Global Big Data and Business Analytics Market is valued approximately USD 193.14 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.90 % over the forecast period 2020-2027. Big Data and Business Analytics is a method by which companies examine large set of data for uncovering useful information to increase decision-making capability. In addition, it enables organizations to uncover useful information such as business analytics and big data market trends, discover hidden patterns, customer preference and various unknown facts from the data. Also, the organizations are adopting big data analytics to increase their analytics skills, enhance profit and to improve the risk management capability. Additional, big data analytics further helps businesses to better understand the information contained within the data and provide data that is important for enterprises. Also, the key players are focusing on strategies such as product launch, innovation and merger & acquisition to sustain themselves amidst fierce competition. The growth of the market is attributed owing to the surge in adoption of big data analytics software by analyzing and acting upon information in a timely manner significantly towards the growth of the market. Also, increase in demand for cloud-based big data analytics software among medium and small enterprises positively impact the growth of the market. As per the New Vantage Partners, the number of firms investing more than $500 million annually in big data has grown from 12.7% in 2018 to 21.1% in 2019. Also, businesses are spending $187 billion on big data and analytics in 2019, according to the Worldwide Semi-annual Big Data and Analytics Spending Guide released by IDC. As in January 2019, Secova launched a new SaaS Benefits Administration platform named iPlan to support and streamline administering benefits for small to mid- sized organizations with a creative user interface. iPlan’s cloud based, Mobile friendly, employee-facing tool comes with a shopping cart style experience to enable an informed and educated benefits elections. However, high implementation cost and dearth of skilled workforce is hampering the growth of the market during the forecast period of 2020-2027.
The regional analysis of global Big Data and Business Analytics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region due to the surge in demand for digital transformation across numerous end users and increase in convergence of different technologies, such as artificial intelligence (AI) and big data & analytic. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Amazon Web Services
Fair Isaac Corporation
Hewlett Packard Enterprise Development LP
SAS Institute Inc.
TIBCO Software Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment Model:
By Analytics Tools:
Dashboard & Data Visualization
Data Mining & Warehousing
Supply Chain Analytics
Risk & Credit Analytics
By Industry Vertical:
Energy & Utilities
Retail & E-commerce
IT & Telecom
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Big Data and Business Analytics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers