BANGALORE, India, Feb. 11, 2020 /PRNewswire/ -- The global market size of Big Data and Business Analytics was estimated at USD 171.39 billion in 2018 and is projected to reach USD 512.04 billion by 2026, rising at a CAGR of 14.80 percent between 2019 and 2026.
Big Data analytics is the process of analyzing, storing and arranging huge data sets in order to discover trends and other useful information which can be used for further business decisions. Furthermore, companies implement big data analytics to increase the organization's sales; improve efficiency; and enhance logistics, customer service, and risk management.
Big Data analytics can further be used for faster and better decision making by academics, analysts and business users, using data that was previously inaccessible or unusable. These features have pushed for the widespread adoption of big data and business analytics and has in turn impacted the market growth.
By Industry, it is found that the manufacturing segment led the global big data and business analytics market in 2018 and is expected to retain its dominance over the forecast period. The main factors driving the adoption of Big Data Analytics in the manufacturing industry include increased demand for minimizing manufacturing defects and improving supply chain management. However, availability of skilled manpower and high implementation costs cause budget constraints in small and medium-sized enterprises, which is expected to impede the growth of the Big Data and Business Analytics market.
Furthermore, during the forecast period, the BFSI sector is expected to grow at the highest growth rate due to the rapid increase in data form transactions, risk management, and personalized product offerings to the customers.
TRENDS INFLUENCING BIG DATA AND BUSINESS ANALYTICS MARKET SIZE
Growth in the global Big Data and Business Analytics market is driven by increased adoption of Data analytics tools by various organizations for enhanced and quicker decision-making and gain competitive advantage through timely analysis and action on knowledge. For example, according to a survey conducted by Forbes in North America in 2017, 53 percent of the U.S. and Canadian companies are using big data analytics to boost their service efficiencies and increase their revenue growth. In turn, companies embrace Big Data and Business Analytics to enhance productivity and maximize customer experience, thereby creating a lucrative opportunity for market growth.
Growing demand for cloud-based big data analytics software among small and medium-sized businesses is driving growth in the big data market and business analysis.
The need to gain better insights into business planning is growing, and emerging technologies such as social media analytics are expected to provide lucrative opportunities for global market growth.
REGION WISE BIG DATA AND BUSINESS ANALYTICS MARKET SHARE
North America dominated the Big Data and Business Analytics market in 2018 and is expected to maintain its position over the forecast period. The major factors driving market growth in this area include the rise in cloud services adoption among various industry verticals and the adoption of advanced analytics solutions among SMEs.
Due to the development in the banking & insurance industry and the adoption of new technologies such as IoT and big data, Asia-Pacific is expected to see the highest growth rate during the forecast period.
The global Big Data as a Service market size in 2017 was USD 16,000 million and is expected to reach USD 48,900 million by the end of 2025, with a CAGR of 15 percent in 2018-2025.
Big data as a service (BDaaS) is the delivery of statistical analytical tools or knowledge that lets companies understand and use insights obtained from broad information sets to gain a competitive advantage.
Global data as a service market is growing at a fast pace due to the increasing demand for statistical analysis to manage the massive amount of unstructured data generated by organizations almost at regular intervals. Due to the presence of established players such as Microsoft Corporation, Hewlett-Packard Enterprise Development L.P., International Business Machines Corporation, and so on, North America dominates the market.
For a few sectors, the idea of big data and analytics is fairly new, but the oil & gas sector has been one of the largest users of this technology, as the industry deals with a large volume of data to make many technical decisions.
It is anticipated that the increasing need to improve productivity will be one of the primary drivers of growth for big data in the oil and gas industry until 2022. Companies benefit greatly from applying Big Data technologies to recognize and optimize upstream oil and gas data as it helps them to remain competitive during discovery, planning, and field development.
In 2017, the global size of the Healthcare market for Big Data Analytics was USD 11,900 million and is expected to reach USD 48,500 million by the end of 2025, with a CAGR of 19.2 percent in 2018-2025.
Technological advances and the widespread use of cloud delivery systems led to the introduction of big data analytics in North America's healthcare market. Increasing use of big data analytics for healthcare-related applications, such as cost-effective medication, population health insurance planning, and diagnostic approaches in the Asia-Pacific region, has also enabled vendors to invest in big data analytics for healthcare.
The increasing volume of structured & unstructured data and the need to store, manage and analyze data are driving the growth of the Hadoop big data analytics market. The Hadoop Big Data Analytics market's service segment is projected to grow at the highest CAGR over the forecast period.
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