Big Data and Business Analytics Market : Global Opportunity Analysis and Industry Forecast, 2021-2030

Global Big Data & Business Analytics Market
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 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. 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 campaigns. Furthermore, various industries are adopting big data and business analytics to analyze massive volumes of data generated due to offline and online trading. Moreover, with the introduction of cloud-based big data and business analytics, users can access all the information online from anywhere across the globe. This helps various big data service providers to increase their investment in cloud technology and have a competitive edge over other service providers.

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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 amounts of data and opportunities for data analytics. 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.

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. In addition, increase in demand for cloud-based big data analytics software among small & medium enterprises positively impacts the growth of the market. However, high implementation cost and dearth of skilled workforce are expected to hamper the market growth. 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. Each of these factors is projected to have a definite impact on the growth of the big data and business analytics market.

By 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. Increase in competition among the key players to provide better customer satisfaction and personalized experience fuels the growth of this segment. 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.

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. This is attributed to surge in use of smartphones, wearable devices, and other smart connected devices. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the massive volume of data generated due to rapid digitization and rise in use of electronic devices & networks among the organizations.

The report focuses on the growth prospects, restraints, and trends of global big data and business analytics market analysis. 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.

Big Data & Business Analytics Market Size
The global big data and business analytics market is segmented into component, deployment model, analytics tools, application, industry vertical, and region. In terms of components, the market is fragmented into hardware, software, and services. Depending on deployment model, it is bifurcated into on-premise and cloud. As per analytics tools, it is categorized into dashboard & data visualization, data mining & warehousing, self-service tools, reporting, and others. The applications covered in the study include customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk & credit analytics, and transportation analytics. As per industry vertical, the market is segregated into BFSI, manufacturing, healthcare, government, energy & utilities, transportation, retail & ecommerce, IT & telecom, education and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in global big data and business analytics market analysis are Amazon Web Services, Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, Oracle Corporation, Hewlett Packard Enterprise Development LP, SAP SE, SAS Institute Inc., TIBCO Software Inc., and Teradata Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Big Data & Business Analytics Market Covid - 19 Impact Analysis
The big data and business analytics market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to exhibit a sudden downfall in 2020. This is attributed to implementation of lockdown by governments in the majority of the countries and shutdown of travel to prevent the transmission of virus. The big data and business analytics market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various organizations across the globe have initiated work-from-home culture for their employees, which is creating demand for the cloud-based big data analytics to manage critical information of organizations, thus creating lucrative opportunities for the market.

Big Data & Business Analytics Market Top Impacting Factors
Emerging trends such as social media analytics
Big data analytics is in high demand as organizations seek to use information assets to improve customer relationships, business outcomes, and operational efficiency. However, it has become more challenging to keep up with the changing demands and expectations of growing big data analytics users. Conversely, emerging trends in big data analytics such as social media analytics and text analytics are anticipated to create numerous opportunities for the market. Furthermore, many organizations have targeted social media as their key source for various advertising campaigns, promotions of different products, and events, as it is more effective than traditional ways of advertising. In addition, rise in use of mobile phones and tablets with access to the internet coupled with ever-growing user volume on social media platforms fuels the growth of social media analytics.

Increase in need to gain insights for business planning
Continuously increasing competition among enterprises is influencing them to deploy big data analytics to optimize their expansion. Moreover, an increase in the need to gain insights for business planning is anticipated to provide lucrative opportunities for market expansion, as big data analytics software enables organizations to study the factors that are influencing outcomes and provides the power of decision optimization. Furthermore, big data analytics helps organizations to enhance the efficiency of business operations and provide improved customer engagement through real-time data. In addition, big data analytics is used by various decision makers to optimize selling strategies and improve the decision-making capability of organizations.

Big Data & Business Analytics Market Key Benefits for Stakeholders
The study provides an in-depth analysis of global big data and business analytics market forecast along with the current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on global big data and business analytics market is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

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Big Data & Business Analytics Market Key Segmentations
Big Data & Business Analytics Market By Application
Customer Analytics
Supply Chain Analytics
Marketing Analytics
Pricing Analytics
Spatial Analytics
Workforce Analytics
Risk & Credit Analytics
Transportation Analytics

Big Data & Business Analytics Market By Component
Hardware
Software
Services
Implementation & integration service
Training & support service
Consulting service

Big Data & Business Analytics Market By Deployment Model
On-premise
Cloud-Based

Big Data & Business Analytics Market By Industry Vertical
BFSI
Manufacturing
Healthcare
Government
Energy & Utilities
Transportation
Retail & E-commerce
IT & Telecom
Education
Others

Big Data & Business Analytics Market By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

Big Data & Business Analytics Market By Analytical Tool
Dashboard & Data Visualization
Self-Service Tools
Role-Based Dashboards
Data Governance
Meta-Data Management
Visual Data Exploration
Data Mining & Warehousing
Reporting
Others

Big Data & Business Analytics Market By Company
AMAZON WEB SERVICES, INC.
FAIR ISAAC CORPORATION
HEWLETT PACKARD ENTERPRISE DEVELOPMENT LP
INTERNATIONAL BUSINESS MACHINES CORPORATION
MICROSOFT CORPORATION
ORACLE CORPORATION
SAP SE
SAS INSTITUTE INC.
TIBCO SOFTWARE INC.
TERADATA CORPORATION

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