Big Data Analytics Market to Surpass USD 755.37 Billion by 2030 Driven by Rise of Data-driven Cultures and Increasing Industry-Specific Applications | Research by SNS Insider

As per the SNS Insider’s research, the big data analytics market's growth is driven by a convergence of factors, including the increasing volume of data, technological advancements, changing business paradigms, and regulatory pressures.

Pune, Oct. 19, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that in 2022, the Big Data Analytics Market had a valuation of USD 268.55 billion, with a projected growth to USD 755.37 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.8% during the forecast period spanning from 2023 to 2030.”

Market Overview

Big data analytics is a transformative field within the realm of data science that focuses on the process of examining, processing, and deriving meaningful insights from vast and complex sets of data. This discipline is driven by the growing volume, velocity, and variety of data being generated in today's digital age. Big data analytics employs advanced technologies and methodologies to uncover hidden patterns, trends, correlations, and other valuable information that can be used for decision-making, strategy development, and problem-solving across various industries and sectors.

Market Analysis

The big data analytics market continues to experience significant growth due to a combination of factors that are shaping the business landscape in the digital age. The exponential growth of data generated from various sources, including social media, IoT devices, sensors, and business operations, has created an immense need for advanced analytics tools to extract valuable insights from this massive volume of data. As data continues to grow, so does the demand for big data analytics solutions. Companies are increasingly realizing that data-driven decision-making can provide them with a competitive edge. Big data analytics helps organizations uncover hidden patterns, trends, and correlations in their data, enabling them to make more informed strategic decisions, optimize operations, and better understand customer behavior. The integration of artificial intelligence (AI) and machine learning (ML) techniques with big data analytics has revolutionized data processing and analysis. These technologies enable predictive analytics, anomaly detection, and automation of insights, making it easier for businesses to derive actionable intelligence from their data.

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Key Company Profiles Listed in this Report are:

  • Amazon Web Services, inc.
  • Fair Isaac Corporation
  • Hewlett Packard Enterprise Development LP
  • International Business Machines Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • SAP SE
  • SAS Institute Inc.
  • Tibco Software Inc.
  • Teradata Corporation & Other Players

Key Takeaway from Big Data Analytics Market Study

  • The BFSI segment's domination of the market is a testament to its adaptability and forward-thinking approach. By harnessing the power of data, it has not only revolutionized its own operations but also set a benchmark for other industries to follow. The continued evolution of big data analytics in BFSI ensures that it remains a pivotal force in shaping the data-driven future.
  • In the ever-evolving landscape of big data analytics, the finance sector stands poised to assert its dominance. This industry, which encompasses banking, investment, insurance, and other financial services, has been quick to recognize the potential of big data analytics in revolutionizing its operations.

Recent Developments

  • SQream, the innovative player in the realm of big data analytics, has secured a substantial $45 million in funding to propel its GPU-based platform to new heights. This injection of capital is set to be a game-changer in the world of data analysis, opening up new horizons for businesses seeking faster, more efficient, and cost-effective solutions.
  • LS ELECTRIC, a global leader in electrical and industrial solutions, has joined forces with Sight Machine, a cutting-edge technology company specializing in AI-driven manufacturing analytics. This dynamic collaboration aims to revolutionize the manufacturing industry by developing an innovative AI-based big data analytics platform that promises to redefine efficiency, quality, and competitiveness.

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Big Data Analytics Market report Scope:

Report Attributes Details
Market Size in 2022  US$ 268.55 Bn
Market Size by 2030  US$ 755.37 Bn
CAGR  CAGR of 13.8% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2019-2021
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Market Dynamics Analysis

The dynamics of the big data analytics market are characterized by a complex interplay of drivers, restraints, challenges, and threats that continue to shape its evolution. On the driver's side, the exponential growth in data generation across industries, fueled by IoT devices, social media, and digital transactions, remains a potent force propelling the market forward. Organizations increasingly recognize the value of harnessing this data to gain critical insights, enhance decision-making processes, and gain a competitive edge, which further accelerates the adoption of big data analytics solutions. Additionally, advancements in machine learning and artificial intelligence have unlocked new possibilities for predictive and prescriptive analytics, opening up fresh avenues for innovation. However, this surge in demand is met with its fair share of restraints and challenges. One of the foremost concerns is data privacy and security, with the ever-present risk of data breaches and regulatory compliance issues looming large. As more sensitive and personal data gets processed, companies are under immense pressure to ensure robust security measures and compliance frameworks. Moreover, the shortage of skilled data scientists and analysts hinders the full potential of big data analytics, creating a talent gap that organizations must navigate.

Big Data Analytics Market Key Segmentation

By Components

  • Hardware
  • Software
  • Services

By Organization Size

  • Small and Medium-Sized Enterprises
  • Large Enterprises

By Application

  • Data Discovery and Visualization (DDV)
  • Advanced Analytics
  • Others

By Vertical

  • BFSI
  • Government and Defense
  • Healthcare and Life Sciences
  • Manufacturing
  • Retail and Consumer Goods
  • Media and Entertainment
  • Telecommunications and IT
  • Transportation and Logistics
  • Other Verticals

Key Regional Developments

North America, particularly the United States, has been a significant driver of the big data analytics market. The presence of tech giants, a thriving startup ecosystem, and substantial investments in research and development have propelled the growth of big data analytics. Major industries such as finance, healthcare, and e-commerce have heavily invested in big data solutions to gain a competitive edge. In Europe, the UK and Germany have been the leading adopters of big data analytics. The financial sector in London and manufacturing industries in Germany have embraced analytics to optimize operations and enhance customer experiences. The Asia-Pacific region has witnessed rapid growth in the adoption of big data analytics. China's burgeoning technology sector and India's IT services industry have been instrumental in driving the market. Additionally, the e-commerce boom in these countries has generated vast amounts of data, which companies are leveraging for insights.

Impact of Recession on Big Data Analytics Market Growth

The impact of an ongoing recession on the big data analytics market can vary depending on factors such as industry, company size, and geographic location. While some businesses may reduce their analytics spending, others may recognize the value of data-driven insights in navigating economic challenges. The market may see shifts in priorities, consolidation, and increased demand for specific analytics services, ultimately reshaping the landscape of this dynamic industry. Companies in this space should adapt to these changing conditions and be prepared to offer flexible solutions that align with evolving customer needs.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Big Data Analytics Market Segmentation, By Component

9. Big Data Analytics Market Segmentation, By Organization Size

10. Big Data Analytics Market Segmentation, By Application

11. Big Data Analytics Market Segmentation, By Industry Vertical

12. Regional Analysis

13. Company Profiles

14. Competitive Landscape

15. Conclusion

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