Big Data Analytics Market Worth $638.66 Billion, Globally, by 2028 at 15.3% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 25, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Big Data Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Software and Services), Analytics Tool (Dashboard and Data Visualization, Data Mining and Warehousing, Self-Service Tool, Reporting, and Others), Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Workforce Analytics, and Others), and End Use Industry (Pharmaceutical, Semiconductor, Battery Manufacturing, Electronics, and Others)", the global big data analytics market is expected to grow from $239.75 billion in 2021 to $638.66 billion by 2028; it is estimated to grow at a CAGR of 15.3% from 2022 to 2028.

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Big Data Analytics Market: Competitive Landscape and Key Developments

Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc., and Teradata are among the key players profiled during the study of the global big data analytics market. In addition, several other essential market players were studied and analyzed to get a holistic view of the market and its ecosystem.

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In July 2021, Oracle Big Data Service (BDS), Oracle's fully managed Hadoop service, received a substantial update from Oracle Cloud Infrastructure (OCI). The updated BDS version takes advantage of Oracle's Apache Hadoop Distribution (ODH). This version of BDS is designed from the bottom up to be cloud-scale. It is natively integrated with OCI, making it easier for its clients to lift and shift or create entirely new analytics solutions on Hadoop's capabilities, such as HIVE, Spark, and Hbase.

In December 2020, Amazon Web Services (AWS) unveiled Amazon HealthLake, a HIPAA-compliant service aimed at supporting interoperability standards and driving the use of big data analytics in healthcare.

Big data analytics is a vital component of businesses as it enables them to manage, process, and streamline massive datasets in real-time while improving the decision-making capabilities of these companies. Further, the primary goal of big data analytics solutions is to support enterprises to understand their customers and target population better, hence optimizing marketing campaigns. Furthermore, big data analytics is used by various businesses to examine huge amounts of data created by offline and online commerce. Moreover, with the emergence of cloud-based big data analytics, users can access data from anywhere. This helps several big data analytics service providers to increase their investment in cloud technology by having a competitive edge over other service provider.

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The adoption of big data analytics software by several companies to deliver enhanced & faster decision-making solutions and provide a competitive advantage by analyzing and acting on information on time is driving the global big data analytics market forward. Further, the market's growth is aided by a surge in demand for cloud-based big data analytics software among small and medium businesses. However, the market's expansion is projected to be hampered by high implementation costs and a lack of skilled labor. The rising demand for better insights for corporate planning and emerging trends, including social media analytics, is expected to provide significant prospects for market players during the forecast period. These factors are projected to have a definite impact on the growth of the big data analytics market.

Increasing strategic initiatives by the major market players drive the big data analytics market growth. In May 2021, Telefónica Tech, a digital business organization, and Microsoft partnered on Azure Edge Zone. Furthermore, Telefónica's 5G connection and Microsoft's Edge computing capabilities are combined in this collaboration, allowing industrial processes to accelerate digital transformation. In May 2020, IBM and RedHat developed New Edge computing technologies to help telecommunication organizations adapt to the 5G era. Furthermore, IBM has dedicated edge computing and Telco network cloud services teams to help customers deploy 5G and edge-enabled solutions across all industries.

Big Data Analytics Market: Component Segment Overview

Based on component, the big data analytics market is bifurcated into software and services. In 2021, the software segment led the market, accounting for a larger market share. Also, the segment is expected to retain its dominance during the forecast period. Moreover, the services segment is expected to register a higher CAGR in the global big data analytics market from 2022 to 2028.

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Impact of COVID-19 Pandemic on SAM Big Data Analytics Market:

Brazil recorded the highest number of COVID-19 cases in SAM, followed by Ecuador, Chile, Peru, and Argentina. In 2021, the COVID-19 pandemic led to the closure of economic activities across SAM to combat the spread of SARS-CoV-2. Governments in SAM took various actions to protect their citizens and contain the spread of the virus infection.

The presence of various developing countries in SAM makes it one of the key markets for the future growth of the big data analytics market. Growing population, rising disposable income, increasing demand for advanced technologies, and rising focus on digital transformation are a few of the key factors expected to drive the market growth in SAM in the coming years. With an increase in the adoption of work-from-home trends during lockdowns, organizations realize the importance of big data analytics systems to foresee security threats using analytics software. The value of big data analytics has increased exponentially during the COVID-19 pandemic as the number of threats that can destroy the infrastructure of a business and its systems increased, boosting the big data analytics market growth in the region.

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