Big Data Analytics Market Analysis

Big Data Analytics Market Overview

The Big Data Analytics Market size is projected to grow from USD 285.96 Billion in 2024 to USD 698.19 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.80% during the forecast period (2024 - 2032). Additionally, the market size for Big Data Analytics was valued at USD 251.73 Billion in 2023.

Various businesses use the increased use of big data analytics software to facilitate better and quicker decision-making and gain a competitive edge through timely information analysis and action is the key market driver enhancing market growth. Additionally, a surge in small and medium-sized businesses need for cloud-based big data analytics software has a beneficial impact on the market's expansion.

Figure1: Big Data Analytics Market, 2018 - 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Big Data Analytics Market Trends

Growing adoption of databases is driving the market growth

Market CAGR for big data analytics is driven by the rising number of databases. Data is greatly increased by the expanding use of digital solutions across corporate sectors, including banking, healthcare, BFSI, retail, agriculture, and telecom/media. For instance, artificial intelligence has significantly changed the agricultural sector's risk management, precision farming, and pest control. Businesses are using bots to automate and reform functional contexts similarly. Data production by virtual assistants like Apple's Siri, Google Assistant, and Amazon Alexa is also staggering. For instance, 8.2 billion digital voice assistants are anticipated. social media usage has increased due to network connectivity and smartphone technology advancements. Therefore, it is projected that the industrial revolution will result in massive datasets due to advanced technologies in the sectors, the increased usage of smart apps, and the development of social media platforms. Thus, growing databases across sectors are anticipated to drive the market.

The volume of linked IoT devices has increased due to the Internet of Things (IoT), machine learning (ML) algorithms, and artificial intelligence (AI) technologies rapid adoption. The International Data Corporation (IDC) predicts that by 2025, 152,200 IoT devices connect every minute. The growing demand for connected devices accelerates the implementation of edge computing. Edge computing solutions are structures that move processors closer to the data source or destination rather than in clouds. Data close to its source or destination can be uploaded more quickly and with less server and network burden to the cloud or on-premise solutions. Thus, increasing edge-computing adoption is anticipated to open up profitable business opportunities. Thus, driving the big data analytics market revenue.

Figure 2: Number of Internet of Things (IoT) connected devices worldwide from 2019 to 2021 in billions, with forecasts from 2022 to 2030

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Big Data Analytics Market Segment Insights

Big Data Analytics Component Insights

The big data analytics market segmentation, based on components, includes software and hardware. The software segment dominated the market, accounting for 74.5% of market revenue (165.1 Billion). Due to its extensive solution offerings, which include business intelligence solutions, credit risk management, CRM analytics, compliance analytics, workforce analytics, and others, it is predicted to grow rapidly during the projection period. Furthermore, the hardware sector experienced the fastest growth rate. The hardware sector, which includes mobile portable devices, connected devices, network equipment, and communication equipment, is anticipated to increase steadily.

Figure 3: Big Data Analytics Market, by Component, 2023 & 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Big Data Analytics Solution Insights

The big data analytics market segmentation, based on solutions, includes fraud detection, risk management, customer analytics, and content analytics. The market's largest contributor was customer analytics in 2022. Emerging trends influence the market's development in researching and analyzing human behavior through social media and internet search engines. The fraud detection sector was the fastest-growing sector in the market in 2022. The number of incidents involving identity theft, data breaches, and payment fraud is rising, along with the use of e-banking, digital payment apps, and cross-border transactions paving the way for segment expansion.

April 2021: NICE Actimize has announced SURVEIL-X, an AI-powered surveillance and suitability solution for the insurance and wealth industries. SURVEIL-X is a system built on a holistic surveillance platform. SURVEIL-X Suitability, which several prominent worldwide FSOs have already used, combines communications surveillance, sales practices and suitability, and Regulation Best Interest (Reg BI) surveillance in a single, integrated cloud-native platform.

Big Data Analytics End-User Insights

The big data analytics market segmentation, based on end-user, includes banking, discrete manufacturing, process manufacturing, government, telecom, insurance, and transportation and utilities. Due to the rapidly expanding client base, the banking segment is anticipated to increase its revenue share the most in the industry vertical. Thanks to such solutions, the banking sector can efficiently attract, develop, and retain consumers. For instance, BBVA, a financial services provider, deployed a social media analytic tool to get insights about its product and brand image to serve its more than 47 million clients across 30 countries. In 2022, the IT & telecom sector had a significant market share. Due to the growing need for collaboration technologies like web conferencing and video conferencing, the market is growing. Companies in this sector also use modern analytical methods to prevent fraud like cloning and unauthorized access.

Big Data Analytics Regional Insights

By region, the report provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American big data analytics market area will dominate this market. The area hosts well-known companies from various sectors and uses the software extensively. Due to the rising need for analytics solutions that provide sophisticated and better compliance analytics, which are essential for spotting fraud, policy violations, and other forms of corporate wrongdoing, the U.S. will experience substantial growth.

Further, the leading countries studied in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.

Figure 4: BIG DATA ANALYTICS MARKET SHARE BY REGION 2023 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Asia-Pacific big data analytics market accounts for the second-largest market share. The region has significant growth potential with developing nations like China, India, South Korea, Singapore, Japan, and others. China will likely control the market, and India will likely show off its more sophisticated potential. Big data analytics market share is projected to increase due to the expanding social media platform, increased internet and smartphone access, improved communication technologies, and digitalization. Moreover, China’s big data analytics market held the largest market share, and the Indian big data analytics market was the rapidly-growing market in the region.

Europe’s Big Data Analytics Market is estimated to expand at the fastest CAGR from 2023 to 2032. Electronic gadgets, social media, connected devices, and advanced communication technologies have increased dramatically across Europe. The region's rapidly expanding data is projected to drive up demand for analytics technologies. According to research by the European Parliament, European data analytics techniques could increase industry productivity. Further, the German big data analytics market held the largest market share, and the UK big data analytics market was the rapidly-growing market in the region.

Big Data Analytics Key Market Players & Competitive Insights

Leading market players are largely investing in research and development to expand their product lines, which will help the big data analytics market, grow even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants engage to increase their presence. The big data analytics industry must provide affordable products to grow and thrive in a more competitive and challenging market environment.

One of the primary business strategies manufacturers use in the big data analytics industry to increase market sector and benefit customers is local manufacturing to lower operational costs. In recent years, the big data analytics industry has stipulated some of the most important medicinal benefits. Major players in the big data analytics market, including Hewlett Packard Enterprise (U.S), Microsoft Corporation (U.S.), SAP SE (Germany), IBM Corporation (U.S.), and others, are investing in research and development operations to improve market demand.

Salesforce Inc is a company that provides enterprise cloud computing solutions. The company provides customer relationship management technology that connects businesses and customers. Its Customer 360 platform enables the company to provide a single source of truth by linking customer data across systems, apps, and devices to assist businesses in selling, servicing, marketing, and conducting commerce. In May 2022, Salesforce offered Tableau Cloud as the quickest and easiest option for customers to access Tableau's full enterprise capability. Previously known as Tableau Online, the service delivers innovations to enhance productivity by giving intuitive, powerful, and simple-to-use analytical tools that anybody can use to gain insights and make data-driven choices.

Wipro, with 175,000 workers, is a leader in IT services. This Bengaluru-based India IT services firm uses its offshore outsourcing approach to generate more than half of its revenue (57%) from North America. The company provides traditional IT services such as consulting, managed services, cloud infrastructure, and business process outsourcing as a service. In April 2022, Wipro partnered with DataRobot, an augmented intelligence firm, to increase consumers' business impact by providing augmented intelligence at scale and aiding them in becoming an AI-powered organization. Furthermore, this collaboration will ensure the AI strategy is swiftly embraced and businesses receive their data to value more effectively.

Key Companies in the big data analytics market include

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  IBM Corporation (U.S.)

  
  


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  Teradata Corporation (U.S.)

  
  


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  Tableau Software (U.S.)

  
  


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  SAP SE (Germany)

  
  

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  Oracle Corporation (U.S.)

  
  


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  Pentaho (U.S.)

  
  


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  Microsoft Corporation (U.S.)

  
  


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  Google Inc (U.S.)

  
  


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  Hewlett Packard Enterprise (U.S)

  
  


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  Datameer (U.S.)

  
  

Big Data Analytics Industry Developments

May 2024: Apache Software Foundation (ASF) introduced Apache Hive 4.0, which represents a noteworthy advancement in the field of data warehouse and data lake technologies. Apache Hive emerges as a preeminent data warehouse utility within the realm of big data processing tools. It is capable of querying massive data sets and provides exceptional flexibility via a query language resembling SQL. Hive, which was established in 2010, has provided global organizations with the ability to leverage their data processing capabilities and conduct analytics. Architecturally, it has evolved into an indispensable element of contemporary data management systems. The data warehouse application has been enhanced with the introduction of Hive 4.0. ASF has additionally implemented a number of enhancements to the compiler, such as support for HPL/SQL, scheduled queries, anti-joint functionality, and column histogram statistics. Additionally, users are granted access to enhanced and novel cost-based optimization (CBO) principles. The objective of the compiler enhancements is to optimize the utilization of resources and increase the software's overall efficacy.

January 2024: GeneConnectRx, an innovative artificial intelligence (AI) platform developed by GenepoweRx, the diagnostic division of K&H clinic, was introduced by Uppaluri K&H Personalized Medicine Clinic. This platform will make use of big data analytics. This groundbreaking advancement in personalized medicine signifies a fundamental change, granting medical practitioners the ability to tailor treatments according to the unique genetic composition of each patient. The inaugural event took place at the Hyderabad headquarters of the startup, where esteemed individuals and leaders in the field were in attendance to emphasize GeneConnectRx's capacity for reform.

Big Data Analytics Market Segmentation

Big Data Analytics Component Outlook

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  Software

  
  


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  Hardware

  
  

Big Data Analytics Solution Outlook

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  Fraud Detection

  
  


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  Risk Management

  
  


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  Customer Analytics

  
  


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  Content Analytics

  
  

Big Data Analytics End-User Outlook

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  Banking

  
  


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  Discrete Manufacturing

  
  


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  Process Manufacturing

  
  


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  Government

  
  


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  Telecom

  
  


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  Insurance

  
  


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  Transportation and Utilities

  
  

Big Data Analytics Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America