Big Data Analytics Market Size, Share & Industry Analysis, By Component (Software (Credit Risk Management, Business Intelligence Solutions, CRM Analytics, Compliance Analytics, Workforce Analytics, and Others), Hardware, and Services), By Enterprise Type (Large Enterprises and Small & Medium Enterprises (SMEs)), By Application (Data Discovery and Visualization (DDV), Advanced Analytics (AA), and Others), By Vertical (BFSI, Automotive, Telecom/Media, Healthcare, Life Sciences, Retail, Energy & Utility, Government, and Others), and Regional Forecast, 2024 – 2032

The global big data analytics market size was valued at USD 307.52 billion in 2023. The market is projected to grow from USD 348.21 billion in 2024 to USD 961.89 billion by 2032, exhibiting a CAGR of 13.5% during the forecast period.

Big data analytics refers to the usage of modernized technologies and tools to process, analyze, and extract information from a huge variety of unstructured and structured data. Big data has become a vital asset for enterprises in today’s environment. Its implication lies in the massive amount of information created daily, providing valuable insights and prospects for businesses to make up-to-date decisions. It helps in real-time decision-making, faster customer service, risk management, fraud prevention, and many other benefits. For instance,

• As per the enterprise data and analytics strategies survey of Harvard Business Review, 76% of enterprises stated that real-time data analytics is essential for the performance of the business and 80% of organizations noted that its prominence is growing.

Key market players such as IBM, SAP SE, Microsoft, and Salesforce, among others, offer a wide range of big data platforms, tools, and services ranging from cloud-based solutions and AI (Artificial Intelligence) integrations to high-performance computing and real-time analytics.

IMPACT OF GENERATIVE AI

Enhanced Generative AI Capabilities to Open Up Lucrative Market Prospects

GenAI (Generative AI) is profoundly enhancing the data analytics industry, playing a vital and multifaceted part in the visualization and analysis of data. With applications such as data cleaning, data processing, and visualization, generative AI has created new opportunities to extract insights from complex and large datasets. For instance,

• Industry experts forecast that by 2026, nearly 80% of enterprises will make use of Generative AI mechanisms, a significant rise from less than 5% in 2023. GenAI has presented a paradigm transformation across data analytics and its applications.

Thus, wide-ranging applications of advanced technologies, including Generative AI and machine learning, contribute to the progress of the market.

MARKET TRENDS

Growing Adoption of Web Analytical Tools across Social Media Platforms to Boost Market Development

The big data mechanisms implemented across social media platforms provide enterprises with insights into customer behavior, customer preferences, and sentiment analysis. It helps businesses understand customers' opinions about their offerings. Businesses use and analyze this information to understand customers and develop marketing strategies. An example of a massive amount of data would be Facebook, which stores enormous amounts of user data. For instance,

• As per Locowise Insights 2024, in 2024, Facebook claimed nearly three billion active users monthly, making it one of the most prevalent social media platforms across the globe. WhatsApp and YouTube also have considerable user bases, predominantly in middle-income countries where WhatsApp is used by an average of 73% of adults.

Due to the growing usage of social media platforms, enterprises are investing in web analytical tools to monitor social media activity, particularly on social networking websites such as Facebook, Instagram, YouTube, Twitter, and many other platforms. These tools help companies maintain regular contact with their customers and gain better insights about their products and customer base. Some popular web analytics tools for monitoring social media are Google Analytics, AWStats, Amung.us, and others.

Hence, increasing usage of social media platforms is anticipated to fuel the progress of such data analytics tools in the market.

MARKET DYNAMICS

Market Drivers

Massive Increase in Data Generated across the Globe to Drive Market Expansion

The immense amount of data collected and stored by large enterprises is anticipated to grow ten times yearly, with almost 90% of this data remaining unutilized or not fully engaged. For instance,

• According to the Big Data Analytics News 2024, approximately 2.5 quintillion bytes of data are generated every day. The amount of data produced across the globe till 2023 is 120 zettabytes and is projected to touch 181 zettabytes by the end of 2025.

With the adoption of 5G wireless connections in the future, the amount of data produced daily will be incomprehensible. High-speed internet is anticipated to increase the amount of data created each day. Aside from emails, texting is one of the most prevalent online activities. Statistics show that more than 18 billion text data are sent daily worldwide.

Enterprises are required to ensure suitable data storage preceding data processing. Hence, there is a need to increase the storage capacity to match the accelerating database. Various market players are innovating and advancing new solutions to enhance data analytics and data storage capabilities.

• For instance, in April 2024, Informatica announced the expansion of its alliance with Google Cloud to introduce MDM (Master Data Management) Extension for Google Cloud BigQuery. It empowers faster and easier ways to get reliable MDM data that can be used for analytics and GenAI applications.

As global databases grow and storage capacity expands, the market is expected to progress accordingly.

Market Restraints

Rising Security Concerns to Hinder Market Growth

The rate at which businesses are migrating to the cloud and developing cloud-native solutions is causing a surge in security issues due to misconfiguration and a lack of asset awareness. These rising security concerns are expected to hinder the implementation of big data analytical solutions.

• For instance, in 2024, National Public Data, an online background check and fraud prevention facility experienced a substantial data breach. The breach supposedly exposed personal data of up to 2.9 billion accounts, affecting 170 million individuals across the U.K., U.S., and Canada.

Thus, increasing data breach instances across organizations are likely to hamper market growth.

Market Opportunities

Big Data Analytical Tools to Enhance Retail Experience

The growing adoption of big data analytical solutions in the retail industry vertical is likely to create significant opportunities in the upcoming years. This tool helps shape inventory management and logistics, providing companies with detailed insights about their consumer habits. They are also being employed to enhance sales, optimize marketing strategies through product recommendations, improve payment solutions, and elevate overall customer experience. For instance,

• In January 2022, Adobe and Salesforce launched big data tools to improve the retail experience. They launched a beta program for pickup-store features in collaboration with Walmart. The company offered new retail experience features on its respective platforms to give brick-and-mortar users a competitive edge.

Thus, the rising adoption of big data analytics in retail is enhancing the customer experience, thereby propelling market growth.

SEGMENTATION ANALYSIS

By Component

Varied Implementations of Big Data Analytics Software to Drive Market Growth 

By component, the market is categorized into software, hardware, and services. Software captured the highest market share in 2023 and is projected to grow at the highest CAGR owing to technological advancements, changing business requirements, and rising data volumes and complexity of data. Various types of software required by businesses include business intelligence solutions, CRM analytics, credit risk management, compliance analytics, workforce analytics, and more. Such factors are driving the demand for such data analytics software in the market. For instance,

• In March 2024, TransUnion unveiled a new product, OneTru, a solution enablement platform for governing, managing, analyzing, and distributing data and visions. The platform enhances the breadth and pace of innovation by allowing insight-driven resolutions for fraud, risk, and marketing, while aiding clients quickly adapt to evolving regulations.

The services are estimated to grow with a significant growth rate during the studied period, as these services go beyond customary data analysis, offering thorough insights that enhance informed decision-making and boost business progress.

By Enterprise Type

Small & Medium Enterprises to Display Highest CAGR due to Growing Adoption of Data Analytics Tools

Based on enterprise type, the market is bifurcated into large enterprises and small & medium enterprises (SMEs).

Small & medium enterprises are predicted to experience the highest CAGR during the forecast period. Small businesses can implement data analytics tools, such as website analytics, to gain valuable data on user behavior, website traffic, and conversation rates, which can enhance their business presence. The adoption of these tools among SMEs is contributing to market progress.

Large enterprise segment held the highest market share in 2023. The usage of data analytics tools helps large businesses gain deeper insights from the huge availability of data and even make better decisions. Some examples of large organizations using these solutions include Amazon, Netflix, Walmart, and many more.

By Application

Data Discovery and Visualization Led the Market With Its Increased Adoption across Various Use Cases 

In terms of applications, the market is divided into Data Discovery and Visualization (DDV), Advanced Analytics (AA), and others (data preparation).

Data Discovery and Visualization (DDV) accounted for the highest market share in 2023, owing to its features such as generating insights, continuous improvement, adaptability to change, and facilitating informed decisions. Additionally, its higher adoption in various use cases such as business intelligence and reporting, fraud detection and security mechanisms, customer analytics, healthcare analytics, and many others further drives the segment's growth.

Advanced Analytics (AA) is anticipated to progress with the highest CAGR during the study period. Advanced analytics is transforming data products into valuable assets that enhance decision-making, operational efficiency, and customer insights. Thus, the usage of advanced analytics solutions is increasing among enterprises for better data-driven outcomes.

• For instance, in October 2024, FICO announced a partnership with TCS to provide businesses with efficiency gains with the help of analytics and decision-making. The alliance offers advanced decision management and mathematical enhancement technology to various industries around the globe.

By Vertical

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Technological Implementation Fueled BFSI Segment Progress

Based on vertical, the market is categorized into BFSI, automotive, telecom/media, healthcare, life sciences, retail, energy & utilities, government, and others (manufacturing, education, etc.).

BFSI captured the highest market share in 2023, owing to the rising adoption of AI technology in financial services to offer superior customer experience, avoid fraud scenarios, and make data-driven decisions. Thus, these tools are used in the BFSI sector to manage vast volumes of data.

• For instance, in January 2024, KlariVis announced the launch of new data analytics features within its banking analytics platform, designed to improve banking performance. The new Report Builder in KlariVis enables the generation of trends, bespoke charts and reports by matching and mixing data elements, providing a customized overview of data.

Healthcare is projected to grow with the highest CAGR during the forecast period, driven by the requirement to leverage huge amounts of healthcare data to enhance patient care, decision-making, minimize costs, detect fraud, and support research. The growing importance of data-driven insights is fueling the expansion of data analytics in the healthcare industry.

BIG DATA ANALYTICS MARKET REGIONAL OUTLOOK

North America

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North America held the highest market share in 2023 due to the larger number of early adopters of advanced technologies such as AI and machine learning in the U.S. and Canada. The financial institutions, government, and healthcare sectors in the U.S. and Canada are primarily implementing big data analytics tools to handle and analyze huge volumes of data sets for quicker and better decision-making.

• For instance, in May 2023, Salesforce unveiled two new AI-powered data analytics tools: Tableau GPT and Tableau Pulse. These innovative tools aim to enhance data analysis by leveraging generative AI techniques. Tableau GPT offers users automated data analysis capabilities, while Tableau Pulse delivers personalized analytics experiences.

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Prominent market players within the U.S. are likely to invest heavily in big data analytics solutions by focusing on launching new software enabled with novel technologies. This strategy is expected to boost growth in the region's big data analytics market share.

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South America

South America is expected to grow at a considerable growth rate during the studied period. The rising technological investments and developments across digital transformation contribute to the region's growth. The rising implementation of digital technologies generates enormous datasets to manage such huge volumes of data, thereby increasing the need for big data analytics solutions in the region. Additionally, businesses in Brazil have made foremost investments in data pipelines and data lakes, recognizing the need to be data-driven for business progress.

Europe

Europe is anticipated to hold a prominent share in the big data analytics market owing to the rising adoption of cloud services, a rise in data generation in telecom, healthcare, financial sector, and retail. Moreover, increasing government spending on implementing advanced analytics solutions for quicker and enhanced decision-making to benefit their business, bolstering big data analytics market growth. For instance,

• As per European organizations, about 70% of the companies in Europe are migrating their work operations to the cloud segment. This is predominantly attributed to improving cost due to cloud usage, and around 50% of firms have adopted a cloud-first strategy to improve business efficiency.

Middle East & Africa

The Middle East & Africa is estimated to experience substantial CAGR during the forecast period, owing to rising digital transformation initiatives, growing 5G penetration, and a rise in the adoption of cloud services. Businesses are progressively focusing on enhancing customer experience and personalization, thereby increasing the demand for analytics solutions in the region.

• For instance, in June 2023, Google announced the establishment of its inaugural cloud region in Qatar, marking its entry into the Gulf market. This move is poised to bolster Qatar's ongoing endeavors to transition into a digital economy fueled by innovation. Furthermore, it is projected to create 25,000 job opportunities in 2030 alone, solidifying the positive implications of these strategic decisions.

Asia Pacific

Asia Pacific is anticipated to grow with the highest CAGR during the forecast period, owing to the rise in the adoption of analytics solutions within financial institutions across China, Japan, India, Oceania, South Korea, South East Asia, and other countries. Banks are leveraging AI (Artificial Intelligence) to get in-depth customer insights, improve propensity modeling for progress, and make more data-driven decisions, contributing to time and cost savings.

• For instance, as per industry experts, top industries with the highest spending on AI and Generative AI include financial services, retail, telecommunications, and government.

KEY INDUSTRY PLAYERS

Key Players Focus on Developing Advanced Solutions to Expand Business Presence

Prominent market players such as Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., and Alteryx, among other players, are focusing on offering advanced big data analytics solutions across BFSI, automotive, retail, healthcare, life sciences, telecom/media, government, and others. Big data analytics uses emerging technologies such as artificial intelligence, machine learning, and predictive analytics.

Major Players in the Big Data Analytics Market

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The market is consolidated, with the top players accounting for 45% - 47% of the total market share in 2023. Key players emphasize on new product upgrades, innovations, portfolio expansion into new geographic areas, and alliances with other players to enlarge their business reach across different regions.

Long List of Companies Studied (including but not limited to)

• IBM Corporation (U.S.)


• SAP SE (Germany)


• Microsoft Corporation (U.S.)


• SAS Institute Inc. (U.S.)


• FICO (U.S.)


• Oracle Corporation (U.S.)


• Salesforce Inc. (U.S.)


• Equifax Inc. (U.S.)


• TransUnion (U.S.)


• Alteryx (U.S.)


• QlikTech International AB (U.S.)


• KNIME (Switzerland)


• Tractus Technology (Turkey)


• Teradata (U.S.)


• Accenture (Ireland)


• Moody’s Corporation (U.S.)


• Verisk Analytics, Inc. (U.S.)


• Hidden Brains Infotech (India)


• ScienceSoft USA Corporation (U.S.)


• Datamatics Global Services Limited (India)


• Xenonstack (U.S.)

…and more

KEY INDUSTRY DEVELOPMENTS

• September 2024: Oracle Corporation introduced new HeatWave capabilities, comprising innovations designed to help enterprises securely and easily by taking the benefit of generative AI both in Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI). These capabilities aid customers to rapidly and securely execute machine learning and lakehouse applications for a broader diversity of use cases while increasing the manageability and performance of transactional applications.


• August 2024: KNIME secured investment to hasten the implementation of enterprise-grade AI Governance and ModelOps. The investment offers users with automatic access to state-of-the-art methods, promoting the adoption of robust AI practices.


• May 2024: IBM and Salesforce collaborated to develop open, trusted AI and data ecosystems. The partnership extends bidirectional data incorporation, elasticity in large language models (LLMs), and prebuilt workflows, while strengthening CRM solutions and reinforcing an obligation to accountable AI development.


• December 2023: Qlik acquired Mozaic Data, a move aimed at streamlining data handling for businesses by adopting a data product-oriented approach to enhance data governance and quality.


• August 2023: TransUnion partnered with the McCombs Center for Analytics and Transformative Technologies to provide students with opportunities in financial data science. The partnerships offered students access to guest lectures, mentorship, and collaborative research projects in data analytics and science through joint initiatives.

INVESTMENT ANALYSIS AND OPPORTUNITIES

Major players operative in the market are focused on constant investments in technological advancements and new business applications. Companies of all types are engaged in adopting new technology and applications, generating a large volume of data that must be stored. To store such a large volume of data, investments in hardware are essential, especially in hard drives, solid-state drives, RAM, and others.

• For instance, in May 2023, SAS, an analytics solutions supplier, planned to invest USD 1 billion in three years to improve enhanced analytics solutions for businesses' specific necessities. The investment builds its focus on offering tailored solutions to industry challenges in insurance, banking, government, retail, telecom/media, manufacturing, healthcare, and others.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

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