Big Data and Business Analytics Market
Adoption of AI- and ML- based applications to increase demand for big data security solutions
PORTLAND, PORTLAND, OR, UNITED STATE, October 3, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Big Data and Business Analytics Market to USD 684.12 Billion by 2030 , Huge Opportunity for Investors .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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The global big data and business analytics market size was valued at $198.08 billion in 2020, and is projected to reach $684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.
The report offers key drivers that propel the growth in the global big data and business analytics market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
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Rise in adoption of data visualization tools in various organizations to extract report from a diverse and rapidly growing volume of business. However, the reporting tools segment is expected to grow at the highest rate during the forecast period, owing to increase in complexity and size of financial data, limited capabilities of existing spreadsheet solutions, and rise in cost of compliance are the major factors that drive the growth of reporting tools.
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Organizations are adopting big data analytics to enhance their profit, increase their analytics skills, and to improve the risk management capability. Big data analytics further helps businesses better understand the information contained within the data and provide data that is important for organizations. Moreover, surge in adoption of big data analytics software by various organizations to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner significantly contributes toward the growth of the big data and business analytics market.
Increase in demand for cloud-based big data analytics software among small & medium enterprises positively impacts the growth of the market. However, high implementation cost and dearth of skilled workforce are expected to hamper the market growth. On the contrary, increase in need to gain better insights for business planning and emerging trends such as social media analytics are expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the big data and business analytics market.
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Region wise, the big data and business analytics market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to surge in demand for digital transformation across numerous end users and increase in convergence of different technologies, such as big data & analytics and artificial intelligence (AI), which have created an impact on the region and managed to increase its IT budget. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing rise in number of people using tablets and smartphones across countries such as China, and India.
The key players operating in the big data and business analytics market are Amazon Web Services, Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, Oracle Corporation, Hewlett Packard Enterprise Development LP, SAP SE, SAS Institute Inc., TIBCO Software Inc., and Teradata Corporation. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the industry.
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Key Findings Of The Study
• By application, the customer analytics segment accounted for the market share in 2020.
• Region wise, North America generated the highest revenue in 2020.
• Depending on component, the software segment is anticipated to exhibit substantial growth during the forecast period.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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