Overview
Big data analytics involves using advanced analytic techniques to analyze large structured, semi-structured, and unstructured data sets from different sources and sizes, from terabytes to zettabytes. It is primarily applied to large data sets which cannot be managed or processed using traditional techniques. Big data includes high volume, wide variety, and high velocity. Data is collected from various sources such as sensors, video/audio, devices, networks, web, log files, social media, and transactional applications. It allows the business owners and researchers to analyze and make better & faster decisions. It is often used to examine big data to uncover correlations, hidden patterns, market trends, and customer preferences.
FastMR Brief:
- As per a Report, The global big data analytics market was valued at $240.56 billion in 2021 and is expected to register a CAGR of 13.4% from 2022 to 2029.
- Around 90% of the big companies invest in big data technologies such as IoT and artificial intelligence. The big data analytics market will reach over USD 100 billion by 2027.
- Approximately 2,000,000,000,000,000,000 bytes of data are generated every day across all industries, as per IT Chronicles. The global DataSphere is expected to grow to around 175 zettabytes by 2025.
Big Data Analytics Market Insights
The adoption of big data analytics across businesses has increased significantly with rising awareness about its benefits. Businesses can gain significant value from the data sets captured by the organizations. Speed and efficiency are other key benefits of big data analytics. It helps organizations harness data, identify new opportunities, make smart moves, and generate higher profits. Over 45% of the businesses are running at least one big data workload in the cloud.
Millions of data sources are being generated daily at a very rapid rate. The largest sources of data include networks and social media platforms. This, in turn, has led to increased requirements for big data analytic techniques across major social media platforms such as Facebook, Whatsapp, and Instagram, among others.
Companies across verticals emphasize understanding consumer trends and behavior before launching a new product, movie, or service. Thus, these companies rely on big data analytics to understand consumer behavior patterns and invent new products that optimize the customer experience. This results in high product sales and, thus, high revenue.
Poor data quality can cost businesses anywhere between USD 9.7 million and USD 14.2 million yearly on average, according to global statistics on Big Data technologies. Poor data quality can also result in wrong strategic decisions. Thus, the proper technique to store large data sets is crucial, which has led to a rise in the adoption of big data analytics across the globe.
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An increasing number of startups with virtual modes of operation are generating enormous amounts of data, driving the adoption of big data analytics. Growing digitalization coupled with easy internet access has resulted in the generation of a large amount of data from social media. Over 5 million businesses are using the WhatsApp Business app to connect with their customers.
Service companies are widely using big data analytics for providing various services to their client, including consulting, deployment & maintenance, and training & development. Consulting held the largest market share in 2021 and is expected to register a healthy CAGR during the review period. The demand for industry consultants has increased significantly to understand market trends and forecasts to make better decisions. This drives the need for big data analytical tools to analyze the data and make visual interpretations.
However, security concerns and technical expertise poses a threat to the players operating in the global market.
Big data analytical tools are used across various end-use industries, including banking, financial services and insurance (BFSI), manufacturing, government, healthcare, retail & e-commerce, IT & telecom, education, and transportation. BFSI and IT & telecom are the key industries using data analytics due to the huge amount of data in these industries.
Geographically, the global market has been categorized into North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa. North America is the largest user of big data analytics and it accounted for the largest market share in 2021. The market growth in North America region can be attributed to the high adoption rate of advanced technologies among businesses across industry verticals. The US is the key revenue generating country in the region.
The growth of big data analytics market in European region is driven by high adoption rate of analytical tools in countries including Germany, France and UK among others. Presence of established BFSI, healthcare, retail, and transportation industries are driving the regional market growth substantially. The market growth in Asia-Pacific regions is witnessed to be driven by the increasing adoption of advanced technologies in the developing countries, particularly China and India.
Some of the key players operating in the global market include IBM Corporation, SAP SE, Oracle Corporation, Salesforce Inc. and Equifax, Inc. among others. The market players are emphasizing on expanding their business footprint through acquisitions and offer advanced solutions to the consumers. For instance, in May 2022, Salesforce signed a definitive agreement to acquire Troops.ai, a leading provider of a revenue communications solution that is used to improve sales velocity, visibility, forecasting, and collaboration across teams.
