A lead analyst at AMR highlighted that the big data and business analytics market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the big data and business analytics market. The findings of the report state that the global market for big data and business analytics generated $198.08 billion in 2020, and is projected to reach $684.12 billion by 2030, witnessing a CAGR of 13.5% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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“The retail & e-commerce segment is expected to experience significant growth in the coming years, owing to the need to manage and analyze the massive volume of data by retailers to increase their customer base and improve their market share,” said Pramod Borasi, Senior Research Analyst, ICT at Allied Market Research.
The report provides insights on drivers, restraints, and opportunities to help the market players in devising growth strategies and capitalizing on lucrative prospects. The rise in the adoption of big data analytics software by multiple organizations and the surge in demand for cloud-based big data analytics software among SMEs fuel the growth of the global big data and business analytics market. On the other hand, the high cost of implementation and lack of skilled workforce impede the growth to some extent. However, growing trends such as social media analytics and the need to avail insights for business planning have paved the way for numerous opportunities for the key players in the industry.
The report also offers a detailed scenario of the impact of the Covid-19 pandemic on the big data and business analytics market globally. It is helpful for the market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. Growing adoption of “work from culture” by the majority of organizations led to a steep incline in demand for big data and business analytics. The amount of data generated witnessed a significant rise and companies started incorporating software & services to evaluate the data so as to perk up overall productivity. This, in turn, heightened the adoption of cloud-based services, thus impacting the global big data and business analytics market positively. Changes in customer interactions led companies to enact analytical tools with the intent of gaining top-notch insights so as to attain maximum profits.
The report provides detailed segmentation of the global big data and business analytics market based on component, deployment mode, analytics tool, application, industry vertical, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the coming years.
By components, the service segment garnered the major share in 2020, generating nearly half of the total share, and is expected to maintain the lion’s share during the forecast period. On the other hand, the software segment is expected to witness the highest CAGR of 14.8% from 2021 to 2030.
By industry vertical, the BFSI segment contributed to the highest share in 2020, holding nearly one-fifth of the global big data and business analytics market. However, the retail & e-commerce segment is anticipated to display the fastest CAGR of 15.9% from 2021 to 2030.
By region, North America held the major share in 2020, holding more than half of the total market share. Simultaneously, Asia-Pacific would portray the fastest CAGR of 17.5% throughout the forecast period.
Leading market players of the global big data and business analytics market analyzed in the report are IBM Corporation, Fair Isaac Corporation, Oracle Corporation, Microsoft Corporation, Teradata Corporation TIBCO Software Inc., SAP SE, Hewlett Packard Enterprise Development LP, Amazon Web Services, and SAS Institute Inc.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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