Big Data Analytics Market to Grow at a CAGR of 13.5% over 2024 to 2032; Growing Government Spending on Analytical Solutions to Drive Market Growth

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.

Fortune Business Insights™ presents this information in its report titled “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”.

Big data analytics enables businesses to extract actionable insights from vast amounts of data, aiding in faster decision-making, risk management, and fraud detection. A Harvard Business Review survey found that 76% of businesses see real-time data analytics as essential, with 80% recognizing its increasing significance.

Generative AI is revolutionizing data analytics with enhanced capabilities in data processing and visualization. Experts forecast that by 2026, 80% of enterprises will adopt GenAI, up from less than 5% in 2023. This transformation, driven by AI and machine learning, is reshaping how businesses extract value from complex data.

Oracle Corporation Introduced HeatWave Capabilities to Swiftly and Securely Execute ML and Lakehouse Applications

Oracle Corporation launched new HeatWave capabilities in September 2024, helping customers to swiftly and securely execute ML and lakehouse applications by taking the benefit of generative AI both in Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI). Using this it helps firm to increase the manageability and performance of transactional applications.

Increase in Volumes of Databases Globally to Stimulate Market Development

With Global data generation reaching 120 zettabytes in 2023 and projected to hit 81 zettabytes by 2025 (as per Big Data Analytics News 2024), the need for scalable storage solutions is intensifying. This data explosion, further fueled by 5G adoption, highlights the growing demand for efficient data storage and processing infrastructure. To handle the increasing volume of data, companies such as Informatica are partnering with cloud providers such as Google Cloud to offer enhanced data management and analytics solutions. Innovations such as MDM extensions for faster data reliability, are driving the demand for advanced big data analytical tools and storage systems.

However, frequent data breaches such as the 2024 National Public Data incident exposing billions of accounts, raise concerns about data security, which may deter big data analytics market growth.

Prominent Firms Are Utilizing Advanced Technologies to Strengthen Their Market Presence

Key players such as SAP SE, SAS Institute Inc., Microsoft Corporation, IBM Corporation, and Oracle Corporation are using advanced technologies such as machine learning, predictive analytics, and artificial technologies. These companies are incorporating these technologies across various sectors such as automotive, retail, healthcare, and BFSI to expand their business presence. 

List of Key Players Mentioned in the Report:

• 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.)

Key Industry Development

• August 2024: With improved scalability, speed, and predictive power, the FICO platform helps clients manage increasing data needs and execute decisions at scale, enabling innovative customer experiences and fostering trust in AI-powered interactions.

Further Report Findings

• North America captured the key big data analytics market share in 2023, fueled by the early uptake of AI and ML technologies in the U.S. and Canada. Key sectors such as government, healthcare, and finance are leveraging big data analytics for faster, more accurate decision-making. For example, Salesforce launched two AI-driven analytical tools, Tableau GPT and Tableau Pulse, in May 2023, enhancing data analysis with generative AI.


• Europe is likely to hold a key market share during the forecast period, fueled by cloud adoption, growing data in industries such as telecom and healthcare, and increased government spending on analytical solutions. About 70% of the companies in Europe are moving operations to the cloud, with half adopting a cloud-first approach to boost business efficiency.

Table of Segmentation