Global Statistics Representing BigData Analytics Market Scenario
Nowadays data plays a vital role in all activities performed each day such that businesses are leveraged to embrace a data-focused approach to achieve success. The proliferation of data generated by the digital interactions of individuals such as from email to text messages, online shopping to tweets, Facebook updates or posts to YouTube videos is on the rise. According to computer giant IBM, more than 2.5 quintillion bytes of data are created every day. On account of increasing volume and variety of data, companies are inclining towards the means such as BigData analytics technology to swiftly process and analyze it.
Bigdata is a colossal amount of raw and unstructured data from numerous sources that require high computing power to gather and analyze data due to its huge volume and veracity nature. Whereas data analytics strives to offer operational insights of the business to solve complex business problems. This technology facilitates modern enterprise platform requirements for storing discrete and massive data enabling higher scales and new style of analytics to manage performance and control costs. Moreover, the rising ecosystem of big data technology is mainly used to provision advanced analytics initiatives involving data mining, predictive analysis, and learning applications. Thus, offering more flexibility for collecting, processing and analyzing data than the traditional database system such as relational database and data warehouses. Furthermore, such data analytics technologies and techniques offer measures to analyze and conclude data sets assisting organizations for better business decision-making strategies.
BigData analytics market anticipated to grow at CAGR 43.2% during the forecast period 2019–2026.
Big data along with Hadoop are projected to drive the bigdata analytics market during the forecast period 2019–2026. This is attributed to the rapid emergence of the technologies as the desired solution to support business and technology trends that are disrupting the traditional data management and processing. Moreover, enterprises gain competitive benefits from early adoption of big data analytics. Additionally, the increasing demand for improving efficiency of business data are further increasing the market growth in near future.
Growing customer demands have resulted in service providers to adopt strategies such as price fluctuations to own a competitive edge in the market. This has directed several small enterprises towards adapting efficient supply chain management, gaining visibility into multiple business operations and other associated competitive strategies. Thereby encouraging enterprises to deploy new competitive strategies. Moreover, advanced analytics software aids small enterprises to retain new customers and conduct consumer analytics transforming raw marketing and consumer data to valuable information. These solutions avoid delays in human decisions and automate the decision-making processes. These factors are expected to drive the big data analytics market in near future.
Additionally, the rising importance of big data analytics software and systems, high-powered computing systems that offers various business benefits including effective marketing, revenue opportunities, better customer service, competitive advantages, and enhanced operational efficiency are influencing the market growth in upcoming years.
The global bigdata analytics market is segmented by component, organization, application, end-user and region.
Based on component, the big data analytics market is bifurcated into solution and services. The solution segment is gaining prominence in bigdata analytics market on account of the increasing demand for cost-effective bigdata solutions among enterprises. Rising demand for data analytical solutions to manage and analyze huge datasets will assist organizations in better decision-making practices in real-time. Advancements in bigdata analysis techniques at corporate level to track real-time data, store, evaluate and extract information for meeting the desired objective will help in enhancing the models of business maximizing income of solution providers. Furthermore, service segment is also to witness considerable growth in the market due to increased utilization of services by enterprises to expand its efficiency for big data analytics platforms. Apart from this, services offered on cloud-based deployment mode is further increasing the bigdata analytics market. Cloud platform vendors, such as Amazon Web Services (AWS) and Microsoft set up and manage data clusters in the cloud and Hadoop suppliers including Cloudera and Hortonworks support distributions of big data framework on AWS and Microsoft Azure clouds.
By application, the big data analytics market is segmented into customer analytics, risk & fraud analytics, IoT, and others. The application segment is likely to fuel the big data analytics market on account of growing need for understanding customer demands through open management of products and resources. Additionally, rising trend on analyzing social media and internet search engines utilization focusing to study and examine behavior of people by different social activities also contributes to influence the market to grow positively. Moreover, the growing need for consumer analytics and risk & fraud analytics in telecommunication industry is further propelling the market grow in the segment. Prolific rise in accessing social media platforms such as Twitter, Facebook, Instagram, and several others is one of the most prominent factors driving the growth of bigdata analytics market. This is attributed to social media contributing to a vast and readily accessible form of Big Data which would require analytics in order to provide qualitative and quantitative analytical data for further operational processes. In 2017, Facebook recorded its mobile ads gaining popularity such that its platform started to run out of space for them.
On the basis of end user, the big data analytics market is segmented into BFSI, IT & telecommunication, transportation & supply chain management (SCM), and others. Business is engaging with the customers through various social media platforms, associating its products with e-commerce sites and gaining insights into customer behavior; which is driving the demand for the retail sector in the market. Higher adoption of analytical tools by SMEs and online retailers for predictive analysis assists companies in segmenting products and services thereby resulting to drive the big data analytics market in this segment. Furthermore, rising demand for transportation & SCM sector integrating social media platforms and internet traffic to consider the production of several end products will impact the market growth positively.
Geographically, the bigdata analytics market is segmented to North America, Europe, Asia Pacific, and Latin America, Middle East and Africa (LAMEA).
North America along with Europe is expected to witness significant growth in bigdata analytics market during the forecast period 2019–2026. This is attributed due to rising adoption of bigdata solutions in the prominent IT companies including IBM, Google, Oracle, and Microsoft among others. Moreover, growing R&D initiatives to improve the efficiency and modernize business operations are driving the market grow in the region. Additionally, the bigdata analytics market is indicating a paradigm shift to bigdata by developing integrated solutions that offer enhanced benefits deriving insights from the massive data generated from different sources.
In Asia Pacific, factors such as increasing penetration of mobile devices and social media access in the region have emerged as significant factor impacting the growth of bigdata analytics market. Increasing technological advancements are widely growing opportunities across different segments of bigdata analytics market. Moreover, rapid increase in social media users in the region is to further increase the market growth.
However, LAMEA is to witness moderate growth in bigdata analytics market on account of growing technology expenditures, demand for cost-effective and user-friendly analytical software solutions are likely to boost the demand for bigdata analytics market in this region.
Some of the prominent players in the global bigdata analytics market are SAS Institute Inc. (U.S.), SAP SE (U.S.), IBM Corporation (U.S.), Oracle (U.S.), MapR Technologies, Inc (U.S.), Google LLC (U.S.), Hewlett Packard Enterprise (U.S), Datameer (U.S.), Sage Clarity Systems (U.S.), Kinaxis Inc. (Canada), MicroStrategy Incorporated (U.S.), Genpact (U.S.), Microsoft Corporation (U.S.), Cloudera Inc. (U.S.), Tableau Software (U.S.), Hortonworks Inc. (U.S.), Amazon Web Services Inc. (U.S.)
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