Big Data Analytics Market to surpass $ 87 Billion by 2025
Increasing adoption of cloud
based big data analytics, enormously increasing data volume, enhanced customer
experience and need for effective decision making to drive global big data
analytics market
According to
TechSci Research report, “Global Big
Data Analytics Market By Deployment Mode, By Application, By Component, By
Organization Size, By End Use Industry, By Region, Competition, Forecast &
Opportunities, 2025”, the global big data
analytics market is forecast to grow at a CAGR
of over 12% during the forecast period and reach $ 87 billion by 2025. Big data analytics is defined
as the use of advanced analytic techniques to analyze and extract information
from large amount of data that may be structured, semi-structured or
unstructured. Big data analytics helps organizations in various ways such as detecting
fraud, improving productivity, reducing risk, improving customer experience
& satisfaction, taking quick actions on emerging market trends, gaining
competitive advantages over other industry players, and many more. The growth
in big data analytics market is attributed to factors such as need to enhance
business efficiency, growing deployment of cloud based big data analytics,
coupled with growing utility of IoT analytics. According to Raconteur Media
Ltd., in 2019, every day, there are 500 million tweets sent, 4 petabyte data
generated by Facebook, 65 billion messages sent on WhatsApp, 2 billion minutes
of voice & videos calls on WhatsApp, 95 million photos & videos shared
on Instagram, 294 billion emails send, 4 terabyte of data generated by a connected
car and 5 billion searches are made including 3.5 billion searches on Google.
Moreover, according to World Economic Forum, 463 exabytes of data is expected
to be generated each day globally by 2025. Rising need to use such data
effectively is expected to drive big data analytics market, globally, in the
coming years.
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In terms
of Deployment Mode, the market can be segmented into On-Premise, Cloud and
Hybrid. On-Premise deployment mode dominated the market in 2019 and is expected
to continue dominating the market throughout the forecast period. However,
Cloud deployment mode is forecast to grow at a rapid pace during the forecast
period owing to multiple benefits offered by cloud deployment mode such as
reduced cost of ownership, increased flexibility, scalability and pay-per-use
feature. By Organization size, large
enterprises dominated the market in 2019 and the trend is expected to continue
during the forecast period owing to the increasing adoption of big data
analytics to analyze increasing amount of complex data coupled with the growing
need for faster and efficient decision making in large setups. However, SMEs are expected to be the fastest growing
organization size segment during the forecast period due to the rising adoption
of cloud based big data analytics solutions among them. Big data analytics
spend across SMEs is expected to decline due to COVID-19 in 2020 and 2021 as
they don’t have established customer base and repeat customer to minimize the
loss.
International Business Machine Corporation, Splunk Inc., Amazon Web
Services, Inc., Teradata Corporation, Dell Inc., Oracle Corporation, Accenture
Inc., Microsoft Corporation, Palantir Technologies Inc. and SAP SE are the major players operating in the global big
data analytics market. Companies operating in the market are using organic as
well as inorganic strategies such as mergers and collaborations to boost their market
share. In February, 2020, Google Cloud announced acquisition of big data
analytics startup Looker for an estimated $ 2.6 billion to strengthen its big
data analytics portfolio.
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“BFSI
has been the dominant end use industry in 2019 and is expected to continue
leading the global big data analytics market through 2025 owing to the
increasing focus on enhancing customer experience, reducing risk of fraudulent
activities, among other. However, Manufacturing end use segment is anticipated
to grow at the fastest CAGR during the forecast period on account of rising use
of big data analytics in predictive maintenance, increasing operational
efficiency, production optimization and effective market planning”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Big Data Analytics Market By
Deployment Mode, By Application, By Component, By Organization Size, By End Use
Industry, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global big
data analytics market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global big data analytics
market.
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