Big Data and Analytics Services Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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What Is the Expected CAGR for the Big Data and Analytics Services Market Through 2025?
The market size for big data and analytics services has been expanding swiftly in recent times. It's projected to escalate from a value of $151.41 billion in 2024 to $168.11 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 11.0%. The unprecedented growth during the historical span can be ascribed to factors such as data explosion, business intelligence enhancements, regulatory compliance needs, and pursuit of competitive advantage.

What's the Projected Size of the Global Big Data and Analytics Services Market by 2029?
The market size of big data and analytics services is projected to witness substantial expansion in the upcoming years, with predictions reaching $359.08 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 20.9%. This projected growth for the forecast period is due to the advent of advanced analytics and AI, data privacy and security measures, analytics based on cloud, and real-time analytics. Key trends expected during the forecast period encompass the integration of AI and machine learning, services of big data anchored on the cloud, fringe analytics, data privacy, and adherence to compliance regulations.

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Top Growth Drivers in the Big Data and Analytics Services Industry: What's Accelerating the Market?
The big data and analytics services market is projected to see substantial growth in light of the escalating integration of the Internet of Things (IoT) into our daily routines. The term IoT signifies a vast interconnected network of physical gadgets, appliances, and systems with built-in sensors, software, and communication channels, allowing for extensive data collection and exchange online. The expansion of IoT incorporation is propelled by technological advancements, surging demand for automation, the proliferation of smart devices, data-centric decision-making processes, sustainability initiatives, and the extensive availability of 5G connectivity. Big data and analytics services play a crucial role in the IoT landscape as they facilitate immediate decision-making and bolster security by converting massive amounts of IoT data into valuable insights. For example, Akamai Technologies Inc., a company based in the United States, revealed in August 2022 that IoT connections are forecasted to rise from 15.1 billion in 2021 to a staggering 23.3 billion in 2025. Therefore, the steady growth of the Internet of Things is fueling the expansion of the big data and analytics services market.

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What Trends Will Shape the Big Data and Analytics Services Market Through 2029 and Beyond?
Leading firms in the big data and analytics services market are prioritizing the development of technologically superior solutions like data silos and sophisticated planning and analytics software to augment data management, elevate operational efficacy, and enable more sophisticated decision-making within organizations. Data silos are distinct data stores that are not readily accessible or shared between different sections or systems within a company. For example, in November 2022, International Business Machines Corporation, a technology firm based in the USA, unveiled the Business Analytics Enterprise, an exhaustive software suite developed to eradicate data silos and boost planning and analytics for firms. This suite synthesizes several capabilities, such as business intelligence, budgeting, reporting, forecasting, and dashboards, into a singular platform. A distinguishing feature is the IBM Analytics Content Hub, which allows users to explore and use analytics tools from a variety of vendors through a customized dashboard, providing role-based suggestions for pertinent content. The suite incorporates enhanced versions of IBM Cognos Analytics with Watson and IBM Planning Analytics with Watson, further improving data amalgamation and forecasting abilities.

What Are the Main Segments in the Big Data and Analytics Services Market?
The big data and analytics servicesmarket 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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Which Top Companies are Driving Growth in the Big Data and Analytics Services Market?
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 Regions Will Dominate the Big Data and Analytics Services Market Through 2029?
Asia-Pacific was the largest region in the big data and analytics services market in 2024. 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

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