According to a recent report published by Allied Market Research, titled, “Big Data and Business Analytics Market by Component, Deployment Model, Analytics Tool, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global big data and business analytics market size was valued at $198.08 billion in 2020, and is projected to reach $684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030. Big data analytics is a method by which companies examine large set of data for uncovering useful information to increase their decision-making capability.
In addition, it enables organizations to uncover useful information such as market trends, customer preference, discover hidden patterns, and various unknown facts from the data. Furthermore, organizations are adopting big data analytics to enhance their profit, increase their analytics skills, and to improve the risk management capability. Big data analytics further helps businesses better understand the information contained within the data and provide data that is important for organizations. Moreover, surge in adoption of big data analytics software by various organizations to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner significantly contributes toward the growth of the big data and business analytics market. In addition, increase in demand for cloud-based big data analytics software among small & medium enterprises positively impacts the growth of the market. However, high implementation cost and dearth of skilled workforce are expected to hamper the market growth. On the contrary, increase in need to gain better insights for business planning and emerging trends such as social media analytics are expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the big data and business analytics market.
The dashboard & data visualization tools segment is expected to garner a significant share during the forecast period. This is attributed to rise in adoption of data visualization tools in various organizations to extract report from a diverse and rapidly growing volume of business. However, the reporting tools segment is expected to grow at the highest rate during the forecast period, owing to increase in complexity and size of financial data, limited capabilities of existing spreadsheet solutions, and rise in cost of compliance are the major factors that drive the growth of reporting tools.
Region wise, the big data and business analytics market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to surge in demand for digital transformation across numerous end users and increase in convergence of different technologies, such as big data & analytics and artificial intelligence (AI), which have created an impact on the region and managed to increase its IT budget. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing rise in number of people using tablets and smartphones across countries such as China, and India.
The big data and business analytics market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a slight sudden downfall in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of travel across the world to prevent the transmission of virus. The big data and business analytics market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various organizations have initiated work-from-home culture for their employees, which is creating demand for the cloud-based big data analytics to manage critical information of organizations, thus creating lucrative opportunity for the market expansion during the forecast period. Increase in volume of data generated by different industries and the need to manage this data are the key factors driving the growth of the market. In addition, governments of numerous countries are adopting big data analytics to update real-time data of coronavirus and to make actionable insights from the data.
Key Findings Of The Study
- By application, the customer analytics segment accounted for the market share in 2020.
- Region wise, North America generated the highest revenue in 2020.
- Depending on component, the software segment is anticipated to exhibit substantial growth during the forecast period.
The key players operating in the big data and business analytics market are Amazon Web Services, Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, Oracle Corporation, Hewlett Packard Enterprise Development LP, SAP SE, SAS Institute Inc., TIBCO Software Inc., and Teradata Corporation. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the industry.