Big Data Analytics Market Overview:
The big data analytics market industry is projected to grow from USD 251.73 Billion in 2023 to USD 698.19 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.60% during the forecast period (2023 – 2032).
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Key Companies in the big data analytics market include,
- IBM Corporation (U.S.)
- Teradata Corporation (U.S.)
- VMware Inc (U.S.)
- Tableau Software (U.S.)
- SAP SE (Germany)
Big data is defined as huge and diverse sets of data that are analyzed to find customer trends and preferences, data patterns, and relationships for businesses to make better business decisions. Companies utilize advanced analytics tools to analyze huge, diverse data sets, allowing researchers, analysts, and business owners to make judgments based on previously unavailable data. The data set varies from Megabytes to Terabytes, and big data consists of both software and hardware components. Many businesses are investing in big data analytics, which has prompted the banking and industrial industries to do so as well, owing to security and compliance concerns. Other than banking and manufacturing, many other businesses are more interested in obtaining customer experience data to better leverage the data for customer retention and delight.
Based on the Component, the market is segmented into Software and Hardware
Based on the Solution, the market is segmented into Fraud detection, Risk management, Customer analytics, and Content analytics.
Based on the End – User, the market is segmented into Banking, Discrete manufacturing, Process manufacturing, Government, Telecommunication, Insurance, Transportation, and Utilities.
Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
North America, particularly the United States, is dominating and will continue to lead the market for big data analytics investments, accounting for more than 80% of all investments. Another factor for the increasing market growth in the North American region is the concentration of significant big data organizations in the United States. During the period mentioned, North America had the largest share of the big data analytics market. The region is observing the presence of key enterprises across all industries and is implementing big data analytics technologies on a large scale. Europe and the Asia-Pacific region follow the United States in terms of big data investments. Europe has significantly increased the use of progressive communication, network solutions, social media, electronic gadgets, connected devices, and other technologies. The region’s rapidly growing data is expected to increase the demand for analytical solutions. The rise of BFSI, retail, manufacturing, healthcare, and other industries in the Asia-Pacific resulted in a notable CAGR during the predicted period. Along with prominent nations like India, China, South Korea, Japan, Singapore, and others, the region’s market development potential is vast.
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The global big data analytics markets’ major players are IBM Corporation (U.S.), Teradata Corporation (U.S.), VMware, Inc (U.S.), Tableau Software (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Pentaho (U.S.) Microsoft Corporation (U.S.), Google Inc (U.S.), Hewlett Packard Enterprise (U.S), Datameer (U.S.). Because of the increased demand for e-commerce, the market for big data analytics is growing at a rapid pace, with many new entrants, particularly in customer analytics and content analytics solutions. For a cost-effective portfolio, the leaders are always inventing new technologies and investing in research and development. Many end-users, such as insurance, finance, media, telecommunications, and government, have flocked to the big data analytics sector.
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