The big data analytics market has been growing significantly over the past few years, mainly due to the augmenting demand for customer analytics and content analytics solutions in the burgeoning eCommerce sector, worldwide. The market witnesses’ huge uptake and demand for big data analytics across industries which, in turn, acts as a key driving force. With the growing number of businesses, the big data analytics market is getting escalated on the ascending heights, globally.
Acknowledging the exponential growth, the market is witnessing currently Market Research Future (MRFR) in its recently published study report asserts that the global big data analytics market will reach approximately 275 BN USD in 2023 growing at an approximate CAGR of 12% between the year 2019 – 2023.
Enterprises are increasingly investing in big data analytics. Mainly, the banking industry and manufacturing industry has been investing hugely in big data analytics mainly due to the security and compliance issues, while, other sectors are investing primarily into managing the customer experience information for customer retention to enhance customer care support and to improve customers’ experience.
Out of these, Banking industry with its focus on risk management, fraud prevention & security, and compliance issues. Together banking, manufacturing and government sectors will account for approximately 50 % of the spending in the data analytics market.
Customer analytics and content analytics solutions find huge uptake across the telecommunication industry and media industry due to the major emphasis of these sectors on customer acquisition, retention, and loyalty.
Big data analytics is expected to garner a huge market prominence, becoming increasingly important for companies to gain a competitive edge. Undoubtedly, developments in blockchain technology with its ability to handle the challenges of decentralizing big data are reasoning for the prominence of this analytics.
Decentralization of data is vital to ensuring big data is accessible to all and not controlled by a chosen few. Consequently, the progress in the partnership of big data analytics and blockchains as developments in this space will continue further supporting the market growth.
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Some of the eminent leaders of the market include Teradata Corporation (U.S.), IBM Corporation (U.S.), VMware, Inc (U.S.), SAP SE (Germany), Tableau Software (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Pentaho (U.S.), Hewlett Packard Enterprise (U.S), Google Inc (U.S.), and Datameer (U.S.).
MRFR has segmented its analysis into four key dynamics for an easy grasp;
By Components : Software and Hardware.
By Solutions : Fraud Detection, Risk Management, Customer Analytics, and Content Analytics.
By End – Users : Banking, Discrete manufacturing, Process Manufacturing, Government, Telecom, Insurance, Transportation and Utilities among others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World.
The fiercely competitive healthcare big data market appears to be fragmented due to the presence of several matured & small key players accounting for a substantial market share. These players try to gain a competitive advantage through strategic initiatives such as partnership, expansion, acquisition, collaboration, and product/technology launch. They invest heavily in the R&D to develop a unique technology that is entirely on a different level compared to their competition.
The North American region dominates the global Big Data Analytics Market with a significant share. The presence of the major players and the increased focus of enterprises on big data management & analysis as a growth propeller are positively impacting the market growth.
The early emergence of big data analytics certainly gives North America an edge over other regions. Also, increasing technological advancements support the market growth. The US among other North American countries will continue to lead the regional market. more than 80% out of total investments made in the big data analytics in the region come from the US.
The European and Asia Pacific region stand second & third position respectively, in the global big data analytics market. The big data analytics market in Europe is heading with the augmenting demand mainly from the healthcare and manufacturing sectors.
Whereas, the Asia Pacific region is emerging as a promising market for big data analytics majorly due to the increasing numbers of enterprises especially in rapidly growing countries such as China, Japan, and India.
The MEA Region (the Middle East & Africa) is to expected to perceive a steady growth in the big data analytics market during the forecast period.
October 30, 2019 – State Bank of India (SBI) and Hitachi Payment Services Private Limited (India) together announced that the signing of definitive agreement to enter into a joint venture (JV) for the establishment of state-of-the-art card acceptance and future-ready digital payment platform for India.
The JV combines the SBI’s distribution network and customer trust with cutting-edge technology and services of the Hitachi group in areas such as digital payments technology, services, big data, analytics, and artificial intelligence.
According to the JV agreement that is subjected to requisite regulatory approvals, SBI will have a majority stake in the proposed venture and will leverage its branch network and the goodwill with corporates and the government to provide a technology-led superior payment service in the country.
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TABLE OF CONTENTS
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH BIG DATA ANALYTICS
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
3 MARKET DYNAMICS
LIST OF TABLES
TABLE 1 BIG DATA ANALYTICS MARKET, BY COMPONENT
TABLE 2 BIG DATA ANALYTICS MARKET, BY SOLUTION
TABLE 3BIG DATA ANALYTICS MARKET, BY END – USER
TABLE 4 BIG DATA ANALYTICS MARKET, BY REGION
TABLE 5 NORTH AMERICA BIG DATA ANALYTICS MARKET, BY COMPONENT
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LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 BIG DATA ANALYTICS MARKET, BY COMPONENT (%)
FIGURE 3 BIG DATA ANALYTICS MARKET, BY SOLUTION (%)
FIGURE 4 BIG DATA ANALYTICS MARKET, BY END USER (%)
FIGURE 5 BIG DATA ANALYTICS MARKET, BY REGION (%)
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