Risk Management to Expand the Potential of the Big Data Analytics Market Share 2023
Big Data Analytics Market Share
The global big data analytics market is expected to expand at 12% CAGR from 2017 to 2023 to touch a size of USD 275 billion by 2023, states Market Research Future (MRFR). The preference of people shopping online owing to the availability of a slew of products on a common platform has led to large sets of data. Big data analytics has the capability to understand customer behavior according to the choices they have made and provide companies enough information for formulating strategies. Targeted advertising is one of the prime instances which have seen massive success thanks to the data.
The integration of internet of things (IoT) in homes and companies for thorough connectivity is possible thanks to big data analytics. Industrial automation for scaling their operations and operational efficiency is likely to augur well for the big data analytics market. Adoption of big data analytics by industrial sectors such as retail, telecommunications, and banking to gauge customer behavior can propel market growth till 2023.
Segmentation Analysis
The big data analytics market report is segmented by component, solution, and end-user.
By component, it is segmented into hardware and software. The software segment is expected to generate significant revenue for the market till the end of the forecast period owing to the need for operational agility and performance in organizations. On the other hand, the hardware segment is likely to generate revenue at a modest growth rate owing to minimal changes in system architecture.
Solutions include customer analytics & content analytics, risk management, and fraud detection. Among these, the customer analytics & content analytics segment has the maximum revenue generating potential owing to the need for providing customized information for customers. Adoption of these software by the telecommunication industry for customer retention and loyalty purposes is likely to spur the segment growth till 2023. The risk management solution is likely to gain centerstage in light of various data breaches and scandals in financial institutions. The use of big data analytics by hedge fund managers to predict unforeseen events and take preventive measures is likely to drive the market demand over the forecast period.
Major end-users include transportation & utilities, discrete manufacturing, process manufacturing, government, telecom, banking, and insurance. Banking, discrete manufacturing, and process manufacturing can together account for nearly 50% of the revenue in the big data analytics market. This can be credited to the development of feed machine learning algorithms for foreseeing the possibility of malicious events. In addition, the potential of big data to portend
Regional Analysis
The North America region lead the big data analytics market owing to the United States and massive investments to foster development of the software. The uptick in number of mobile owners and widespread use of applications can drive the regional market growth. Automation is rapidly gaining speed with various industries switching to the technology to expedite their production rate. In addition, encouragement given to automated machine learning for performing repetitive tasks is likely to bode well for the market.
The Asia Pacific (APAC) region is expected to be lucrative for the big data analytics market owing to the demand by large corporations to sieve through data lakes and hubs for gauging consumer behavior. India and China are major regions likely to contribute to market demand owing to continuous developments in data science, advanced analytics, and predictive modelling. The shift to cloud is predicted to trigger the demand for big data analytics software immensely.
Competitive Scenario
Noteworthy names in the big data analytics market include Pentaho, VMware, Inc., Oracle Corporation, IBM Corporation, Datameer, Google Inc, Teradata Corporation, SAP SE, Microsoft Corporation, Hewlett Packard Enterprise, and Tableau Software. Growing digitization and adoption of virtualization has culminated in vendors offering innovative solutions for various industry verticals. In order to cope with the copious volume of data, players are establishing data centers to cater to high demand by BFSI, telecom, and manufacturing sectors.
More Information@
Big Data Software Market - Forecast 2023 | MRFR
big data software market is expected to grow at a CAGR of approximately 13% during the forecast…
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