The latest market report published by Acute Market Reports “Big Data Analytics Market: Growth, Future Prospects, and Competitive Analysis, 2020 – 2028” the Big Data Analytics market was valued at US$ 41.85 Bn in 2019 and expected to reach US$ 115.13 Bn by 2028 at a CAGR of 11.9% throughout the forecast period from 2020 to 2028.
“Increasing volume of data and adoption of big data tools to spur revenue growth during the forecast period”
The rapidly increasing volume and complexity of data is due to growing mobile data traffic, cloud-computing traffic and burgeoning development and adoption of technologies including IoT and AI, which is driving the growth of big data analytics market. Over 2.5 quintillion bytes of data generated every day. Data is created by every click, swipe, share, search and stream, proliferating the demand of big data analytics market globally. According to a survey, the number of firms investing in big data and AI more than US$ 50 Mn rose from 27% in 2018 to 33.9% in 2019. The global spending on big data analytics is more than US$ 180 Bn in 2019 globally. Thus bolstering the big data analytics market growth.
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By 2020, 90% of business professionals and enterprise analytics say data and analytics are key to their organizations digital transformation initiatives. According to a recent research study, approximately, 58% of organizations worldwide plan to adopt big data technology in 2018. The organizations will adopt hybrid IT infrastructure management capabilities. The growing adoption of big data and AI in industries including IT & Telecom, BFSI, and Healthcare among others is further fueling the demand of the big data analytics market.
Key Market Movements
• Globally, the big data analytics market is growing at a CAGR of 11.9% for the period from 2020 to 2028.
• Large enterprises segment dominates the big data analytics market with a share of more than 60%. Owing to the increasing adoption and inclination to invest in big data technology among others.
• In addition, SME segment expected to grow at a remarkable pace during the forecast period. This can be associated with the increasing trend of digitalization and adoption of big data technology among others.
• North America region leads the big data analytics market and accounts for a share of more than 35% of the total revenue. The region will sustain its lead during the forecast years. This is due to the region being the one of the early adopter of technological advancements.
• Asia Pacific region anticipated to register highest growth. Asia Pacific region expected to grow at a CAGR of more than 15% throughout the forecast period. Owing to the increasing adoption of advanced technology in the countries such as China, Japan and India among others.
List of Companies Covered:
• IBM Corporation
• Splunk Inc.
• Dell Inc.
• Oracle Corporation
• Accenture Plc.
• Palantir Technologies
• HPE Company
• SAP SE
• Microsoft Corporation
• Cisco Systems Inc.
Key questions answered in this report
- What are the current market trends and dynamics in the big data analytics market and valuable opportunities for emerging players?
- Estimated forecast and market projections up to 2029
- Which segment accounts for the fastest CAGR during the forecast period?
- Which is the largest regional market for big data analytics?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- The worldwide market value of the big data analytics market in 2019 and 2020
- Which are the key trends driving the global big data analytics market growth?
- Who are the leading service providers in the big data analytics market worldwide?
About Acute Market Reports
Acute Market Reports is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives.