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[Research Report] The 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.
Analyst Perspective:
The big data analytics market has experienced significant growth and transformation in recent years, revolutionizing how businesses and organizations extract valuable insights from vast data. The exponential growth in data generation across various industries, including retail, finance, healthcare, and telecommunications, has created a pressing need for advanced analytics tools and technologies. With the proliferation of digital devices, social media platforms, and IoT devices, massive volumes of data are being generated at an unprecedented rate. Organizations have recognized the immense potential of harnessing big data to gain a competitive advantage. Moreover, technological advancements have played a crucial role in shaping the big data analytics market.
The availability of scalable and cost-effective cloud computing platforms has made it easier for businesses to store, process, and analyze large datasets. A diverse range of solution providers, including established software vendors, niche analytics startups, and cloud service providers, characterizes the big data analytics market. These companies offer various analytics platforms, tools, and services tailored to business needs. The market offers many options for organizations of all sizes, from self-service analytics tools that empower business users to perform ad hoc analyses to enterprise-grade analytics platforms that provide advanced analytics capabilities. The big data analytics market has experienced significant growth and transformation in recent years, revolutionizing how businesses and organizations extract valuable insights from vast data. Big data analytics refers to examining, organizing, and interpreting large and complex datasets to uncover patterns, trends, and correlations that can inform decision-making and drive business strategies. Several key factors have driven the market for big data analytics. The exponential growth in data generation across various industries, including retail, finance, healthcare, and telecommunications, has created a pressing need for advanced analytics tools and technologies. With the proliferation of digital devices, social media platforms, and IoT devices, massive volumes of data are being generated at an unprecedented rate. Organizations have recognized the immense potential of harnessing big data to gain a competitive advantage. The market offers many options for organizations of all sizes, from self-service analytics tools that empower business users to perform ad hoc analyses to enterprise-grade analytics platforms that provide advanced analytics capabilities.
Market Overview:
Big data analytics play a significant role in businesses because they enable them to manage, organize, and streamline huge datasets in real time while enhancing their decision-making capacity. Additionally, a key goal of big data and business analytics is to assist organizations in strengthening their marketing campaigns by assisting them in better understanding their target audiences and customers. Additionally, various businesses are implementing big data and business analytics to analyze the enormous amount of data produced by both offline and online trading globally. This gives different big data service providers an advantage over rival service providers, allowing them to enhance their investment in cloud technologies. Furthermore, customers can access all the data online from any location in the world thanks to the development of big data and business analytics on the cloud. This gives different big data service providers an advantage over rival service providers, allowing them to enhance their investment in cloud technologies.
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Big Data Analytics Market: Strategic Insights
Market Size Value in US$ 239.75 billion in 2021 Market Size Value by US$ 638.66 billion by 2028 Growth rate CAGR of 15.3% from 2022 to 2028. Forecast Period 2022-2028 Base Year 2022
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Big Data Analytics Market: Strategic Insights
Market Size Value in | US$ 239.75 billion in 2021 |
Market Size Value by | US$ 638.66 billion by 2028 |
Growth rate | CAGR of 15.3% from 2022 to 2028. |
Forecast Period | 2022-2028 |
Base Year | 2022 |
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Increasing Data Generation to Drive Growth of Global Big Data Analytics Market
The increasing data generation is a significant driver fueling the development of the big data analytics market. In today's digital age, there is a massive surge in data creation from diverse sources such as social media, IoT devices, digital transactions, and enterprise systems. This explosion of data provides a vast and valuable resource for organizations to gain insights and make informed decisions. The abundance of data allows businesses to analyze and understand customer behavior, preferences, and trends with much greater depth and accuracy. By leveraging big data analytics, companies can uncover hidden patterns, correlations, and previously inaccessible insights. This enables organizations to make data-driven decisions, identify new market opportunities, and optimize operations.
Moreover, the increasing data generation is closely linked to the rise of digital technologies and connectivity. With the proliferation of smartphones, social media platforms, and online transactions, individuals and businesses are leaving digital footprints that generate massive amounts of data. This digital footprint provides a rich source of information that can be leveraged for targeted marketing, personalized customer experiences, and improved operational efficiency. The growth in data generation also aligns with the emergence of the Internet of Things (IoT), where various interconnected devices and sensors collect and transmit data in real time. This data includes valuable insights into consumer behavior, product usage, environmental factors, etc. Big data analytics helps organizations extract valuable insights from this IoT-generated data to enhance product development, optimize supply chains, and improve customer experiences.
Furthermore, the increasing data generation has created opportunities for businesses to monetize data assets. By leveraging big data analytics, organizations can analyze large volumes of data and extract valuable insights that can be packaged as products or services for their customers. This data monetization model has opened up new revenue streams and business models for companies, further driving market growth.
Segmental Analysis:
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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. Due to several key factors, the software segment holds the largest share of the big data analytics market. Software solutions offer various analytics platforms, tools, and applications to handle large and complex datasets. They enable organizations to process, analyze, and interpret data efficiently. Advanced analytics techniques like predictive analytics and machine learning can be applied through software tools, providing valuable insights. User-friendly self-service analytics tools empower non-technical users to explore and analyze data independently.
Software solutions also offer scalability and flexibility, with on-premises or cloud deployment options. The market is characterized by a vibrant ecosystem of solution providers continually innovating their offerings. Overall, the software enables efficient data analysis, advanced analytics capabilities, self-service analytics, scalability, and innovation within the big data analytics market.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Regional Analysis:
The North America global big data analytics market was valued at US$ 100.40 billion in 2021 and is projected to reach US$ 253.55 billion by 2028; it is expected to grow at a CAGR of 14.4% during the forecast period. The dominance of the North American region in the big data analytics market can be attributed to several key factors contributing to its leadership position. North America has been at the forefront of technological advancements and innovation, with a robust ecosystem of technology companies, research institutions, and startups driving the development and adoption of big data analytics solutions. Major technology hubs, like Silicon Valley, have played a pivotal role in nurturing and accelerating market growth. The region has a mature and highly digitized business landscape, housing numerous large enterprises across the finance, healthcare, retail, and manufacturing industries. These organizations recognize the strategic importance of leveraging big data analytics to gain a competitive advantage, resulting in substantial investments in analytics infrastructure, talent, and solutions. North America also boasts a wealth of data sources and generates significant volumes of data. Sectors such as e-commerce, social media, digital advertising, and financial services, which are technologically advanced and data-intensive, contribute significantly to data generation. This data abundance creates a fertile ground for applying big data analytics and drives the demand for advanced analytics capabilities.
Additionally, North America benefits from a favorable regulatory environment with a strong data privacy and security focus. Regulation stability and clarity create an ecosystem conducive to leveraging big data analytics while ensuring compliance with data protection laws. Robust data governance practices and frameworks enhance trust and confidence in analytics solutions. The region's highly skilled workforce and emphasis on data science education and research also play a significant role. North America boasts a deep pool of talent in data analytics, further supporting the development and adoption of big data analytics solutions.
Key Player Analysis:
The global big data analytics market analysis consists of the players such as 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. Among the players in the global big data analytics Amazon Web Services and Oracle Corporation are the top key players owing to the diversified product portfolio offered.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global big data analytics market. A few recent key market developments are listed below:
- In February 2021, RapidMiner, Inc. announced a partnership with Hivecell, an Edge-as-a-Service company.
- In Oct 2020 – Fractal Analytics announced that one of its subsidiaries, Theremin.ai, has raised funds from OLMO Capital. The funds will be used for building its algorithmic investment product and for expanding its talent.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Analytics Tool, Application, and End Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
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.
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.
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 List of Companies - Big Data Analytics Market
- Amazon Web Services
- FICO
- Hewlett Packard Enterprise Development LP (HPE)
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- TIBCO Software Inc.
- Teradata
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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