, IBM SPSS Statistics)
- Microsoft – (Microsoft Azure Data Lake, Microsoft Power BI)
- Google – (Google BigQuery, Google Cloud Dataflow)
- Amazon Web Services (AWS) – (Amazon Redshift, AWS Glue)
- Oracle – (Oracle Big Data Cloud, Oracle Analytics Cloud)
- SAP – (SAP BusinessObjects, SAP HANA)
- SAS – (SAS Visual Analytics, SAS Data Management)
- Tableau – (Tableau Desktop, Tableau Server)
- Teradata – (Teradata Vantage, Teradata Cloud Analytics)
- Cloudera – (Cloudera Data Platform, Cloudera Machine Learning)
- Snowflake – (Snowflake Data Cloud, Snowflake Secure Data Sharing)
- Qlik – (Qlik Sense, QlikView)
- Micro Focus – (Micro Focus Vertica, Micro Focus IDOL)
- TIBCO Software – (TIBCO Spotfire, TIBCO Data Virtualization)
- Palantir Technologies – (Palantir Foundry, Palantir Gotham)
- Domo – (Domo Business Cloud, Domo Data Visualization)
- Sisense – (Sisense for Cloud Data Teams, Sisense Fusion)
- Zoho – (Zoho Analytics, Zoho DataPrep)
- Hitachi Vantara – (Hitachi Lumada, Hitachi Content Platform)
- Fractal Analytics – (Fractal’s Qure.ai, Fractal’s Cuddle.ai)
Big Data Analytics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 284.3 Billion |
| Market Size by 2032 | US$ 842.6 Billion |
| CAGR | CAGR of 12.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Widespread use of cloud services allows for scalable, cost-effective data storage and processing • Companies leverage data analytics to improve decision-making, optimize operations, and enhance customer experiences. |
Do you have any specific queries or need any customization research on Big Data Analytics Market, Make an Enquiry Now@ https://www.snsinsider.com/enquiry/1586
Segment Analysis
By Component
The software component dominated the market in terms of revenue, with more than 38% market share in 2023. This is because of the increasing number of software offerings, such as credit risk management, business intelligence, CRM analytics, and compliance analytics. This software provides solutions for organizations that are moving towards online platforms.
By Application
The data discovery and visualization market segment dominated the market, with more than 39% of the market share in 2023. The assurgent amount of both structured and unstructured data is driving the demand for analytics and BI tools that can perform data discovery and visualization activities. Large organizations use big data analytics to offer insightful information from the data.
By Vertical
The BFSI segment dominated the market, with more than 32% of the market share in 2023. The BFSI segment’s customer base continues to grow and the industry is moving towards big data to acquire customers effectively and efficiently handle customer needs. The data analytics solution is enabling the BFSI industry to acquire, develop, and effectively retain customers.
By Enterprise Type
The large enterprises segment dominated the market in 2023, with more than 54% market share. Several factors contribute to these segments contributing significant growth to the Big Data Analytics market. The assurgent amount of data from several different sources such as the Internet of Things devices, social media, and customer interaction data is driving the need for analytics and BI tools.
Big Data Analytics Market Segmentation:
By Component
- Software
- Credit Risk Management
- Business Intelligence Solutions
- CRM Analytics
- Compliance Analytics
- Workforce Analytics
- Others (Content Analytics and Supply Chain Analytics)
- Hardware
- Services
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Application
- Data Discovery and Visualization (DDV)
- Advanced Analytics (AA)
- Others (Data Preparation)
By Vertical
- BFSI
- Automotive
- Telecom/Media
- Healthcare
- Life Sciences
- Retail
- Energy & Utility
- Government
- Others (Manufacturing and Education)
Regional Analysis
North America dominated the market in 2023, owing to the rapid technological advancements, and the early adoption of analytics solutions among enterprises. Moreover, the region is home to some of the big players such as IBM, Microsoft, and Google, employing big data to enhance their AI and machine learning models. Strong infrastructure and the growing adoption and investment in cloud technologies enhance the region’s dominance.
The Asia Pacific is at a faster growth rate on the market, vitalized by the increasing digitalization of the Chinese and Indian economies. The rapid adoption of IoT, and the increased government initiatives to adopt big data solutions are driving the market. Moreover, the investment of big data technologies by the key players in the region such as Alibaba, and Tencent enhances growth by increasing the efficiency of logistics, e-commerce, and financial service delivery.
Recent Developments
- June 2023 – Google Cloud launched BigLake, which facilitates centralized data lakes and warehouse optimization for businesses, improving the capabilities of real-time data platforms.
- August 2023 – Microsoft Azure introduced Synapse Data Explorer, aimed at simplifying large-scale log and telemetry data analysis.
- September 2023 – IBM launched the Watsonx.data platform, recognizing the platform’s full potential as AI-powered big data landing and processing tools.
Buy an Enterprise-User PDF of Big Data Analytics Market Analysis & Outlook 2024-2032@ https://www.snsinsider.com/checkout/1586
Key Takeaways
- The Big Data Analytics Market is projected to grow from USD 284.3 billion in 2023 to USD 842.6 billion by 2032, driven by innovations in AI, cloud computing, and data analytics technologies.
- Software solutions, particularly for Credit Risk Management and Business Intelligence, dominate the market, providing businesses with crucial insights and decision-making tools.
- North America remains the leading region due to advanced infrastructure and key market players, while Asia Pacific is the fastest-growing region, spurred by increasing digitalization and IoT adoption.
- Companies like Google Cloud, Microsoft Azure, and IBM continue to push the boundaries with new product launches in the analytics space.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Big Data Analytics Market Segmentation, by Application
8. Big Data Analytics Market Segmentation, by Enterprise Type
9. Big Data Analytics Market Segmentation, by Component
10. Big Data Analytics Market Segmentation, by Vertical
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
Access Complete Report Details of Big Data Analytics Market Analysis Report 2024-2032@ https://www.snsinsider.com/reports/big-data-analytics-market-1586
[For more information or need any customization research mail us at info@snsinsider.com]
SNS Insider Offering/ Consulting Services:
Go To Market Assessment Service
Total Addressable Market (TAM) Assessment
Competitive Benchmarking and Market Share Gain
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
