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IOT Integration Fuels Growth In The Big Data And Analytics Services Market: Major Factor in the Transformation of the Big Data and Analytics Services Market in 2025
Big Data and Analytics Services Market
The market size of big data and analytics services has seen swift enlargement in the past few years. It is projected to escalate from $151.41 billion in 2024 to $169.01 billion in 2025, with a compound annual growth rate (CAGR) of 11.6%. The expansion during the historic phase can be linked to factors such as data explosion, business intelligence, regulatory compliance, and competitive advantage.
The market size of big data and analytics services is anticipated to witness significant expansion in the upcoming years. This market is projected to reach $365.42 billion in 2029, marking a compound annual growth rate (CAGR) of 21.3%. Factors contributing to the anticipated growth during the forecast period include advancements in analytics and AI, data privacy and security, cloud-based analytics and real-time analytics. Notable trends expected in this period comprise integration of AI and machine learning, cloud-based big data services, edge analytics, and data privacy and compliance.
What Key Elements Are Boosting Growth in the Big Data and Analytics Services Market?
The escalating integration of the internet of things into daily activities is anticipated to boost the expansion of the big data and analytics services market. The term "Internet of Things" in everyday life pertains to a linked network of physical devices, appliances, and systems equipped with sensors, software, and communication technologies that allow these devices to gather and exchange data online. This growth in IoT integration is fueled by tech advancements, a growing need for automation, the emergence of intelligent devices, data-based decision making, sustainability initiatives, and the extensive reach of 5G connectivity. Big data and analytics services play a vital role in the Internet of Things as they facilitate instantaneous decision-making and reinforce security by converting vast quantities of IoT data into useful insights. For example, in August 2022, Akamai Technologies Inc., an American internet company, projected that IoT connections will escalate from 15.1 billion in 2021 to 23.3 billion in 2025. Consequently, the growing integration of the internet of things is propelling the expansion of the big data and analytics services market.
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Who Are the Major Industry Players Fueling Big Data and Analytics Services Market Expansion?
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., accenture* 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.
Which Key Developments Are Influencing the Big Data and Analytics Services Market?
Major corporations in the big data and analytics services market are prioritizing the creation of state-of-the-art solutions like data silos and integrated planning and analytics software to upgrade data management, enhance operational effectiveness, and assist organizations in making better decisions. Data silos are sequestered data storage systems that are inaccessible or not easily shareable across diverse sectors or systems in a business. For example, the US-based technology firm, International Business Machines Corporation, released the Business Analytics Enterprise in November 2022. It is a comprehensive software suite created to eradicate data silos and bolster planning and analytics for corporations. The suite amalgamates a variety of abilities such as business intelligence, budgeting, reporting, forecasting, and dashboards, into one platform. An exceptional feature is the IBM Analytics Content Hub, which enables users to find and utilize analytics tools from diverse vendors through a personalized dashboard, providing recommendations based on individual roles for pertinent content. The suite also brings updated variants of IBM Cognos Analytics with Watson and IBM Planning Analytics with Watson to the fore, enhancing data amalgamation and forecasting capabilities.
How Is the Segmentation of the Big Data and Analytics Services Market Defined?
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 And Credit Analytics, Transportation Analytics., Other Applications
3) By Vertical: Transportation And Logistics, BFSI, Travel And Hospitality, Healthcare And Life Sciences, Manufacturing, Other Verticals
Subsegments:
1) By On-Premise: On-Premise Software Solutions, On-Premise Infrastructure Setup, On-Premise Data Warehousing
2) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud
3) By Other Deployment Mode: Edge Computing, Fog Computing, Hybrid Deployment Models
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What Is the Leading Region in the Big Data and Analytics Services Market?
Asia-Pacific was the largest region in the big data and analytics services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the big data and analytics services market during the forecast period. The regions covered in the big data and analytics services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Big Data and Analytics Services Global Market Report?
- Market Size Analysis: Analyze the Big Data and Analytics Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Big Data and Analytics Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Big Data and Analytics Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Big Data and Analytics Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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