Big Data and Business Analytics Market to Surge at a Robust Pace in Terms of Revenue Over 2030

According to the report, the global big data and business analytics industry generated $193.14 billion in 2019, and is estimated to reach $420.98 billion by 2027, registering a CAGR of 10.9% from 2020 to 2027.

Increase in adoption of big data analytics software by various organizations, rise in demand for cloud-based big data analytics software among SMEs, and benefits regarding big data and business analytics solutions drive the growth of the global big data and business analytics market.

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However, lack of skilled personnel and high cost of implementation hinder the market growth. On the other hand, rise in trends such as social media analytics and need to avail insights for business planning create new opportunities in the coming years.

Based on deployment type, the on-premise segment contributed more than two-thirds of the global big data and business analytics software market in 2019, and will maintain its dominant share in terms of revenue by 2027.

This is due to high data transfer speed and security features. However, the cloud segment is estimated to portray the fastest CAGR of 18.1% from 2020 to 2027. This is attributed to increase in adoption of cloud services across various industries.

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Based on component, the service segment contributed to the largest market share in 2019, holding nearly half of the global big data and business analytics market, and is expected to continue to lead throughout the forecast period.

This is attributed to adoption of services among end users with its effective functioning. However, the software segment is expected to grow at the highest CAGR of 12.5% from 2020 to 2027, owing to surge in need to manage ever-increasing data across the globe.

Based on region, North America accounted for the highest market share in 2019, holding more than half of the total share of the global big data and business analytics market, and will maintain its leadership status by 2027. This is attributed to increase in adoption in the region to easily extract insights from unstructured data.

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However, Asia-Pacific is projected to portray the highest CAGR of 15.8% throughout the forecast period. This is due to presence and expansion of key players in emerging countries such as China and India.

Leading players of the global big data and business analytics market analyzed in the research include Amazon Web Services, IBM Corporation, Fair Isaac Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Hewlett Packard Enterprise Development LP, TIBCO Software Inc., SAS Institute Inc., and Teradata Corporation.

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Covid-19 Scenario:

• Owing to the adoption of "work from culture" by organizations with the implementation of lockdown measures, the need for big data and business analytics increased.

• The amount of data generated rose and organizations adopted the software and services to analyze the data and improve overall productivity and security. The adoption of cloud-based services increased considerably.

• The changes in buying patterns and customer interactions led companies to implement analytics tools to gain insights and make changes in business models to achieve optimum profitability and retain customers.

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