Big Data Analytics Market Size, Growth, Trends and Analysis 2028

report image

Global Big Data Analytics Market Size, Share, and COVID-19 Impact 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 Regional Forecast (2022–2028)

Publication Month: May 2022 | Report Code: TIPRE00029289 | No. of Pages: 249 | Category: Technology, Media and Telecommunications | Status: Published

The global big data analytics market amassed US$ 239.75 billion in 2021 and is speculated to hit US$ 638.66 billion by 2028, expanding at a CAGR of 15.3% during 2022–2028.

The rising adoption of big data analytics in supply chain management and growing database across various industries are the key elements proliferating the growth of global big data analytics market. on the contrary, the stringent data security regulations and data security concerns impede the market expansion.

Big data analytics enables to process and streamline datasets in real-time to improve decision-making capabilities. Besides, the primary objective of big data analytics solutions is to support enterprises to understand their customers and optimize marketing campaigns. Various businesses examine huge amount of data created by offline and online commerce. With the adoption of big data analytics, several companies have accelerated the decision-making processes by acting on the data accessed.

Regionally, North America housed the largest share of the global big data analytics market in 2021 and is likely to continue dominating over the forecast period. Meanwhile, Asia Pacific is speculated to elevate with the highest CAGR during the forecast period.

COVID-19 Impact

Data Access Requirement During Pandemic and the Trend of Work-From-Home Spurred the Global Big Data Analytics Market Growth

Medical organizations and government made use of big data analytics to store real-time data of COVID-19 patients. The data collected can be used to develop future strategies for COVID-19 or any other similar disease prevention. North America is a prominent market for big data analytics adoption across manufacturing, electronics, healthcare, IT, etc. The pandemic forced companies to adopt work-from-home trends, that created multiple data analytics options benefiting the North America big data analytics market. the trend continued post pandemic to certain extent as the businesses implement analytics solutions to improve data protection and streamline corporate productivity.

The Europe big data analytics market experienced a sharp decline in 2020. However, following the recovery from the pandemic, various firms across Europe adopted work-from-home culture resulting in a stoking demand for cloud-based big data analytics to manage crucial tasks, resulting in lucrative market potential.

Future Trends

Technological Advancement in Big Data Analytics

Technologies integrated with big data analytics are constantly evolving. Companies are adopting appropriate trends to keep an advantage over competitors.They employ fundamental analytics tools to prepare massive data and reach out to the main cause of the problem. Predictive analysis uses current data and historical occurrences to better understand customers and identify potential threats. This enables businesses to outline the steps they need to take by anticipating customer’s next move. Another emerging form of network architecture and collection is a data fabric. It ensures consistency of functionality across various endpoints. Data fabric simplifies and integrates data storage across cloud and on-premise settings to boost digital transformation. It also provides a unified data management architecture for non-separated storage. Such advanced applications are likely to establish promising trends in the global big data analytics market.

Drivers

Increasing Adoption of Big Data Analytics in Supply Chain Management

Most organizations analyze data sets and generate significant insights for operations, thereby demonstrating the importance of big data. Big data analytics (BDA) has emerged as a vital business competency for firms seeking to extract value from large data volumes to achieve a competitive advantage. BDA in logistics and supply chain management (LSCM) has received tremendous traction due to its role in improving overall business performance. LSCM overcame significant challenges, such as delayed shipments, rising fuel costs, inconsistent suppliers, and ever-increasing customer expectations. In many omnichannel operations, the retail sector streams a tremendous amount of data across its supply chain and customer touchpoints. As per the Softweb Solutions’ report, retailers using predictive analytics witnessed 73% gain in sales. As a result, retailers use big data solutions and customer analytics to boost profits and outperform the competition by personalizing in-store and online product offerings.

Growing Database Across Various Industries

The rising digital solutions are substantially increasing data volumes across several industries such as education, BFSI, retail, agriculture, healthcare, IT, and telecommunications. For instance, AI has revolutionized precision farming, risk management, and pest control in agriculture. Big data analytics in agriculture examine structured and unstructured data sets such as natural trends, advanced supply tracks, and data pertaining to optimal crops.  In medical domain, big data analytics enable personalized and precise treatment based on unique data, supplied in real-time followed for specific patients. With smart applications and social media platforms, industries are predicted to create huge databases, thereby driving the global big data analytics market growth.

Restraints

Stringent Data Security Regulations and Data Security Concerns

Users save sensitive organizational information on big data platforms. However, some potential risks and vulnerabilities exists in document management and storage. As the platform grows in popularity, the chances of data breaches, unforeseen events, application vulnerabilities, and data loss increases. Also, the data security and privacy concerns might affect income in several domains, such as education & research, federal government departments, and financial organizations. The legislative environment surrounding data privacy and security needs to be improved. According to the California Consumer Privacy Act (CCPA), companies must convey users their purpose in monetizing data and provide them with a simple way of withdrawal. Such data security concerns and stringent corresponding regulations restrict the growth of global big data analytics market.

Strategic Insights

Report Coverage - Global Big Data Analytics Market
Report CoverageDetails
Market Size Value inUS$ 239.75 billion in 2021
Market Size Value byUS$ 638.66 billion by 2028
Growth rateCAGR of 15.3% from 2022 to 2028.
Forecast Period2022-2028
Base Year2022
No. of Pages249
No. of Tables115
No. of Charts & Figures97
Historical data availableYes
Segments coveredComponent, Analytics Tool, Application, and End Use Industry
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

Market Segmentation

By Component

Massive Data Analysis Catalyzed the Segmental Growth

The global big data analytics market, by component, is split into software and services. In 2021, the software segment dominated the market with optimal revenue share and is expected to continue leading till 2028. Big Data Analytics software analyse massive data volumes in a relevant way. Analytical feature of the software reviews current market trends, client preferences, and other information. The credit risk management, business intelligence solutions, CRM analytics, compliance analytics, and workforce analytics affirm the dominance of the segment thoroughly.

The services segment is likely to surge with the highest CAGR during 2022–2028. Big data analytics services aid in the development of intelligent data-driven business solutions. Data management, business intelligence, data visualization, advanced analytics, and artificial intelligence (AI) are the major services available. With the help of big data services, enterprises work with large amount of multi-structured, semi-structures, and unstructured data.

Big Data Analytics Market, by Component, 2021 and 2028 (%)


Big Data Analytics Market, by Component, 2021 and 2028 (%)

Get more information on this report :

By Analytics Tools

Simplifying the Data Assessment Strengthened the Segment’s Dominance

Based on analytics tools, the global big data analytics market is segmented into dashboard and data visualization, data mining and warehousing, self-service tools, reporting, and others. The dashboard and data visualization segment, in 2021, housed the largest market share with substantial revenue generation. Also, it is anticipated to retain the lead during the forecast period. Big data dashboards enable decision-makers in organization to spot patterns, communicate critical data, and track performance against strategic business objectives. Data visualization tools make it easier to evaluate trends, outliers, and patterns with the help of charts, graphs, and maps. It assists the comparison, analysis, and distribution of data with respect to time.

The reporting segment is forecasted to surge at the highest CAGR till 2028. Data reporting includes gathering, combining, and displaying raw data from several sources. Modern technologies make data work and turn tables of statistics into understandable dashboards with real-time updates, vital notifications, and the opportunity to share insights with colleagues. Moreover, current cloud-based solutions can be easily configured to match company’s requirements and are mobile-friendly, ensuring the access to business-enhancing information at all times.

Regional Insights

Geographically, the global big data analytics market is segmented into North America, Europe, Asia Pacific (APAC), South & Central America (SCAM), and Middle East & Africa (MEA).

North America encompassed the largest market share in 2021 and is projected to retain its dominance till 2028. The rise of consumer and machine data domains is driving the big data analytics market in North America. Also, the proliferation of data and the volume of information accessed from businesses, multimedia, social networks, and IoT are likely to boost the market growth. The demand for new applications and integration platforms utilizing big data technology are increasing rapidly. Due to the huge data volumes accessed from structured and unstructured sources, countries such as the US and Canada dominate the North America big data analytics market.

Asia Pacific big data analytics market is likely to expand with the highest CAGR over the forecast period. Also, it is the second-largest market occupant. Rapid growth of volume and integrity of data generated across several sectors led to the adoption of advanced analytics algorithms transforming business entities. The advanced data analytics technology has been creating new business development opportunities to assemble and transform accessed data into an appropriate and usable form. Therefore, big data analytics is witnessing increasing adoption across many consumer-centric businesses such as healthcare, semiconductor, electronics, and manufacturing industries across the APAC.

Lucrative Regions for Big Data Analytics Market


Lucrative Regions for Big Data Analytics Market

Get more information on this report :

Key Market Players:

  • Amazon Web Services (US)
  • FICO (US)
  • Hewlett Packard Enterprise Development LP (HPE) (US)
  • IBM Corporation (US)
  • Microsoft Corporation (US)
  • Oracle Corporation (US)
  • SAP SE (Germany)
  • SAS Institute Inc. (US)
  • TIBCO Software Inc. (US)
  • Teradata (US)

 

Key Developments:

  • December 2020:

    Amazon Web Services unveiled Amazon HealthLake, a HIPAA-compliant service aimed at supporting interoperability standards and driving the use of big data analytics in healthcare.
  • February 2015:

    FICO introduced a purpose-built big data analytics environment for the new generation of data professionals.
  • March 2020:

    Microsoft expanded its Azure big data strategy with the Hadoop distribution.
  • December 2021:

    Teradata collaborated with Dataiku to boost data analytics.

Report Coverage

The global big data analytics market research report provides detailed insights into the market in terms of size, share, trends, and forecasts. It delivers crisp and precise know-how of drivers, restraints, opportunities, segments, and industrial landscape. The COVID-19 impact analysis is discussed with the consequences observed in global and regional markets. A list of key market players with their respective developments in recent years has been reserved as a special mention.

Frequently Asked Questions

Firms like IT firms can access, store, and process huge amounts of data due to advances in information technologies. Organizations analyze data sets and generate significant insights to apply to their operations, thereby demonstrating the importance of big data in several industries. Big data analytics in logistics and supply chain management (LSCM) has gotten tremendous attention because of its complexity and the important role of LSCM in improving overall business performance. Thus, increasing the adoption of big data analytics in supply chain management are driving the big data analytics market growth.
The adoption of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms are increasing the number of linked IoT devices. Edge computing is gaining popularity with the rising demand for connected devices. Edge computing refers to a framework in which processors are positioned closer to the data source or destination than the cloud. As a result, the ongoing trend toward edge computing to increase database quantity is expected to fuel future market opportunities for big data analytics market players.
Based on component, the big data analytics market is segmented into software and services. The software segment accounted for a larger share of the big data analytics market in 2021. Organizations shifting on digital platforms are adopting business intelligence solutions, customer relationship management, and workforce analytics. Thus, these factors of software is driving the growth of a market.
Based on analytical tools, the big data analytics market is segmented into dashboard and data visualization, data mining and warehousing, self-service tools, reporting, and others. The dashboard and data visualization segment accounted for a larger share of the big data analytics market in 2021. The technologies could present massive amounts of data in an understanding way, which means Big Data visualization initiatives combine IT and management projects. Thus, these factors of dashboard and data visualization is driving the growth of a market.
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 accounted for the largest share in the big data analytics market in 2021. Customer analytics is a method that allows you to make wise and well-informed business decisions by analyzing data gathered from your customers' behavior. The following tools provide a broad range of features and capabilities, from website use to social media participation such as Mixpanel, Google Analytics, Kissmetrics, Woopra, Hotjar, Zoho Pagesense, Crazyegg, and many more. It also allows website owners to monitor how users interact with their sites through heat maps and screen recordings. Thus, these factors of customer analytics driving the growth of a market.
Based on end user industry, the big data analytics market is segmented into pharmaceuticals, semiconductor, battery manufacturing, electronics, and others. The others segment accounted for the largest share in the big data analytics market in 2021. BFSI, automotive, IT & telecom, and transportation and logistics, retail & CG, healthcare, and manufacturing are among others in the end user industry that come under the other segment.
The top five key players operating in the big data analytics markets IBM Corporation, Oracle Corporation, SAP SE, VMware, Inc., and Salesforce, Inc. are among the key players profiled in the research study on the big data analytics market.

The List of Companies - Big Data Analytics Market 

  1. Amazon Web Services
  2. FICO
  3. Hewlett Packard Enterprise Development LP (HPE)
  4. IBM Corporation
  5. Microsoft Corporation
  6. Oracle Corporation
  7. SAP SE
  8. SAS Institute Inc.
  9. TIBCO Software Inc.
  10. Teradata
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global big data analytics market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global big data analytics market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
TIPRE00029289
Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Get the Latest COVID-19 Analysis on this market


Have a Question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Speak to Analyst
Pricing
  • $3000
  • $4550
  • $6550
  • $8550

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis.

    Inquire for Discount