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Market Synopsis
The big data analytics market is expected to reach around USD 275 billion by the end of 2023 with 12% CAGR during the review period from 2017 – 2023.
Market Highlights
The Big Data Analytics market is subject to growth due to many of the reasons such as increased Internet of Things ( IoT) growth, for devices, sensors and various machines connected to each other giving the ability to generate the huge amount of data in real time. Customers will be digitally connected with most of the operational processes becoming digitized and automated, giving rise to automated decision making based on analytics-requiring algorithms. Another important factor that gives rise to the big data analytics market is the inadequate data within the organizations that makes the companies turn to social media, opening forums and websites that result in unstructured and fragmented data giving rise to the need for big data analysis. In addition , the increasing adoption of big data analytics in large companies and small and medium-sized enterprises is expected to drive the market over the review period. The organizations will adopt capabilities for managing the hybrid IT infrastructure. The rising adoption of Big Data and AI in industries like IT & Telecom, BFSI, and Healthcare among others is further boosting demand for the Big Data Analytics industry. This can be related to the growing trend of digitalization and the adoption of Big Data technology among others.
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Market Segmentation
The big data analytics market is segmented on the basis of components, solutions, end users and regions.
Based on components, the segmentation is further divided into software and hardware which is further divided under the software component reporting and analytics and data warehouse management system. Software components in this segment lead the market share but the component ‘s hardware follows the segment with nominal growth.
The segment is divided according to solutions under fraud detection, risk management , customer analytics, and content analytics. The majority of the telecommunications and media industries aim at customer analytics and content analytics solutions for customer experience for new customer acquisition , retention and loyalty. Customer analytics for investments in big data analytics is at the center of the telecommunication industry.
The segmentation is done on the basis of end-users based on banking, discrete manufacturing, process manufacturing, government, telecom, insurance , transportation and utilities. With the focus on risk management, fraud prevention, and security and compliance issues, banking, discrete manufacturing, process manufacturing invest heavily in big data analytics. Banking, manufacturing and government will account for about 50 percent of the big data analytics industry expenditure.
Regional Assessment
Big data analytics market is split within the field under North America , Asia Pacific, Europe and the rest of the world.
North America , especially the United States, is leading and will continue to lead the big data analytics investment market with more than 80 per cent of the region’s investments. Another reason for the North American region’s increased market growth is due to the concentration in the US of large big data companies. During the forecast years the region will maintain its lead. That is because the region is one of the early adopters of advances in technology. following the U.S is the Europe and Asia pacific region in terms of the investments in big data. Owing to the growing adoption of advanced technology in countries such as Japan, China, and India among others.
Competitive Analysis
The big data analytics market holds some of the key players like IBM VMware, Inc (U.S.), Corporation (U.S.), Tableau Software (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Pentaho (U.S.) Microsoft Corporation (U.S.), Hewlett Packard Enterprise (U.S), Teradata Corporation (U.S.), Google Inc (U.S.), Datameer (U.S.).
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