PORTLAND, Ore., Nov. 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Big Data Analytics in Semiconductor & Electronics Market by Component (Software and Services), End User (Semiconductor and Electronics), Analytics Tool (Dashboard & Data Visualization, Data Mining & Warehousing, Self-service Tools, Reporting, and Others), and Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Workforce Analytics, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global big data analytics in semiconductor & electronics industry garnered $16.70 billion in 2019, and is projected to generate $31.80 billion by 2027, growing at a CAGR of 8.6% from 2020 to 2027.
Prime determinants of growth
Rise in adoption of big data analytics software by multiple organizations, growth in demand for cloud-based big data analytics software, and various benefits provided by big data and business analytics solutions propel the growth of the global big data analytics in semiconductor & electronics market. However, high implementation cost and lack of skilled labors restrict the market growth. On the other hand, emerging trends such as social media analytics, surge in need to gain insights for business planning, and advanced process control analytics applications and trends in semiconductor manufacturing create new opportunities in the next few years.
The solution segment to maintain its lead position during the forecast period
Based on component, the solution segment held the highest market share, accounting for nearly two-thirds of the total market share of the global big data analytics in semiconductor & electronics market in 2019, and will maintain its lead position during the forecast period. Most of the organizations have started adopting big data and business analytics software to manage the massive volume of data generated for meaningful insights and better informed decisions. This drives the growth of the segment. However, the services segment is estimated to grow at the highest CAGR of 10.4% from 2020 to 2027. This is attributed its adoption to ensure effective functioning of software and platforms throughout the predictive analysis process.
The spray coating segment to maintain its dominant share throughout the forecast period
Based on analytics tools, the dashboard and data visualization segment contributed to the largest share in 2019, accounting for more than one-fourth of the global big data analytics in semiconductor & electronics market, and is projected to maintain its dominant share throughout the forecast period. Organizations are largely investing in dashboard & data visualization tools to manage different unstructured data produced and left unused, which in turn is driving the demand for data visualization tools. However, the reporting segment is expected to manifest the fastest CAGR of 10.4% during the forecast period. This is attributed to increase in complexity and size of financial data, limited capabilities of existing spreadsheet solutions, and rise in cost of compliance.
Asia-Pacific, followed by North America, to grow at the fastest rate
By region, Asia-Pacific, followed by North America, is projected to witness the largest CAGR of 9.2% from 2020 to 2027. In addition, this region also held the largest share in terms of revenue in 2019, accounting for more than two-fifth of the global big data analytics in semiconductor & electronics , and will maintain its lead position by 2027. Increase in adoption of big data analytics across electronics & semiconductor industry to improve productivity and strong presence of electronics manufacturing organizations in Asia-Pacific is boost the growth of the market in this province.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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