Big Data Analytics Market Overview
The Big Data Analytics Market witnesses rapid growth. The accumulation of big data rising every minute with the rising adoption of connecting and wearable sensors technology is major trends driving the market growth. Besides, rapid transformations and advancements in information technology foster market value.
With the rising demand for personalized and cost-effective big data management solutions across the burgeoning sectors, the market is projected to garner vast gains during the next few years. In this regard, Market Research Future (MRFR) states that the global big data analytics market is forecasted to reach a significant value of USD 683.18 Billion by 2030, growing at a 13.6% CAGR during the assessment period (2022-2030).
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Big data analytics is the process of collecting, examining, and analyzing large amounts of data to uncover hidden patterns, correlations, market trends, customer preferences, and other insights. This process can help businesses make data-driven decisions, develop more efficient and effective processes, and identify new opportunities. Big data analytics involves the use of advanced analytic techniques against very large, diverse data sets that include structured, semi-structured, and unstructured data. Techniques used in big data analytics include predictive analytics, machine learning, natural language processing, and data mining.
Additionally, the growing awareness of the importance of data collection, storage, and analysis boosts the market size, increasing the adoption of big data analytics extensively. The rising proliferation of IoT in different devices like sensors and the convergence of big data and IoT influences the market landscape, generating big data.
Major Players:
Players leading the global big data analytics market include:
- Teradata Corporation (US)
- IBM Corporation (US)
- VMware, Inc (US)
- SAP SE (Germany)
- Tableau Software (US)
- Oracle Corporation (US)
- Microsoft Corporation (US)
- Pentaho (US)
- Google Inc (US)
- Datameer (US)
- Hewlett Packard Enterprise (US)
Big Data Analytics Market - Segments
The market is segmented into components, solutions, end-users, and regions. The component segment is sub-segmented into software and hardware. The solution segment is sub-segmented into fraud detection, risk management, customer analytics, content analytics, and others.
The end-user segment is sub-segmented into banking, discrete manufacturing, process manufacturing, government, telecommunication, insurance, transportation, utilities, and others. The region segment is sub-segmented into the Americas, Asia Pacific, MEA, Europe, and rest-of-the-world.
Big Data Analytics Market – Competitive Analysis
The big data analytics market appears highly competitive with the presence of several large and small players operating in the market. Players operating in the market focus on optimized situational awareness for customers and ensure their mission success. To gain a larger competitive edge, these players invest heavily in RD, global expansion, advanced technologies, and product launch.
Big Data Analytics Market – Regional Analysis
North America dominates the global market for big data analytics. Rising investments in big data analytics and demand from banking sectors to simplify the operational processes drive the market growth. Besides, the large presence of key big data analytics providers and world-class infrastructure boosts the market size, offering the latest technologies.
Also, increasing product developments, policies by federal governments, and increased focus on big data management analysis for better management support bolster the market shares. Additionally, the presence of IT companies and rapid expansion of businesses act as major driving forces.
Industry/Innovation/Related News:
Nov.18, 2021 --- CoinAnalyst Corp., a leading provider of AI-based, big data analytics platforms, announced its partnership with iVest+, the next-generation trading platform, to bring proprietary indicators to innovate trading platforms.
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CoinAnalyst’s technology enables investors in the digital asset sector and other industries to access a custom dashboard. The company would provide Big Data and AI indicators to further enhance the already industry-leading trading platform of iVest.
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About Market Research Future (MRFR):
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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