Global Big Data Analytics Market Assessment, By Component [Hardware, Software, Services], By Enterprise Size [Small and Medium Enterprise, Large Enterprise], By End-user [Healthcare, Retail, Education, Media and Entertainment, Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Others], By Deployment [Cloud, On-Premises], By Region, Opportunities and Forecast, 2016-2030F
Global Big Data Analytics Market size was valued at USD 187.38 billion in 2022 which is expected to reach USD 588.54 billion in 2030 growing at 15.38% CAGR for the forecast period between 2023 and 2030. Big data analytics involves the use of advanced technologies and techniques, such as machine learning, natural language processing, and data mining, to extract meaningful insights and patterns from vast amounts of data. The data analyzed by big data analytics can come from a variety of sources, including social media platforms, internet search engines, and customer transaction records.
The insights gained from big data analytics can be used to inform business decisions, improve operational efficiency, and gain a competitive advantage in the market. In the next years, it is expected that globally big data analytics industry will continue to expand quickly due to factors such the rising amount of data that organisations create, and the increasing significance of decision-making based on data.
Increasing Use of Cloud-Based Big Data Analytics Platforms
The increasing use of cloud-based platforms is a significant trend in the global big data analytics market owing to several advantages over traditional on-premises solutions, including greater scalability, flexibility, and cost-effectiveness. With cloud-based platforms, organizations can rapidly scale up or down their big data analytics capabilities as needed, without the need for significant upfront investment in hardware and infrastructure.
Cloud-based platforms can offer greater agility and faster time to value, as organizations can quickly spin up new environments and experiment with new analytics tools and techniques. Cloud-based platforms also offer the advantage of easy access to a range of data sources and applications, as well as the ability to easily integrate with other cloud-based services and tools. Overall, the increasing use of cloud-based big data analytics platforms is expected to continue to drive innovation and growth in the market, as organizations seek to harness the power of big data to drive insights and innovation in a cost-effective and scalable manner. For example, United Parcel Service (UPS), the world’s biggest package shipping company, uses cloud analytics to save a million gallons of fuel, to reduce miles from its routes.
Growing Demand for Real-time Analytics
Real-time analytics allows organizations to make faster and more informed decisions based on up-to-date information. With the increasing volume, variety, and velocity of data generated by the Internet of Things (IoT), social media, and other digital sources, real-time analytics is becoming increasingly critical for organizations across a range of industries, from finance and healthcare to retail and manufacturing. Real-time analytics can also enable organizations to identify and respond to emerging trends and opportunities more quickly, giving them a competitive advantage in the market. For instance, in 2022, Dublin Port Company (DPC), the operator of Ireland’s largest freight and passenger port, announced integration of Oracle Fusion Cloud Enterprise Performance Management (EPM) to enhance its operations and support its ongoing expansion. Compony will use real-time analytics provided by Oracle software to increase the accuracy of its planning, budgeting, forecasting to improve insights and decision-making across its organization.
Additionally, real-time analytics can be used to support real-time monitoring and alerting, enabling organizations to quickly detect and respond to potential issues or threats. Overall, the growing demand for real-time analytics is expected to continue to drive innovation, investment and growth of the global big data analytics market, as organizations seek to leverage the power of real-time data to drive insights and improve business outcomes.
Media and Entertainment to Show More Pace
The big data analytics sector is expected to experience substantial expansion in the entertainment and media industries. Through a variety of outlets, including social media, streaming services, advertising campaigns, and public interactions, the sector creates enormous volumes of data. Big data analytics helps media and entertainment organisations learn insightful information about customer behaviour and trends, enabling the development of more specialised content, individualised suggestions, and more effective marketing plans. Media and entertainment companies may streamline operations, improve audience engagement, and spur revenue development by using the potential of big data analytics.
Increasing Use of Technologies to Increase Demand for Software
Big data analytics are being widely used by businesses to get useful insights and make wise business decisions. As an outcome, there is an increasing need for software programmes that can process and analyse massive amounts of data effectively. Big data analytics software usage is being accelerated by developments in machine learning, artificial intelligence, and natural language processing. These technologies give businesses the ability to uncover important correlations, trends, and patterns from large, complicated data sets. Big data analytics is now more accessible and scalable because of the combination of cloud-based and edge computing technologies, which has helped the market expand.
Impact of COVID-19
The Covid-19 pandemic has had a significant impact on the global big data analytics market. On one hand, the pandemic has highlighted the importance of data analytics in managing public health and safety, as well as in supporting businesses and organizations to adapt to the changing economic landscape. As a result, there has been a surge in demand for big data analytics tools and services, particularly in the healthcare and pharmaceutical industries. The pandemic has also led to economic uncertainty and reduced investment in some industries, which has slowed down the growth of the big data analytics market in certain regions and sectors.
However, the shift to remote work and increased reliance on digital technologies during the pandemic generated vast amounts of data. Organizations needed to understand the performance, productivity, and well-being of their remote workforce. Big data analytics helped in monitoring and analysing employee behaviour, collaboration patterns, and overall productivity to optimize remote work strategies. Moreover, most organizations needed data analytics top optimize business model and its operational activities to mitigate challenges posed by lockdown restriction due to pandemic. Therefore, Covid-19 pandemic acted as a growth boosted for the Global Big Data Analytics market.
For example, The American government started a large-scale initiative aimed at speeding up the production and delivery of COVID-19 vaccinations, treatments, and diagnostic procedures. Oracle created a National Electronic Health Record database and a set of Public Health Management Applications to assist in that endeavour and make it easier for American public health organisations and healthcare providers to gather and examine COVID-19-related data.
Impact of Russia-Ukraine War
The Russia-Ukraine war has had a significant impact on the big data analytics market. The war has led to increased demand for big data analytics solutions in several areas, including cybersecurity, supply chain management, risk management, and decision making. In addition to increasing demand, the war has also led to increased investment in big data analytics. Governments and businesses are investing in big data analytics solutions to help them respond to the challenges posed by the war. Thus, the war had a positive impact on the big data analytics market, leading to growth in the market size and value.
Key Player Landscape and Outlook
The global big data analytics market is highly competitive, with several established players and new entrants competing for market share. These companies offer a range of big data analytics solutions, including software tools, hardware infrastructure, and cloud-based platforms. They also offer consulting and professional services to help organizations deploy and manage big data analytics solutions. To gain a competitive advantage in the market, many players are expanding big data cloud analytics solutions business in new geographies and new industries like banking, automotive, etc. to grab market share.
For instance, Oracle’s cloud business has become the main engine of development in India as more and more businesses choose Oracle Cloud. Kotak Mahindra Bank, Tata Motors, cognizant Bharti Airtel, Apollo Hospital, HDFC Bank, & Tata Sons are just a few of its clients. Over the previous five years, the company’s client base has quadrupled to 20,000 consumers.
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