Big Data and Business Analytics Market Reach to USD 684.12 Billion by 2030 | Top Players Such as - AWS, HPE & TIBCO

The growth of the market is attributed to the increasing demand for big data and business analytics solutions across various BFSI industries.

PORTLAND, PORTLAND, OR, UNITED STATE, September 27, 2023 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " The Big Data and Business Analytics Market Reach to USD 684.12 Billion by 2030 | Top Players Such as - AWS, HPE & TIBCO." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global big data and business analytics market size was valued at USD 198.08 billion in 2020, and is projected to reach USD 684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.

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Increase in adoption of big data analytics software by various organizations, rise in demand for cloud-based big data analytics software among SMEs, and benefits regarding big data and business analytics solutions drive the growth of the global big data and business analytics market. However, lack of skilled personnel and high cost of implementation hinder the market growth. On the other hand, rise in trends such as social media analytics and need to avail insights for business planning create new opportunities in the coming years.

The global big data and business analytics market is segmented into component, deployment model, analytics tools, application, industry vertical, and region. In terms of component, the market is fragmented into hardware, software, and services. Depending on deployment model, it is bifurcated into on-premise and cloud. As per analytics tools, it is categorized into dashboard & data visualization, data mining & warehousing, self-service tools, reporting, and others. The applications covered in the study include customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk & credit analytics, and transportation analytics. As per industry vertical, the market is segregated into BFSI, manufacturing, healthcare, government, energy & utilities, transportation, retail & e-commerce, IT & telecom, education and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on deployment type, the on-premise segment contributed more than two-thirds of the global big data and business analytics software market in 2019, and will maintain its dominant share in terms of revenue by 2027. This is due to high data transfer speed and security features. However, the cloud segment is estimated to portray the fastest CAGR of 18.1% from 2020 to 2027. This is attributed to increase in adoption of cloud services across various industries.

Based on component, the service segment contributed to the largest market share in 2019, holding nearly half of the global big data and business analytics market, and is expected to continue to lead throughout the forecast period. This is attributed to adoption of services among end users with its effective functioning. However, the software segment is expected to grow at the highest CAGR of 12.5% from 2020 to 2027, owing to surge in need to manage ever-increasing data across the globe.

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Based on region, North America accounted for the highest market share in 2019, holding more than half of the total share of the global big data and business analytics market, and will maintain its leadership status by 2027. This is attributed to increase in adoption in the region to easily extract insights from unstructured data. However, Asia-Pacific is projected to portray the highest CAGR of 15.8% throughout the forecast period. This is due to presence and expansion of key players in emerging countries such as China and India.

The key players operating in the big data and business analytics market are Amazon Web Services, Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, Oracle Corporation, Hewlett Packard Enterprise Development LP, SAP SE, SAS Institute Inc., TIBCO Software Inc., and Teradata Corporation.

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Covid-19 Scenario

● Owing to adoption of "work-from-home" structure, there is a huge amount of data generated, and demand for cloud-based big data and business analytics software has increased to handle such huge amount of data.

● Organizations have been deploying analytics to cope up with challenges arose due to Covid-19 in areas including managing supply chains, protecting data and information, supporting employees, and making financial decision.

● The trend of data-driven decisions has become widespread as companies have been increasingly adopting analytics solutions. Insights extracted from analytics can be utilized to rethink the business models and adapt to changing scenarios.

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