Depending on deployment model, it is bifurcated into on-premise and cloud. In terms of component, the market is fragmented into hardware, software, and services. The global big data and business analytics market is segmented into component, deployment model, analytics tools, application, industry vertical, and region. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on global big data and business analytics market. The report focuses on the growth prospects, restraints, and trends of global big data and business analytics market analysis. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to massive volume of data generated due to rapid digitization and rise in use of electronic device & network among the organizations. This is attributed to surge in use of smartphones, wearable devices, and other smart connected devices. Region wise, the big data and business analytics market was dominated by North America in 2020, and is expected to retain its position during the forecast period. However, the risk & credit analytics segment is expected to grow at the highest rate during the forecast period, owing to increase in complexities in business process and rise in business process automation. Increase in competition among the key players to provide better customer satisfaction and personalized experience fuels the growth of this segment. Get more information on this report : Request Sample Pagesīy application, the big data and business analytics market was led by the customer analytics segment in 2020, and is projected to maintain its dominance during the forecast period. Each of these factors is projected to have a definite impact on the growth of the big data and business analytics market. On the contrary, increase in need to gain better insights for business planning and emerging trends such as social media analytics are expected to offer remunerative opportunities for the expansion of the market during the forecast period. However, high implementation cost and dearth of skilled workforce are expected to hamper the market growth.
In addition, increase in demand for cloud-based big data analytics software among small & medium enterprises positively impacts the growth of the market. Surge in adoption of big data analytics software by various organizations to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner significantly contributes toward the growth of the global big data and business analytics market. As a result, the organizations have started adopting big data and business analytics solutions to manage companies' critical data, enhance data security and optimize business productivity. The big data and business analytics market is expected to grow post COVID-19 pandemic, as many organizations have started adopting work from home and remote working culture, which in turn have created huge amount of data and opportunities for data analytics. This helps various big data service providers to increase their investment in cloud technology and have a competitive edge over other service providers. Moreover, with the introduction of cloud-based big data and business analytics, users can access all the information online from anywhere across the globe.
Furthermore, various industries are adopting big data and business analytics to analyze massive volume of data generated due to offline and online trading.
In addition, the major objective of big data and business analytics is to help organizations to get a better understanding of their customers and help to narrow down their targeted audience, thus improving companies marketing campaign. Big data analytics is the major part of enterprises as it helps organizations to manage, process, and streamline large datasets in real time as well as it improves their organizations decision-making capability. The global big data and business analytics market size was valued at $198.08 billion in 2020, and is projected to reach $684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030. Big Data and Business Analytics Market Statistics - 2030