The big data and analytics services market consists of sales and related services that are used in customer analytics, supply chain analytics, marketing analytics, spatial analytics, transportation analytics, risk and credit analytics. Big data analytics services examines vast volumes of data to uncover hidden trends, similarities and other insights and allow companies to analyse and optimize their data to find new opportunities.
The global big data and analytics market is expected to decline from $81.46 billion in 2019 and to $73.32 billion in 2020 at a compound annual growth rate (CAGR) of -10.0%. The decline in growth rate is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $102.44 billion in 2023 at CAGR of 11.80%.
