The Global Big Data Analytics Market was $31.30 Bn in 2020, and it is expected to reach $176.10 Bn by 2030. It is eventually growing at a commendable high compound annual growth rate CAGR of 18.9% between 2020-2030. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The Big Data Analytics Market is primarily driven by the increasing complexity and volume of data due to rising mobile data traffic, and cloud-computing traffic. Moreover, surging development and adoption of technologies such as internet of things (IoT) and Artificial Intelligence (AI) is expected to fuel the market growth over the forecast period.
Global Large Enterprises Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
Data across all industries are increasing day by day, and at the same time, analysis of all these data from all aspects is also becoming a challenge for most of the company’s inhouse. This complexity in data management has created an excellent opportunity for big data analytics with their cloud servers in the market. Due to the massive data cluster, these specialized companies provide all new and old companies with ease. This demand for data management has increased opportunities for new startups too, and in the past few years, around 60% of big data analytics companies are startups. This startup proportion itself shows the big data analytics market's growth potential in the coming days.
The global Big Data Analytics Market has been segmented into Platform, Deployment Mode, Enterprise Size, and End-User. By Platform, the global Big Data Analytics Market is divided into - Hardware, Software, and Services. By Deployment Mode, the global Big Data Analytics Market is divided into - On-Premise, and Cloud-Based. By Enterprise Size, the global Big Data Analytics Market is divided into Small & Medium Enterprises (SME’s), and Large Enterprises. By End-User, the global Big Data Analytics Market is divided into IT & Telecom, BFSI, Healthcare, Government, Manufacturing, and Others. The large enterprises segment is estimated to witness remarkable growth during the forecast period. The growth is attributed to the rising adoption of big data analytics software and inclination to invest in big data technology among others.
By Region, North America is Holding the Major Market Share
The global Big Data Analytics Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, the North America Big Data Analytics Market is holding the largest market share currently and is estimated to show a leading compound annual growth rate in the forecast period. The North American market is estimated to witness rapid growth due to the early adoption of technologies and rising technological advancements. Moreover, the presence of major players in the region is also expected to be a market driving factor over the forecast period. Asia Pacific region, however, is forecast to witness the fastest growth rate during the forecast period. The high growth in the Asia Pacific region is attributed to the rising adoption of advanced technologies in emerging economies such as China and India. Europe and LAMEA region are also anticipated to register significant growth over the forecast period owing to the emergence of SMEs and cloud-based bid data services. These factors are expected to boost the market of the Big Data Analytics Market throughout the forecast period from 2020 to 2030
Major Players in Big Data Analytics Market Market
Some of the key players in the global Big Data Analytics Market include IBM Corporation, Splunk Inc., Dell Inc., Oracle Corporation, Amazon AWS, Accenture Plc., Palantir Technologies, HPE Company, SAP SE, Microsoft Corporation, and Cisco Systems Inc.
The Global Big Data Analytics Market Has Been Segmented into:
Global Big Data Analytics Market: By Platform
Global Big Data Analytics Market: By Deployment Mode
Global Big Data Analytics Market: By Enterprise Size
Global Big Data Analytics Market: By End-User
Global Big Data Analytics Market: By Region