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Big Data Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Analytics Tool, Application, and End Use Industry

Big Data Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Analytics Tool, Application, and End Use Industry

  • May 2022
  • 249 pages
  • ID: 6289890
  • Format: PDF
  • The Insight Partners

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The big data analytics market is expected to grow from US$ 239.75 billion in 2021 to US$ 638.66 billion by 2028; it is estimated to grow at a CAGR of 15.3% from 2022 to 2028.

In the healthcare sector, the increased adoption of AI-driven advanced reporting, healthcare business intelligence, and electronic medical records drives the big data analytics market growth.Similarly, during the COVID-19 pandemic, several sectors resorted to remote labor and applied advanced analytics to understand new trends.

Furthermore, businesses have modified their digital strategy to function more efficiently in this continuously changing environment, thereby driving the market growth.For instance, KPMG surveyed 780 digital transformation strategy leaders from 12 industries in 10 countries in July 2020.

According to the poll, 67% of respondents increased their digital transformation budget, and 63% have advanced their digital transformation strategy due to the COVID-19 pandemic.Moreover, as per IDC data, 152,200 IoT devices will connect every minute by 2025.

Further, edge computing is gaining more popularity as the demand for connected devices increases. Edge computing refers to a framework in which processors are positioned closer to the data source or destination than the cloud. Thus, the growing shift toward edge computing to further boost database quantity is expected to fuel the big data analytics market growth.

Medical companies can still not meet the information needs of patients, physicians, administrators, and policymakers.Big data analytics can enable personalized and precise treatment based on unique data, supplied in real-time and adapted to particular patients.

Further, systems that can quickly learn about the data provided by people in clinical treatment and everyday life must be implemented. This will allow for data-driven decision-making and better personalized prognosis and treatment response predictions.
Corporations are using bots to modernize and automate their work environments.Furthermore, virtual assistants such as Amazon Alexa, Apple Siri, and Google Assistant generate important data.

Technological advancements have boosted the global rise of social media users in network access and smartphone technologies.Various data sources, such as YouTube videos, Snapchat, Instagram, Facebook, and WhatsApp chats, generate massive amounts of data.

As a result of technological advancements in industries, smart applications, and social media platforms, the industrial revolution is predicted to create huge databases. Thus, the growing database across these industries is driving the growth of the big data analytics market.

Big data analytics is a vital component of businesses as it enables them to manage, process, and streamline massive datasets in real-time while improving the decision-making capabilities of these companies.Further, the primary goal of big data analytics market solutions is to support enterprises to understand their customers and target population better, hence optimizing marketing campaigns.

Furthermore, big data analytics market is used by various businesses to examine huge amounts of data created by offline and online commerce.Moreover, with the emergence of cloud-based big data analytics market, users can access data from anywhere.

This helps several big data analytics market service providers to increase their investment in cloud technology by having a competitive edge over other service provider.

North America is one of the most vital regions for the adoption and growth of new technologies due to favorable government policies that boost innovation, the presence of a substantial industrial base, and high purchasing power, especially in countries such as the US and Canada.In the US, big data analytics is highly used across several industries, such as manufacturing and electronics.

The country consists of the maximum number of big data analytics developers.Further, the COVID-19 pandemic has forced companies to adopt work-from-home trends.

The work-from-home trend has created many data analytics options, favorably benefiting the North American big data analytics market. This trend is likely to continue beyond the COVID-19 pandemic, as businesses have begun implementing business analytics solutions to improve data protection and streamline overall corporate productivity.

The overall big data analytics market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the big data analytics market.

The process also serves the purpose of obtaining an overview and forecast for the big data analytics market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.

Participants of this process are industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the big data analytics market. A few key companies operating in the market and profiled in the report are Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, TIBCO Software, and Teradata.

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