Market Research Future (MRFR) projects that the global big data analytics market is set to proliferate at a CAGR of 12% during the forecast period 2017 to 2023. The big data analytics market is estimated to reach a valuation of USD 275 Bn by the end of 2023. The increased adoption of Internet of Things (IoT) is likely to have a positive impact on the growth of the global big data analytics market.
The integration of big data analytics solution into business enhances operational efficiency and decision-making ability, which is likely to accelerate its embracement in the foreseeable future. The initiatives undertaken by the governments in fast-developing economies for promoting digitalization is another factor favoring the big data analytics market proliferation.
The accelerated adoption of the technology has encouraged banking and manufacturing industries to catalyze investments in the big data analytics market. The trend is poised to continue across the projection period.
By components, the global big data analytics market is segmented into hardware and software. The software segment is further sub-segmented into reporting and analytics, and data warehouse management system. The software segment is expected to retain a relatively higher share of the market over the forecast period.
By solutions, the big data analytics market is segmented into fraud detection, risk management, customer analytics, and content analytics. The boom witnessed in the telecommunication and media industries have boosted the growth of customer analytics and content analytics segments.
By end-user, the global big data analytics has been segmented into banking, discrete manufacturing, process manufacturing, government, telecom, insurance, transportation, and utilities. The banking, discrete manufacturing, and process manufacturing are expected to witness massive investments with the focus being on risk management, fraud prevention and security and compliance issues.
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By region, the global big data analytics market has been segmented into North America, Asia Pacific, Europe and the Rest of the World. Led by the U.S., North America is likely to retain a dominant share in the big data analytics market over the forecast period. One of the key factors complementing the market growth and expansion in the region is the massive investments being made in the big data analytics market. Other factors responsible for the growth of the market include the adoption of the technology, presence of key players, technological advancements, etc. Europe and Asia Pacific are likely to remain significant growth pockets throughout the assessment period. The developed technological infrastructure in Europe and the consolidation of emerging markets such as India and China in Asia Pacific are expected to favor the growth of the global big data analytics market.
Some of the key players profiled by MRFR in the report are Teradata Corporation (U.S.), VMware, Inc (U.S.), Tableau Software (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Pentaho (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Google Inc (U.S.), Hewlett Packard Enterprise (U.S), and Datameer (U.S.).
In April 2018, the Reserve Bank of India has entered the world of big data analytics. Its big data analytics division would be used for inflation management, banking supervision, and financial inclusion.
In July 2018, big data analytics startup Iqlect raised USD 2.5 Mn from its new investor VentureEast and existing investor Exfinity Ventures.
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