New York, March 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Big Data and Analytics Services Global Market Report 2022" - https://www.reportlinker.com/p06246484/?utm_source=GNW
, Tableau Corporation, Alteryx, SiSense, Splunk Inc., Google, AWS, Talend, Salesforce, Micro Focus, HPE, MicroStrategy, Adobe, ThoughtSpot, Qlik, Informatica, Cloudera, Palantir Technologies, VMware Inc., Treasure Data, Inc., Striim, Splice Machine, Pentaho and New Relic.
The global big data and analytics services market is expected grow from $107.85 billion in 2021 to $121.65 billion in 2022 at a compound annual growth rate (CAGR) of 12.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $196.95 billion in 2025 at a CAGR of 12.8%.
The big data and analytics services market consists of sales and related services that are used in customer analytics, supply chain analytics, marketing analytics, spatial analytics, transportation analytics, risk and credit analytics. Big data analytics services examine vast volumes of data to uncover hidden trends, similarities and other insights and allow companies to analyze and optimize their data to find new opportunities.
The main deployment mode of big data and analytics are on-premise and cloud.Cloud analytics is a service that performs data analysis and business intelligence operations in the cloud, either public or private.
Cloud analytics firms assist enterprises in rapidly scaling by lowering the costs and administrative burden of on-premises hardware.The services are offered to small and medium-sized enterprises (SMEs), large Enterprises for customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk & credit analytics, transportation analytics and others.
The services are used by different industrial verticals such as transportation and logistics, BFSI, travel and hospitality, healthcare and life sciences, manufacturing, among others.
The regions covered in the big data and analytics services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing growth of integration of internet of things in daily lives is a key factor driving the growth of the big data and analytics services market.When organizations take a hold of the data for the purpose of research, IoT serves as a major source for that data and this is the point where the position of big data in IoT comes into the picture.
IoT devices produce a huge amount of unstructured data, which are stored in the big data network and this data largely depends on 3V factors such as volume, velocity and variety.About 44 trillion gigabytes of data is were generated by the Internet of Things in the year 2020.
With the increasing number of connected devices, in 2020, more than 10 billion sensors and computers were connected to the Internet. Therefore, increasing growth of internet of things is expected to drive the growth of the big data and analytics services market.
The issues with integration of information collected from various data sources is a key factor hampering the growth of the big data and analytics services market.Big Data Integration integrates data from a variety of sources and software formats and offers a converted and coherent view of the collected data to the consumers.
Data from a wide variety of sources use different priorities and rates and can be easily de-synchronized from the source system.For instance, many companies collect data from various sources such as customer relationship management (CRM) systems, enterprise resource planning (ERP) systems and specific types of data stored in different formats.
However, such data variability could not be enabled by a single integration platform, everything must be homogenized for accurate and efficient analysis. Therefore, issues with integration of information collected from various data sources is expected to limit the growth of the big data and analytics services market.
The continuous intelligence is a key trend in the big data and analytics services market.Continuous intelligence is a device that has combined real-time analytics with business operations, it makes use of historical and current knowledge to improve decision-making or to help make decisions.
It leverages a variety of technologies such as optimization, business rule management, event stream processing, augmented analytics, and machine learning.Many companies leveraged continuous intelligence to achieve (or retain) a competitive advantage throughout 2020.
Also, Gartner expects that by 2022 more than 50 per cent of the modern business structure will use continuous intelligence that uses real-time context data to improve decisions.
In January 2019, Alibaba Group, a China-based company, specializing in e-commerce, retail, internet, and technology acquired Data Artisans for $103M.Through this acquisition Data Artisans business reached new horizons with its open-source technology, including moves to expand to new areas that have not explored in the past.
Data Artisans, a Berlin-based start-up that provides distributed systems and large-scale data streaming services for enterprises.
The countries covered in the big data and analytics services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06246484/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
