Big Data Analytics Market To Hit $ 29.27 Billion By 2028
Market Overview:
Big Data Analytics market size to grow from USD 13.22 Billion in 2021 to US$ 29.27 Billion by 2028, at a CAGR of 12.0% over the forecast period.
Big data analytics is the use of analytic techniques on very large, diverse data sets that include structured, semi-structured, and unstructured data, from various sources, and in different sizes from terabytes to zettabytes. Big data analytics is an important component for companies it allows them to handle, process, and streamline massive datasets in short, real-time and also improves their decision-making capabilities. Furthermore, the primary goal of big data and business analytics is to assist various businesses with a better understanding of their clients and narrowing down their target audience, which helps in the optimization of marketing campaigns. Big data analytics and business analytics are being used by various industries to analyze large amounts of data. It is own the advent of cloud-based Big data analytics and business analytics, that allows companies to access all of their data from anywhere across the globe. According to Statista in 2021, the United States is the leading country in the big data and business analytics (BDA) market, with a 51% market share.
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Major Key Players for Big Data Analytics Market:
- IBM Corporation (US)
- Microsoft (US)
- ThoughtSpot, Inc. (US)
- Mu Sigma (US)
- Amazon Web Services, Inc. (US)
- Tableau Software, LLC. (US)
- SiSense Inc (US)
- Alteryx, Inc (US)
- Dell Inc. (US)
- Zoho Corporation Pvt. Ltd. (India)
- Oracle (US)
- SAP SE (Germany)
- Looker Data Sciences, Inc. (US)
- Datameer, Inc. (US)
- SAS Institute Inc. (US)
Market Dynamics and Factors:
The big data analytics market is continuously increasing due to the adoption of big data software by various industries to carry out organizational activities in an effective way. This software helps to enhance the decision-making capability of the organization. In addition to this at the time of COVID-19 different organizations across the world have initiated work from home culture for their employees. The work-from-home culture has developed a demand for cloud-based big data analytics to manage critical information of organizations data analytics is used which propel the growth of the big data analytics market during the projected period. Moreover, increase in the need of gaining better insights into business planning. Big data analytics used the complex process of examining big data to uncover information such as hidden patterns, correlations, market trends, and customer preferences that can help organizations make better business decisions that propel the growth of the big data analytics market during the forecasted period. However, high implementation cost hampers the market.
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Big Data Analytics Market Report Highlight:
- By component, the software segment is expected to have the maximum market share in the big data analytics market during the projected period.
- By deployment model, the cloud segment is predicted to expand the most in the big data analytics market during the forecast year. Cloud allows companies to access all of their data from anywhere across the globe which drives the growth of the market.
- By end-user, the BFSI segment is anticipated to dominate the big data analytics market during the forecasted period. An extensively growing customer base supports the growth of the market.
- By region, North America is expected to dominate the big data analytics market, during the projection period. The high adoption of emerging technology supports the growth of the Big Data Analytics Market in North America.
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Big Data Analytics Market Segmentation:
By Component
- Software
- Hardware
- Services
By Deployment Model
- On-premise
- Cloud
End User
- BFSI
- IT and Telecommunication
- Others
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Scope of the Report:
The objective of the research is to provide the market knowledge and strategic insights to assist decision-makers in making informed investment decisions and identifying potential gaps and growth opportunities. Historical revenue and sales volume are reported, and additional data is triangulated using top-down and bottom-up methodologies to predict forecast numbers for important regions covered in the research, as well as classified and well-known Types and end-use industries. Big Data Analytics Market study explores the competitive landscape of the global market. In addition to rival market share research, in-depth profiling, product/service, and business overviews, the study focuses on BCG matrix, heat map analysis, and SWOT analysis to better correlate market competitiveness. Five forces analysis, Ansoff matrix, PESTEL analysis, and value chain analysis are used to better understand market conditions.
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