Big Data Analytics Market By Component (Solutions and Services), By Deployment Mode (On-Premises, Cloud and Hybrid), By Application (Risk & Fraud Analytics, Enterprise Data Warehouse Optimization, Internet of Things, Customer Analytics, Operational Analytics, Security Intelligence and Others), By Organization Size (Large Enterprises and SMEs), By Industry (BFSI, Healthcare, Government, IT & Teleco
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationBig Data Analytics Market By Component (Solutions and Services), By Deployment Mode (On-Premises, Cloud and Hybrid), By Application (Risk & Fraud Analytics, Enterprise Data Warehouse Optimization, Internet of Things, Customer Analytics, Operational Analytics, Security Intelligence and Others), By Organization Size (Large Enterprises and SMEs), By Industry (BFSI, Healthcare, Government, IT & Teleco
| Forecast Period | 2024-2028 |
| Market Size (2023) | USD 304. 57 billion |
| CAGR (2023-2028) | 14.81% |
| Fastest Growing Segment | Risk & Fraud Analytics |
| Largest Market | North America |
Market Overview
The projected market size for Big Data Analytics is expected to reach USD 304. 57 billion by the end of 2023, with a compound annual growth rate (CAGR) of 14.81% during the forecast period.
Key Market Drivers
Increasing Data Generation to Drive Growth of Global Big Data Analytics Market
The escalating generation of data serves as a major catalyst for the growth of the big data analytics market. In the present digital era, there is a significant surge in data creation from various sources such as social media, IoT devices, digital transactions, and enterprise systems. This data explosion presents organizations with a vast and invaluable resource to gain insights and make well-informed decisions. The abundance of data enables businesses to analyze and comprehend customer behavior, preferences, and trends with enhanced depth and accuracy. By leveraging big data analytics, companies can unearth hidden patterns, correlations, and previously inaccessible insights. This empowers organizations to adopt data-driven decision-making, identify new market opportunities, and optimize operations. Additionally, the mounting data generation is intricately linked to the proliferation of digital technologies and connectivity. With the widespread use of smartphones, social media platforms, and online transactions, individuals and businesses are leaving digital footprints that generate massive amounts of data. This digital footprint provides a rich source of information that can be harnessed for targeted marketing, personalized customer experiences, and improved operational efficiency. The growth in data generation also aligns with the emergence of the Internet of Things (IoT), where interconnected devices and sensors collect and transmit real-time data. This data encompasses valuable insights into consumer behavior, product usage, environmental factors, and more. Big data analytics helps organizations extract valuable insights from this IoT-generated data to enhance product development, optimize supply chains, and improve customer experiences. Furthermore, the increasing data generation has presented businesses with opportunities to monetize data assets. By leveraging big data analytics, organizations can analyze large volumes of data and extract valuable insights that can be packaged as products or services for customers. This data monetization model has opened new revenue streams and business models, further propelling market growth.
Growing demand data-driven decision making in businesses
The growing demand for personalized customer experiences
The global big data analytics market is undergoing a significant transformation, largely influenced by the rising adoption of personalized customer experiences. This paradigm shift is reshaping how businesses approach customer engagement and retention. By harnessing the power of extensive data analysis, companies can decipher intricate patterns and insights about individual preferences, behaviors, and needs. This enables the creation of tailor-made products, services, and marketing strategies that resonate on a personal level, fostering stronger connections and brand loyalty. As organizations strive to provide unique and relevant interactions, Big Data Analytics becomes a cornerstone in delivering exceptional customer journeys. This trend not only enhances customer satisfaction but also empowers businesses to make informed decisions that drive revenue growth. The symbiotic relationship between personalized customer experiences and big data analytics underscores a pivotal driver of the market's expansion, poised to shape the future of how businesses connect and cater to their clientele on a global scale.
The increasing adoption of cloud computing
The global big data analytics market is experiencing dynamic growth, propelled by the surging adoption of cloud computing. Businesses are leveraging cloud platforms to efficiently store, process, and analyze vast volumes of data, unlocking unparalleled scalability and cost-effectiveness. Cloud-based infrastructure accelerates data-driven insights, enabling organizations to swiftly derive value from their information assets. This symbiotic relationship between cloud computing and Big Data Analytics is reshaping industries, driving innovation, and positioning the market for sustained expansion.
Key Market Challenges
Growing Security Concerns Might Hinder Growing Market Growth
Technology presents significant security concerns, encompassing issues such as fake data generation, the imperative for real-time security, and safeguarding customer data privacy and security. Addressing these challenges is a critical undertaking for organizations that necessitate attention including remote storage, identity governance, system and network security investment, human error, connected devices, and Internet of Things (IoT) applications. The escalating incidents of data loss and cyberattacks targeting stored customer data across industries are poised to impede market growth. Moreover, compliance with data privacy laws such as Data Protection & Privacy, Information Technology Act, 2000, EU General Data Protection Regulation (GDPR), and others is expected to pose hindrances to solution implementation.
Concerns Related to Shortage of Skilled Big Data Analytics Professionals
The global big data analytics market faces a significant hurdle in its path to further expansion, stemming from a shortage of skilled professionals in the field. The complex nature of data analytics demands individuals with a deep understanding of data processing, statistical analysis, and machine learning techniques. However, the demand for these specialized skills far outpaces the found at talent pool. this scarcity of skilled professionals hampers the efficient implementation and utilization of big data analytics solutions across industries. It not only slows down the pace of innovation but also limits organizations' capacity to derive meaningful insights from their data. Addressing this shortage requires concerted efforts in education, training, and upskilling to empower a new generation of data experts capable of harnessing the full potential of big data analytics and driving its continued growth on a global scale.
Key Market Trends
The rise of artificial intelligence (AI) and machine learning (ML)
The global big data analytics market is experiencing a profound transformation, catalyzed by the rapid rise of artificial intelligence (AI) and machine learning (ML). These cutting-edge technologies are revolutionizing data analysis by enabling automated and predictive insights from vast datasets. AI and ML algorithms extract meaningful patterns, trends, and correlations that drive informed decision-making across industries. They enhance the accuracy, speed, and scalability of data processing, unlocking deeper levels of understanding and unlocking hidden opportunities. As businesses increasingly recognize the value of AI and ML in driving innovation and competitive advantage, the Big Data Analytics market is poised for substantial growth, driven by the synergistic relationship between data analytics and the intelligent capabilities of AI and ML.
The Growing Need for Regulatory Compliance
The convergence of Big Data Analytics and regulatory compliance is a transformative synergy. It empowers organizations to not only adhere to legal frameworks but also streamline operations, enhance data governance, and establish a culture of transparency. As global regulations continue to evolve and stringent data protection standards become the norm, the demand for sophisticated Big Data Analytics solutions is set to rise further. The market's growth is underscored by the pivotal role it plays in assisting businesses to align their data practices with regulatory guidelines, safeguard consumer trust, and ultimately thrive in an environment where regulatory compliance is paramount.
Segmental Insights
Deployment Type
The Big Data Analytics market is segmented into on-premises and cloud based on deployment type. Cloud-based big data analytics holds the dominating segment throughout the forecast period. Cloud-based big data analytics presents a compelling proposition by offering organizations the flexibility, scalability, and cost-efficiency necessary to grapple with the ever-growing volume and complexity of data. With cloud deployment, businesses can seamlessly access and manage extensive datasets without the need for extensive on-premises infrastructure investments or maintenance. This not only streamlines operations but also expedites the deployment of analytics capabilities, enabling rapid insights and informed decision-making. As a result, the cloud-based Big Data Analytics market is expected to attract significant attention and experience substantial growth.
Deployment Type
The Big Data Analytics market is segmented into on-premises and cloud based on deployment type. Cloud-based big data analytics holds the dominating segment throughout the forecast period. Cloud-based big data analytics presents a compelling proposition by offering organizations the flexibility, scalability, and cost-efficiency necessary to grapple with the ever-growing volume and complexity of data. With cloud deployment, businesses can seamlessly access and manage extensive datasets without the need for extensive on-premises infrastructure investments or maintenance. This not only streamlines operations but also expedites the deployment of analytics capabilities, enabling rapid insights and informed decision-making. As a result, the cloud-based Big Data Analytics market is expected to attract significant attention and experience substantial growth.
Component Type Insights
The big data analytics market is categorized into software, and services based on components. The software segment held the largest market share in 2022 and is expected to exhibit the highest CAGR during the forecast period. The dominance of the software segment in the big data analytics market is attributed to several key factors. Software solutions provide a wide range of analytics platforms, tools, and applications to handle large and complex datasets, enabling organizations to efficiently process, analyse, and interpret data. These software tools also facilitate the application of advanced analytics techniques such as predictive analytics and machine learning, offering valuable insights. Moreover, user-friendly self-service analytics tools empower non-technical users to independently explore and analyse data. Furthermore, software solutions offer scalability and flexibility with on-premises or cloud deployment options. The market is characterized by a dynamic ecosystem of solution providers who continuously innovate their offerings. Overall, software plays a crucial role in enabling efficient data analysis, advanced analytics capabilities, self-service analytics, scalability, and innovation within the big data analytics market.
Regional Insights
North America is expected to capture a significant share of the revenue during the forecast period. The region boasts prominent businesses across various industries and extensively implements software solutions. The United States is poised for rapid growth due to the increasing demand for advanced analytics tools that enhance compliance analytics. These tools play a crucial role in detecting fraud, policy violations, and other forms of business misconduct. The country is making substantial investments in cutting-edge technologies such as machine learning, the Internet of Things, and artificial intelligence, resulting in the generation of exponential data for industries. Moreover, North America has consistently led the way in technological advancements and innovation. Its strong ecosystem, comprising of technology companies, research institutions, and startups, has been instrumental in driving the development and adoption of big data analytics solutions. Notably, major technology hubs like Silicon Valley have played a pivotal role in nurturing and accelerating market growth.
Recent Developments
- In February 2023, The University of Kansas (KU) is excited to announce the upcoming launch of a new Bachelor of Professional Studies (BPS) program with a specialized concentration in Applied Data Analytics. This program, housed in the esteemed School of Professional Studies (SPS), will be available online through the KU Edwards Campus starting in the fall of 2023. It presents a valuable opportunity for students with an associate degree or equivalent hours, and a strong interest in information technology, to enter the rapidly growing field of data analytics.
- In April 2022, Wipro partnered with Data Robot, a leading augmented intelligence company, to enhance the business impact for consumers by providing scalable augmented intelligence solutions and supporting their journey towards becoming an AI-powered organization. This collaboration ensures a swift adoption of AI strategies and helps businesses derive value from their data more efficiently.
Key Market Players
- HIDGlobal Corporation
- HEREGlobal BV
- STMicroelectronicsN.V.
- SonitorTechnologies AS
- ZebraTechnologies Corporation
- HewlettPackard Enterprise Development LP
- MistSystems Inc.
- Broadcom,Inc.
- CiscoSystems, Inc.
- Acuity Brands, Inc.
| By Component | By Deployment Type | By Application | By Organization Size | By Industry | By Region |
| • Solutions • Services | • On-Premises • Cloud • Hybrid | • Risk & Fraud Analytics • Enterprise Data Warehouse Optimization • Internet of Things • Customer Analytic • Operational Analytics • Security Intelligence • Others | • Large Enterprises • SMEs | • BFSI • Healthcare • Government • IT & Telecom • Manufacturing • Retail • Others | • North America • Europe • South America • Middle East & Africa • Asia Pacific |
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