Big Data Analytics Market to Reach $638.66 Million by 2028, Growing at a CAGR of 15.3%

According to our latest market study on "Big Data Analytics Market Forecast to 2028 - Global Analysis - by Component, Analytics Tool, Application, and End Use Industry," the market is projected to reach US$ 638.66 million by 2028 from US$ 239.75 million in 2021; it is expected to grow at a CAGR of 15.3% from 2022 to 2028.

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The rising digital solutions are exponentially growing data across several industries such as education, BFSI, retail, agriculture, healthcare, IT, and telecommunications globally. For example, artificial intelligence (AI) has revolutionized precision farming, risk management, and pest control in the agricultural sector. Big data analytics are used in the agriculture industry to examine large amounts of structured and unstructured data sets such as natural trends, advanced supply tracks, optimal crops, and risk assessment collected through sensors, smart machinery, GPS-equipped tractors, and soil sensors.

Medical companies can still not meet the information needs of patients, physicians, administrators, and policymakers. Big data analytics can enable personalized and precise treatment based on unique data, supplied in real-time and adapted to particular patients. Further, systems that can quickly learn about the data provided by people in clinical treatment and everyday life must be implemented. This will allow for data-driven decision-making and better personalized prognosis and treatment response predictions.

Corporations are using bots to modernize and automate their work environments. Furthermore, virtual assistants such as Amazon Alexa, Apple Siri, and Google Assistant generate important data. Technological advancements have boosted the global rise of social media users in network access and smartphone technologies. Various data sources, such as YouTube videos, Snapchat, Instagram, Facebook, and WhatsApp chats, generate massive amounts of data. As a result of technological advancements in industries, smart applications, and social media platforms, the industrial revolution is predicted to create huge databases. Thus, the growing database across these industries is driving the big data analytics market growth.

Based on component, the big data analytics market is bifurcated into software and services. In 2021, the software segment led the big data analytics market with a larger market share. Based on analytics type, the big data analytics market is segmented into dashboard and data visualization, data mining and warehousing, self-service tool, reporting, and others. In 2021, the dashboard and data visualization segment led the big data analytics market, accounting for the largest share in the market. Based on application, the big data analytics market is segmented into customer analytics, supply chain analytics, marketing analytics, pricing analytics, workforce analytics, and others. In 2021, the customer analytics segment led the big data analytics market, accounting for the largest share in the market. Based on end use industry, the big data analytics market is segmented into pharmaceutical, semiconductor, battery manufacturing, electronics, and others. In 2021, the others segment led the big data analytics market, accounting for the largest share in the market. Geographically, the big data analytics market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the significant share in the big data analytics market.

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Key Findings of Study:
The growing consumer and machine data sectors are driving the big data analytics market growth in North America. In the coming years, the proliferation of data and the volume of information gathered by businesses, multimedia, social networks, and the Internet of things (IoT) are likely to boost the market growth. Other factors such as the demand for new applications and integration platforms that utilize big data technology are driving the big data analytics market growth. Due to the huge collection of data from structured and unstructured sources, Canada and the US dominate the North American big data analytics market. For instance, Google Cloud spent US$ 2.6 billion on Looker purchases, and Salesforce saved $ 15.7 billion on Tableau. These companies specialize in enterprise-scale data modeling that automates data analysis with interactive reports and visualizations. A few of the well-established players operating in the North America big data analytics market are International Business Machines Corp., Cisco Systems Inc., Dell, Cloudera Inc., EMC Corporation, Oracle Corp, Amazon Web Services Inc., HP, Hitachi Data Systems Corporation, and Microsoft.

The adoption of big data analytics software by various organizations to deliver enhanced and faster decision-making solutions and provide a competitive advantage by analyzing and acting on information on time contributes significantly to the growth of the big data analytics market in Europe. Furthermore, the increased demand for cloud-based big data analytics software among small and medium businesses has a favorable impact on the expansion of the big data analytics market in Europe. However, in Europe, high implementation costs and a lack of skilled labor are projected to restrain the market growth. However, the growing need for better insights into corporate planning and rising trends, including social media analytics, are expected to provide lucrative opportunities for big data analytics market players during the forecast period. For instance, Oracle Corporation, one of the market's major competitors, stated that 75% of its 400K+ clients are small to medium-sized firms, indicating that the big data analytics market has potential growth in Europe.

China is expected to dominate the APAC big data analytics market. The rising use of social media platforms, more internet and smartphone access, communication technology advancements, and digitalization are expected to boost the growth of the big data analytics market. For instance, Singapore-based CitiBank offers retailing discounts based on transaction patterns to retain customers.

In South America, increasing digitalization and industrial competitiveness are driving the big data analytics market growth. For instance, Nedbank Ltd., a South African bank, is engaged in analytics to better understand client preferences and organize marketing efforts appropriately.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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