Big Data and Analytics Services Market 2024-2033: Size, Share & Competitive Landscape Analysis

The big data and analytics services market size has grown rapidly in recent years. It will grow from $137.23 billion in 2023 to $154.79 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to data explosion, business intelligence, regulatory compliance, competitive advantage.

The big data and analytics services market size is expected to see rapid growth in the next few years. It will grow to $280.43 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to advanced analytics and ai, data privacy and security, cloud-based analytics, real-time analytics. Major trends in the forecast period include ai and machine learning integration, cloud-based big data services, edge analytics, data privacy and compliance.

Market Overview -
Big data and analytics is the use of certain advanced analytics techniques on big data or very large datasets to generate business insights. It begins with data collection with predefined templates and forms, followed by data maintenance, data processing, and data analysis.

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IOT Integration Fuels Growth In The Big Data And Analytics Services Market
The increasing growth of integration of internet of things in daily lives is a key factor driving the growth of the big data and analytics services market. When organizations take a hold of the data for the purpose of research, IoT serves as a major source for that data and this is the point where the position of big data in IoT comes into the picture. IoT devices produce a huge amount of unstructured data, which are stored in the big data network and this data largely depends on 3V factors such as volume, velocity and variety. About 44 trillion gigabytes of data is were generated by the Internet of Things in the year 2020. With the increasing number of connected devices, in 2020, more than 10 billion sensors and computers were connected to the Internet. Therefore, increasing growth of internet of things is expected to drive the growth of the big data and analytics services market.

Competitive Landscape -
Major companies operating in the big data and analytics services market include International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, TIBCO Software Inc., Teradata Corporation, Amazon Web Services Inc., SAS Institute Inc., Tableau Software Inc., Alteryx Inc., SiSense Inc., Splunk Inc., Google LLC, Talend Inc., Salesforce.com Inc., Micro Focus International plc, Hewlett Packard Enterprise Company, MicroStrategy Incorporated, Adobe Inc., ThoughtSpot Inc., QlikTech International AB, Informatica LLC, Cloudera Inc., Palantir Technologies Inc., VMware Inc., Treasure Data Inc., Striim Inc., Splice Machine Inc., Pentaho Corporation, New Relic Inc., FourKites Inc., CB Insights Inc., Information Builders Inc., Accentur*e plc, Cisco Systems Inc., MapR Technologies Inc., MarkLogic Corporation, NetApp Inc., Domo Inc., Pivotal Software Inc., Hortonworks Inc., LexisNexis Risk Solutions, Imply Corporation, DataStax Inc., Dataiku Inc., Fluentd Inc., Hazelcast Inc., Groundhog Technologies, Qumulo Inc., Sizmek by Amazon, Workday Inc., Cybatar AG, Pure Storage Inc., Amdocs Limited, Big Data Scoring Inc.

Continuous Intelligence A Key Trend In The Big Data And Analytics Services Market
The continuous intelligence is a key trend in the big data and analytics services market. Continuous intelligence is a device that has combined real-time analytics with business operations, it makes use of historical and current knowledge to improve decision-making or to help make decisions. It leverages a variety of technologies such as optimization, business rule management, event stream processing, augmented analytics, and machine learning. Many companies leveraged continuous intelligence to achieve (or retain) a competitive advantage throughout 2020. Also, Gartner expects that by 2022 more than 50 per cent of the modern business structure will use continuous intelligence that uses real-time context data to improve decisions.

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Key Segments -
The big data and analytics services market covered in this report is segmented -
1) By Deployment Mode: On-Premise, Cloud, Other Deployment Mode
2) By Application: Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, Transportation Analytics., Other Applications
3) By Vertical: Transportation And Logistics, BFSI, Travel And Hopitality, Healthcare And Life Sciences, Manufacturing, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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