Market Insights

The rapidly increasing volume and complexity of data is due to growing mobile data traffic, cloud-computing traffic and burgeoning development and adoption of technologies including IoT and AI, which is driving the growth of big data analytics market. Over 2.5 quintillion bytes of data generated every day. Data is created by every click, swipe, share, search and stream, proliferating the demand of big data analytics market globally. According to a survey, the number of firms investing in big data and AI more than US$ 50 Mn rose from 27% in 2018 to 33.9% in 2019. The global spending on big data analytics is more than US$ 180 Bn in 2020 globally. Thus, bolstering the big data analytics market growth.

By 2022, 90% of enterprise analytics and business professionals say that data and analytics are key to digital transformation initiatives for their organisations. About 58 percent of organisations worldwide plan to adopt Big Data technology in 2019, according to a recent research study. Hybrid IT infrastructure management capabilities will be adopted by organisations. The increasing adoption of big data and AI in sectors such as IT & Telecom, BFSI, and Healthcare, among others, is further fueling the big data analytics market’s demand.


Platform Analysis

Based on platform, services segment accounted for more than 1/3rd of revenue share of global big data analytics market revenue. Owing to the benefits offered including personalized experience, ability to add real time data for companies, unique view of customers including countless descriptive, calculated and industry specific metrics to organizations to understand client requirements, among others.

In contrast, during the forecast period, the software segment is expected to see the highest growth. This can be associated with the increasing adoption by many mid-sized and small-sized companies of big data analytics software and the benefits of big data, such as real-time forecasting and monitoring, the ability to locate, extract and analyse data with various tools, among others. In addition, the growth of the big data analytics market is further fueling the increasing trend of adopting different instruments, including data science, analytical application and stream processing, among others.

Key Market Movements

  • Globally, the big data analytics market is growing at a Compound annual growth rate of 12.3% for the period from 2019 to 2027.
  • Large enterprises segment dominates the big data analytics market with a share of more than 60%. Owing to the increasing adoption and inclination to invest in big data technology among others.
  • In addition, SME segment expected to grow at a remarkable pace during the forecast period. This can be associated with the increasing trend of digitalization and adoption of big data technology among others.
  • North America region leads the big data analytics market and accounts for a share of more than 35% of the total revenue. The region will sustain its lead during the forecast years. This is due to the region being the one of the early adopter of technological advancements.
  • Asia Pacific region anticipated to register highest growth. Asia Pacific region expected to grow at a CAGR of more than 15% throughout the forecast period. Owing to the increasing adoption of advanced technology in the countries such as China, Japan and India among others.

Article based on Gartner survey published by iCrowdNewswire

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