"Rapid adoption of cloud technology will spur the market revenue growth"
The global big data analytics market was valued at US$ 51.81 Bn in 2021 and is projected to grow to US$ 142.5 Bn growing at a CAGR of 11.9% during the forecast period from 2023 to 2030.
The increasing penetration of smartphones results in increased digital interaction which in turn is generating massive amounts of data. To manage this data advanced analytics solution is required driving the growth of the big data analytics market. The modern approach towards data warehouses for storing and processing large amounts of data creates lucrative opportunities for organizations to identify and understand data. Thus, boosting the growth of the big data analytics market.
Big data analytics can be called the heart of the digital world, on the basis of analyzing and converting data into information that provides valuable insights to businesses. Clouds are the major platforms for big data analytics apps in the world. Moreover, the hybrid cloud platform is majorly adopted by large organizations to run big data analytics whereas public clouds are becoming predominant for small and medium-sized organizations.
"Service segment to dominate the market throughout the forecast period"
Based on the platform, the services segment accounted for more than 1/3rd of the revenue share of global big data analytics market revenue. Owing to the benefits offered including personalized experience, ability to add real-time data for companies, unique view of customers including countless descriptive, calculated, and industry-specific metrics to organizations to understand client requirements among others.
In contrast, the software segment is anticipated to witness the highest growth throughout the forecast period. This can be associated with the rising adoption of big data analytics software by many mid-sized and small-sized firms, and benefits of big data such as real-time forecasting and monitoring, the capability to locate, extract and analyze data with different tools among others. Additionally, the increasing trend of adopting various tools including data science, analytic application, and stream processing among others is further fueling the growth of the big data analytics market.
"IT & Telecom segment is anticipated to be dominant throughout the forecast period"
Based on end-use, the global big data analytics market is segmented into BFSI, IT & Telecom, Healthcare, Government, Manufacturing, and Others (Education, and Logistics, etc.). IT & Telecom, segment dominates the big data analytics market accounting for a revenue share of more than 30%. Owing to the requirement to increase revenue, generate new business, and reducing the churn rate among others is fueling the market growth. Additionally, IT & telecom sector companies are increasingly adopting cloud technology to deploy big data analytics in their organizations. According to a recent study, more than 90% of organizations are investing in AI and Machine Learning capabilities in 2019 compared to 68% in 2017.
On the contrary, the BFSI segment is projected to register maximum growth throughout the forecast period. Owing to the increasing adoption of AI, machine learning, and data science among others in business services companies. According to a recent report, by 2021, the public cloud will become the dominant and most preferred big data analytics approach for every customer segment including large organizations.
"Rapid adoption of advanced technology to proliferate the growth in the Asia Pacific region"
In 2021, the North America region is the most dominating region worldwide accounting for more than 35% of market revenue and is anticipated to be dominating throughout the forecast period. The US in particular accounts for more than 80% of the market share and is the leading revenue contributor to the big data analytics market. This is due to the North America region being one of the early adopters of technology, increasing investments, and the presence of major organizations in the region with significant adoption of big data analytics among others is expected to proliferate big data analytics market growth.
On the contrary, the Asia Pacific region is anticipated to register the highest growth during the forecast period. Owing to, the exponential growth in adoption advanced technology among businesses, and high capital investment to deploy big data analytics in organizations among others. China will be leading the big data analytics market in the Asia Pacific region and expected to register the highest growth. Thus proliferating the big data analytics market growth. For instance, Qzone has reported that in a single month more than 6 Bn photographs are uploaded, China Unicorn reports more than 1 million records per second and stores more than 2 trillion new records each month, and Baidu responds to 6 Billion searches on more than 1 trillion of its website pages among others. Thus bolstering the growth of the big data analytics market.
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Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Big Data Analytics market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Key questions answered in this report
