According to our latest market study on "Big Data Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Analytics Tool, Application, and End Use Industry," the market is projected to reach US$ 638.66 million by 2028 from US$ 239.75 million in 2021; it is expected to grow at a CAGR of 15.3% from 2022 to 2028.
Digital solutions are driving data growth across various industries globally, including education, BFSI, retail, agriculture, healthcare, IT, and telecommunications. For instance, AI has transformed precision farming, pest control, and risk management in agriculture by leveraging big data analytics. The agriculture industry uses big data analytics to process vast amounts of structured and unstructured data from various sources, such as sensors, smart machinery, GPS-equipped tractors, and soil sensors, to analyse natural trends, optimize crops, and assess risks.
Despite advancements in medical technology, healthcare companies struggle to meet the information needs of patients, physicians, administrators, and policymakers. Big data analytics can help address this gap by providing personalized and precise treatment based on real-time and unique patient data. Furthermore, implementing systems that can quickly learn from clinical treatment and everyday life data can enable data-driven decision-making, improve personalized prognosis, and enhance treatment response predictions.
The big data analytics market is being propelled by the increasing volume of data generated by various sources such as social media platforms, smartphones, and smart applications, owing to technological advancements. Furthermore, companies are utilizing bots and virtual assistants like Amazon Alexa, Apple Siri, and Google Assistant to automate their work environments and collect valuable data. As a result of these advancements, the industrial revolution is expected to create vast databases, leading to the growth of the big data analytics market.
Impact of COVID-19 Pandemic on Big Data Analytics Market
The COVID-19 outbreak had a severe impact on APAC in 2020, primarily due to China's large population, which increased the risk of viral spread. Major economies in the region, including China, India, Australia, and Japan, were affected by the pandemic, leading to low inflation rates, according to the Organization for Economic Co-operation and Development (OECD). With the vaccination process and relaxation of lockdown restrictions, offices resumed operations in 2021.
The electronics and semiconductor industry in APAC has been adversely affected by the COVID-19 pandemic due to government-imposed restrictions on transportation and business operations. The resulting disruption has impacted the revenue and technological spending of firms, clients, and partners. The pandemic's long-term impact on the industry remains highly uncertain and impossible to predict. However, the increased reliance on technology and data, as well as reduced in-person contacts, is expected to drive the adoption of big data analytics tools in the future.
Based on component, the big data analytics market is bifurcated into software and services. In 2021, the software segment led the big data analytics market with a larger market share. Based on analytics type, the big data analytics market is segmented into dashboard and data visualization, data mining and warehousing, self-service tool, reporting, and others. In 2021, the dashboard and data visualization segment led the big data analytics market, accounting for the largest share in the market. Based on application, the big data analytics market is segmented into customer analytics, supply chain analytics, marketing analytics, pricing analytics, workforce analytics, and others. In 2021, the customer analytics segment led the big data analytics market, accounting for the largest share in the market. Based on end use industry, the big data analytics market is segmented into pharmaceutical, semiconductor, battery manufacturing, electronics, and others. In 2021, the others segment led the big data analytics market, accounting for the largest share in the market. Geographically, the big data analytics market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the significant share in the big data analytics market.
Key Findings of Study:
The North American big data analytics market is being propelled by the growth of consumer and machine data sectors. The increasing amount of data generated by businesses, multimedia, social networks, and the Internet of Things (IoT) is expected to drive market growth in the future. Additionally, the demand for new applications and integration platforms that use big data technology is driving market growth. Due to the vast amount of data from structured and unstructured sources, the US and Canada dominate the North American big data analytics market. For example, Google Cloud spent $2.6 billion on acquiring Looker, and Salesforce saved $15.7 billion on Tableau, both of which specialize in enterprise-scale data modeling for automated analysis with interactive reports and visualizations. Some well-established players in the North American big data analytics market include IBM, Accenture, Cisco Systems, Dell, Cloudera, EMC, Oracle, Amazon Web Services, HP, Hitachi Data Systems, and Microsoft.
The big data analytics market in Europe is growing due to the increasing adoption of software that provides quick decision-making solutions and a competitive edge through timely information analysis. Small and medium businesses' growing preference for cloud-based big data analytics software also contributes to this expansion. However, market growth is projected to be hindered by high implementation costs and a shortage of skilled labor. Nevertheless, the big data analytics market in Europe is expected to provide profitable prospects, such as improved corporate planning and social media analytics, during the forecast period. Oracle Corporation, a major player in the market, reported that over 75% of its 400,000+ clients are small and medium-sized businesses, demonstrating the European big data analytics market's potential for growth.
The APAC big data analytics market is anticipated to be dominated by China due to factors such as the increasing use of social media platforms, growing internet and smartphone accessibility, advancements in communication technology, and digitalization. An example of this trend can be seen in CitiBank, which is based in Singapore and offers retail discounts based on transaction patterns to retain customers.
The big data analytics market in South America is being propelled by the increasing digitalization and industrial competitiveness. For example, Nedbank Ltd., a South African bank, is utilizing analytics to gain a better understanding of customer preferences and organize marketing efforts accordingly.
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