Big Data and Business Analytics Market In-depth Analysis, Top Impacting Factors and Industry Forecast

Big Data and Business Analytics Market Size, Share, Competitive Landscape and Trend Analysis Report by Application, by Component, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2024-2033

The big data and business analytics market size was valued at $225.3 billion in 2023, and is estimated to reach $665.7 billion by 2033, growing at a CAGR of 11.6% from 2024 to 2033.

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Big data analytics is a method by which companies examine large set of data for uncovering useful information to increase their decision-making capability. In addition, it enables organizations to uncover useful information such as market trends, customer preference, discover hidden patterns, and various unknown facts from the data. Furthermore, organizations are adopting big data analytics to enhance their profit, increase their analytics skills, and to improve the risk management capability. Big data analytics further helps businesses better understand the information contained within the data and provide data that is important for organizations.

Moreover, 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 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, an 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.

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Competitive Analysis:
The competitive environment of Big Data and Business Analytics Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Big Data and Business Analytics Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
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.
Teradata Corporation and Many More

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Region wise, the big data and business analytics market share was dominated by North America in 2023, and is expected to retain its position during the forecast period. This is attributed to surge in demand for digital transformation across numerous end users and increase in convergence of different technologies, such as big data & analytics and artificial intelligence (AI), which have created an impact on the region and managed to increase its IT budget. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing rise in the number of people using tablets and smartphones across countries such as China, and India.

The COVID-19 pandemic continues to transform the growth of different industry verticals, and the immediate impact of the COVID-19 outbreak is varied. Some of the industries will register a decline in growth, while others will continue to remain unscathed and will show promising growth opportunities in the upcoming years. The COVID-19 pandemic is expected to impact the overall economy and transport infrastructure. In addition, some of the industries such as manufacturing and automotive industries, which contribute to a major share in GDP in some regions, such as Europe, are anticipated to witness a downfall due to the complete shutdown of these sectors, eventually impacting on their spending on these advanced technologies such as machine learning and artificial intelligence.

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