The latest market report published by Credence Research, Inc. “Global Big Data Analytics Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Big Data Analytics Market generated revenue of around USD 224.1 billion in 2021 and is anticipated to grow a CAGR of over 12.7 % during the forecast period from 2022 to 2028 to reach around USD 459.1 billion in 2028. While cumulative growth opportunity presented by the global Big Data Analytics Market is around USD 235.08 billion during 2022 to 2028.
The increased adoption of big data analytics software by various organizations to deliver improved and faster decision-making and to provide a competitive advantage by analyzing and acting on information in a timely manner contributes significantly to the growth of the global big data and business analytics market. Furthermore, the growing demand for cloud-based big data analytics software among small and medium-sized businesses has a beneficial impact on market growth. Increased need for greater insights for corporate planning, as well as rising trends like social media analytics, are expected to provide lucrative prospects for market expansion throughout the forecast period. Each of these factors is expected to have a significant impact on the big data and business analytics market.
The global Big Data Analytics Market is bifurcated into Component, Deployment Mode, Analytics Tool, Application, Industry Vertical, and Geography. Based on the Component, the market is differentiated into Software, Hardware, and Services. Based on Deployment Mode, the market is categorized into On-premise, and Cloud-Based. Based on Analytics Tool, the market is categorized into Dashboard & Data Visualization, Self-Service Tools, Data Mining & Warehousing, Reporting, and Others. Based on Application, the market is categorized into Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, and Transportation Analytics. Based on Industry Vertical, the market is categorized into BFSI, Manufacturing, Healthcare, Government, Energy & Utilities, Transportation, Retail & E-commerce, IT & Telecom, Education, and Others. Based on geography, the market is categorized as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Browse full report with ToC: https://www.credenceresearch.com/report/big-data-analytics-market
Platform Analysis
“Service segment to dominate the market throughout the forecast period”
Based on platform, services segment accounted for more than 1/3rd of 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, software segment is anticipated to witness highest growth throughout the forecast period. This can be associated with 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, capability to locate, extract and analyze data with different tools among others. Additionally, increasing trend of adopting various tools including data science, analytic application and stream processing among others is further fueling the growth of big data analytics market.
End-user Analysis
“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, BFSI segment is projected to register maximum growth throughout the forecast period. Owing to increasing adoption of AI, machine learning and data science among others in business services companies. According to a recent report, by 2023, public cloud will become dominant and most preferred big data analytics approach for every customer segment including large organization.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Big Data Analytics Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with historical period from 2016-2020, the base year- 2021, and the projected period 2022-2028.
- The study includes information about the competitive landscape, such as how the market’s top competitors operate on a global, regional, and country basis.
- In-depth analysis of the global market segmentation on the basis of Component, Deployment Mode, Analytics Tool, Application, and Industry Vertical.
- The global Big Data Analytics Market report also includes the analysis of the market at a global, regional, and country level along with key market trends, major players analysis, market growth strategies, and key application areas.
Browse full report with ToC: https://www.credenceresearch.com/report/big-data-analytics-market
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