Pune, India., July 27, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Big Data Analytics Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis By Component, Analytics Tool, Application, End-Use Industry, and Geography”, the global big data analytics market size amassed USD 239.75 billion in 2021 and is speculated to hit USD 638.66 billion by 2028, expanding at a CAGR of 15.3% during 2022–2028. The increasing data generation and increase in demand for cloud-based big data analytics software among small & medium enterprises. However, the high implementation cost is expected hinder the growth of the market.
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Demand for real-time insights Provides Lucrative Opportunities for Global Big Data Analytics Market :
The increasing demand for real-time insights presents a significant opportunity for the big data analytics market. In today’s fast-paced business environment, timely and actionable information is crucial for making informed decisions and gaining a competitive edge. Organizations across industries recognize real-time analytics’ value in driving operational efficiency, optimizing processes, and enhancing customer experiences. Real-time analytics enables organizations to process and analyze data as it is generated, providing immediate insights and actionable intelligence. This capability allows businesses to respond promptly to changing market conditions, customer behaviors, and emerging trends. By harnessing the power of real-time insights, organizations can make proactive decisions, seize opportunities, mitigate risks, and gain a competitive advantage. One area where real-time analytics is highly sought after is fraud detection and cybersecurity. Organizations need to detect and respond to fraudulent activities or security breaches as they occur to minimize the impact. Real-time analytics can continuously monitor and analyze vast amounts of data, identifying anomalies, patterns, and suspicious activities in real-time, enabling rapid response and preventing potential threats.
Another area of opportunity is customer experience management. Real-time analytics enables organizations to gather, analyze, and act upon customer data in real-time, allowing personalized and timely interactions. By understanding customer behaviors, preferences, and sentiments at the moment, businesses can deliver targeted offers, recommendations, and support, enhancing customer satisfaction and loyalty. Supply chain optimization is also an area where real-time insights can significantly impact. Organizations can optimize inventory management, logistics, and demand forecasting by analyzing real-time data from various sources, such as sensors, IoT devices, and logistics systems. Real-time analytics can identify bottlenecks, optimize routes, and enable agile decision-making, improving operational efficiency and cost savings.
Moreover, real-time analytics is essential for industries such as e-commerce, finance, telecommunications, and energy, where real-time data processing and decision-making are critical. The demand for real-time insights is high, from real-time pricing adjustments and fraud prevention in e-commerce to real-time risk analysis and trading decisions in finance. To capitalize on the demand for real-time insights, the big data analytics market can offer scalable, high-performance analytics platforms, streaming data processing tools, and advanced analytics algorithms specifically designed for real-time analysis. Additionally, integrating AI and machine learning techniques with real-time analytics can enhance insights generation’s speed, accuracy, and effectiveness.
Browse key market insights spread across 249 pages with 115 list of tables & 97 list of figures from the report, “Big Data Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Software and Services), Analytics Tool (Dashboard and Data Visualization, Data Mining and Warehousing, Self-Service Tool, Reporting, and Others), Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Workforce Analytics, and Others), End-Use Industry (Pharmaceutical, Semiconductor, Battery Manufacturing, Electronics, and Others), and Geography” in detail along with the table of contents:
Global Big Data Analytics Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in
|USD 239.75 Billion in 2021
|Market Size Value by
|USD 638.66 Billion by 2028
|CAGR of 15.3% from 2022 to 2028.
|No. of Pages
|No. of Tables
|No. of Charts & Figures
|Historical data available
|Component, Analytics Tool, Application, and End Use Industry
Global Big Data Analytics Market Analysis: Competitive Landscape and Key Developments
Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc., and Teradata are a few of the key companies operating in the global big data analytics market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In December 2021: Microsoft Corporation announced a collaboration with Consumer Value Store (CVS) Health, a healthcare solutions provider, to develop innovative solutions to help consumers improve their health.
In Feb 2020: SEBI has shortlisted IBM India and other data service provider companies to implement a “data analytics project” through which the regulator wants to track possible market manipulations such as insider trading and front running. The move is part of SEBI’s efforts to address and handle challenges arising out of technological advancements in the markets.
Global Big Data Analytics Market: Segmental Overview
Based on component, the big data analytics market is bifurcated into software and services. The software segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on analytics tool, the big data analytics market is segmented into dashboard and data visualization, data mining and warehousing, self-service tool, reporting, and others. The dashboard and data visualization segment held the largest share of the big data analytics market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the big data analytics market is segmented into customer analytics, supply chain analytics, marketing analytics, pricing analytics, workforce analytics, and others.
The customer analytics segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period. Based on end-use industry, the big data analytics market is segmented into pharmaceutical, semiconductor, battery manufacturing, electronics, and others. The others segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period.
The United States (US) has emerged as the dominant player in the big data analytics market, showcasing its leadership through several significant factors. The US possesses a thriving technology ecosystem, with Silicon Valley serving as a global hub for innovation. The region is home to renowned technology giants, startups, and research institutions that drive the development and adoption of big data analytics solutions. This concentration of expertise and resources fosters an environment conducive to groundbreaking advancements in data analytics. The US has a highly developed and digitized business landscape. The country houses numerous large enterprises spanning various sectors, including finance, healthcare, retail, manufacturing, and technology. These organizations have recognized the immense value of leveraging big data analytics to gain insights and make data-driven decisions, driving substantial investments in analytics infrastructure and solutions.
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Moreover, the US stands out as a global leader in data generation, stemming from its technologically advanced industries and widespread digitalization. The country’s thriving sectors, such as e-commerce, social media, advertising, and finance, generate massive volumes of data. This wealth of data sources provides a rich foundation for big data analytics applications and contributes to the high demand for sophisticated analytics capabilities.
Additionally, the US benefits from a favorable regulatory environment that supports innovation while addressing data privacy and security concerns. The country has established frameworks and regulations that promote responsible data usage, transparency, and consumer protection. This regulatory stability fosters trust and confidence in utilizing big data analytics solutions and encourages organizations to embrace data-driven strategies. Furthermore, the US possesses a strong data science and analytics talent pool. The country’s universities and academic institutions offer renowned programs and research opportunities, attracting top talent worldwide. The availability of skilled professionals with expertise in big data analytics contributes to the US’s dominance in the market, supporting the development and implementation of advanced analytics solutions.
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