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Big Data Analytics Market (Component - Software, and Services; Deployment - On-premise, and Cloud; Analytics Type - Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Diagnostic Analytics): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : ICT1369

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on big data analytics market provides in-depth analysis of segments and sub-segments in the global as well as regional big data analytics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional big data analytics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global big data analytics market. According to the report, the global big data analytics market is projected to grow at a CAGR of 14.0% over the forecast period of 2020-2026.

 

Market Insight

Big data is the combination of structured and unstructured data with large volume, variety, and velocity. Big data analytics is the process of collecting, organizing, and analyzing a large volume of data to learn patterns and insight details. Big data analytics helps organizations to understand the data and make future decisions.  Moreover, big data analytics is a type of advanced analytics that uses predictive models and statistical algorithms for analyzing the data. Big data analytics is used by several industries such as hospitality, healthcare, public services, retail businesses, and many more. Big data analytics help organizations in data-driven decision making. Furthermore, the advantages of Big data analytics including cost optimization, real-time forecasting improved operational efficiency, and quick risk mitigation are driving its adoption.

 

The spread of COVID-19 has fairly positive effects on the global big data analytics market. The abrupt surge in the number of COVID-19 cases and their health data have generated a pool of information and knowledge. This created a growing demand for the storage and analysis of such a large amount of data, using different data storage technologies. The data of COVID-19 cases is further used for research and development regarding the virus, pandemic, and measures to fight this virus and its after-effects. Big data solutions can digitally store and analyze a large amount of data of COVID-19 patients. It can be used to reveal insights into the spread and control of this virus. This, in turn, drives the adoption of big data analytics over the short term in the global marketplace. Furthermore, the public and private sectors are investing heavily in advanced technologies such as big data, and AI to help in research about COVID-19. Growing investment in such advanced technologies is further expected to augment the market.

 

The rapidly growing volume of complex data is augmenting the growth of the global big data analytics market. Big data is generated from multiple sources such as websites, social media, desktop, and mobile apps, sensors, and other devices. Moreover, the emergence of advanced big data analytic tools and advancements in technologies are boosting the market. Big data analytics tool helps organizations to find business insight, improves operations, and increase efficiency. The major restraining factor for the big data analytics market is the lack of skilled professionals and the high cost of implementing business analytics. Furthermore, the adoption of Hadoop technology is boosting the market by cost efficiency, scalability, flexibility, and fault-tolerant features. This technological advancement helps to discover, visualize, and share hidden insights from data in the decision-making process. This technological advancement projected to boost the market over the forecast period.

 

North American region dominated the big data analytics market in the world.  The high adoption of cloud computing and big data analytics solutions in North America is boosting the market in this region. Moreover, the higher penetration of the internet and smart devices is further augmenting the demand for big data analysis. A large number of internet users and smart devices generate a huge amount of data, which requires big data solutions to analyze and derive meaningful insights. On the other hand, the Asia Pacific region is anticipated to register the highest market growth for big data analytics owing to the increasing adoption of advanced technology. Moreover, the increasing volume of data is expected to propel the growth of the big data analytics tool in the Asia Pacific.

 

Segment Covered

The report on the global big data analytics market covers segments such as component, deployment, and analytics type. On the basis of components, the sub-markets include software and services. On the basis of deployment, the sub-markets include on-premise and cloud. On the basis of analytics type, the sub-markets include descriptive analytics, predictive analytics, prescriptive analytics, and diagnostic analytics.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Accenture plc, Fair Isaac Corporation, Cisco Systems, Inc., SAS Institute Inc., IBM Corporation, Splunk Inc., Oracle Corporation, Dell Inc., SAP SE, and TIBCO Software Inc.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the big data analytics market. Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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