Westford USA, June 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Big Data Analytics Market will attain a value of USD 845.97 Billion by 2031, with a CAGR of 13.40% over the forecast period (2024-2031). Advanced big data analytics, which help enterprises comply with current platform-based models while keeping important information, allow the roles associated with performance monitoring and expenditure containment to be executed with greater efficiency on a larger scale, once data have been sent for storage. Furthermore, advanced analytics projects comprising learning applications, predictive analysis, and data mining are the main uses of the expanding, large data ecosystem. It therefore offers more flexibility for data processing, collecting, and analysis than conventional database systems such as data warehouses and relational databases.
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Browse in-depth TOC on the " Big Data Analytics Market "
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Big Data Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $309.35 Billion |
| Estimated Value by 2031 | $845.97 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.40% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Enterprise Type, Application, Industry Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing adoption of cloud-based analytics |
| Key Market Opportunities | An increase in technology adoption alongside big data analytics |
| Key Market Drivers | Exponential data growth |
Software Component is Estimated to Dominate Owing to Advanced Analytics Tools
The global market for big data analytics is dominated by software components due to the growing need for sophisticated analytics tools that improve data processing and offer practical insights. This surge in software use is being powered by advances in technology, which, in turn, are fueled by increased demand for data intensive services and real time analytics.
BFSI Vertical is Dominant Sub-Segment, Owing to Imperative for Personalized Services
The global big data analytics market is dominated by the Banking, Financial Services, and Insurance (BFSI) vertical due to its vital requirement for fraud detection, risk management, and customer insights. The need for individualised services, growing data volumes, and regulatory constraints all contribute to this dominance and drive large investments in advanced analytics solutions.
Rapid Shift Towards Big Data Solutions to North America’s Dominance
North America's thorough market research on data analytics is limited to the United States and Canada. This is explained by the fact that some of the top IT companies in the world, like Microsoft Corporation, Google Inc., Oracle Corporation, and International Business Machines Corporation (IBM), are increasingly using big data solutions.
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Big Data Analytics Market Insight
Drivers:
- Exponential Data Growth
- Advancements in AI and Machine Learning
- Improved Data Connectivity Using Cloud Computing
Restraints:
- Data Privacy and Security Concerns
- High Implementation Costs
- Data Security Issues and Strict Data Security Laws
Prominent Players in Big Data Analytics Market
The following are the Top Big Data Analytics Companies
- SAS Institute Inc. (US)
- SAP SE (Germany)
- IBM Corporation (US)
- Oracle (US)
- MapR Technologies Inc. (US)
- Google LLC (US)
- Hewlett Packard Enterprise (US)
- Datameer (US)
- Sage Clarity Systems (US)
- Kinaxis Inc. (Canada)
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Key Questions Answered in Global Big Data Analytics Market Report
- By 2031, how much is the global big data analytics market expected to be worth?
- Which factor, and why, is projected to rule the global big data analytics market?
- Which vertical, driven by the demand for risk management and customised services, is leading the global big data analytics market?
This report provides the following insights:
- Analysis of key drivers (Smart devices connected to the web, data is being created at an alarming rate, effective analyzation large data sets and utilizing predictive & prescriptive analytical models), restraints (Threats of data privacy & security issues, adhere to certain guidelines in data management and establishing the required infrastructure), opportunities (Increasing adoption of technologies like AI, ML & IoT, improved visualized capabilities and make complex data more usable), and challenges (Application vulnerabilities & information loss and unforeseen emergencies) influencing the growth of big data analytics market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the big data analytics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the big data analytics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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