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

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

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 (%)

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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

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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.