USD 665.7 Billion Big Data and Business Analytics Market Reach by 2030 | Top Players such as - AWS, TIBCO and Teradata

Integration of advanced technologies in business analytics solutions is expected to drive the big data and business analytics market.

PORTLAND, PORTLAND, OR, UNITED STATE, December 13, 2023 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " The USD 665.7 Billion Big Data and Business Analytics Market Reach by 2030 | Top Players such as - AWS, TIBCO and Teradata." 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 was valued at USD 225.3 billion in 2023, and is projected to reach USD 665.7 billion by 2033, growing at a CAGR of 11.6% from 2024 to 2033.

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The big data and business analytics market is expected to witness notable growth owing to surge in adoption of big data analytics software by multiple organizations, increase in demand for cloud-based big data analytics software among SMEs, and numerous benefits provided by big data and business analytics solutions. Moreover, emerging trends such as social media analytics and increase in need to gain insights for business planning are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, high implementation cost and lack of skilled workforce limit the growth of the big data and business analytics market.

The global big data and business analytics market is segmented into component, application, industry vertical, and region. In terms of component, the market is fragmented into hardware, software, and services. 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 application, the customer analytics segment held the highest market share in 2023, accounting for nearly one-third of the big data and business analytics market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to market players focusing on customer analytics to get better insights into consumer demand and preferences. However, risk and credit analytics segment is projected to attain the highest CAGR of 14.0% from 2024 to 2033 due to an increase in demand for risk analytics due to various government policies and the rise in competition among industries.

Based on component, the service segment accounted for the largest share in 2023, contributing to half of the big data and business analytics market revenue, owing to growth in the data services from end users. However, the software segment is expected to portray the largest CAGR of 12.92% from 2024 to 2033 as most organizations have started adopting big data and business analytics software to manage the massive volume of data being generated for meaningful insights and better-informed decisions.

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Based on region, the North America segment held the highest market share in terms of revenue in 2023, accounting for half of the big data and business analytics market revenue. The presence of key players and technological advancements in the region propel the growth of the market.

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

● The big data and business analytics market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market was projected to witness a slight downfall in 2020. This was attributed to the implementation of lockdowns by governments in the majority of the countries and the shutdown of travel across the world to prevent the transmission of the virus. The big data and business analytics market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic.

● In addition, various IT & telecom, e-commerce, and retail companies are seeking cost-effective solutions to boost their productivity to attract consumers toward cloud-based solutions and to increase their financial benefits. Furthermore, increase in efforts of governments along with rise in investments in smart city projects by a number of developing economies is expected to provide lucrative opportunities for the expansion of the global market, as the use of business analytics is increasing in smart cities majorly to support real-time operational control; improve decision-making; increase service quality as well as efficiency; and improve engagement of government with businesses, citizens, and other stakeholders.

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