Market Highlights
The big data analytics market is relied upon to stretch around USD 275 billion before the finish of 2023 with 12% CAGR during the audit time frame from 2017 - 2023.
The Big Data Analytics market is dependent upon development because of a significant number of the reasons like expanded Internet of Things ( IoT) development, for gadgets, sensors and different machines associated with one another providing the capacity to produce the enormous measure of data continuously. Clients will be carefully associated with the vast majority of the functional cycles becoming digitized and robotized, bringing about mechanized independent direction in light of analytics-requiring calculations. Another significant element that leads to the big data analytics market is the insufficient data inside the associations that makes the organizations go to online media, opening gatherings and sites that outcome in unstructured and divided data bringing about the requirement for big data investigation. Furthermore , the expanding reception of big data analytics in huge organizations and little and medium-sized undertakings is relied upon to drive the market over the survey time frame. The associations will embrace abilities for dealing with the half breed IT foundation. The rising reception of Big Data and AI in businesses like IT and Telecom, BFSI, and Healthcare among others is further helping interest for the Big Data Analytics industry. This can be connected with the developing pattern of digitalization and the reception of Big Data innovation among others.
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Segmentation:
The big data analytics market is segmented on the basis of components, solutions, end users and regions.
Based on components, the segmentation is further divided into software and hardware which is further divided under the software component reporting and analytics and data warehouse management system. Software components in this segment lead the market share but the component 's hardware follows the segment with nominal growth.
The segment is divided according to solutions under fraud detection, risk management , customer analytics, and content analytics. The majority of the telecommunications and media industries aim at customer analytics and content analytics solutions for customer experience for new customer acquisition , retention and loyalty. Customer analytics for investments in big data analytics is at the center of the telecommunication industry.
The segmentation is done on the basis of end-users based on banking, discrete manufacturing, process manufacturing, government, telecom, insurance , transportation and utilities. With the focus on risk management, fraud prevention, and security and compliance issues, banking, discrete manufacturing, process manufacturing invest heavily in big data analytics. Banking, manufacturing and government will account for about 50 percent of the big data analytics industry expenditure.
Regional Assessment
Big data analytics market is split within the field under North America , Asia Pacific, Europe and the rest of the world.
North America , especially the United States, is leading and will continue to lead the big data analytics investment market with more than 80 per cent of the region's investments. Another reason for the North American region's increased market growth is due to the concentration in the US of large big data companies. During the forecast years the region will maintain its lead. That is because the region is one of the early adopters of advances in technology. following the U.S is the Europe and Asia pacific region in terms of the investments in big data. Owing to the growing adoption of advanced technology in countries such as Japan, China, and India among others.
Competitive Analysis
The big data analytics market holds some of the key players like IBM VMware, Inc (U.S.), Corporation (U.S.), Tableau Software (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Pentaho (U.S.) Microsoft Corporation (U.S.), Hewlett Packard Enterprise (U.S), Teradata Corporation (U.S.), Google Inc (U.S.), Datameer (U.S.).
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Global Big Data Analytics Market, By Component (Software & Hardware), By Solution (Fraud Detection, Risk Management, Customer Analytics & Content Analytics) By End – User (Banking, Discrete manufacturing, Process Manufacturing, Government, telecom, Insurance, Transportation and Utilities)
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Humans have produced 18 zettabytes of data till now(1 zettabyte=1 billion terabytes).
The figure is going to rise further with the onset of IoT devices.
According to a report by IDC, the number of IoT devices is going to reach 41.6 billion by 2025.
Businesses today are leveraging the benefit of Big data to their advantage by either analyzing the data sets themselves or by opting for an efficient service provider from the list of Big Data Analytics companies for hire.In this article, we shall get to know some basics about Big Data and also see how, through ‘SALES’, you can get the most out of Big Data.
