What Has Been the Progress and Growth of the Big Data and Analytics Services Market in Recent Years?
The big data and analytics services market has seen considerable growth due to a variety of factors.
• The market for big data and analytics services has seen a substantial expansion in the past few years. It's projected to increase from $151.41 billion in 2024 to $169.01 billion in 2025, with a compound annual growth rate (CAGR) of 11.6%.
Factors that have contributed to this growth during the historic period include the data explosion, business intelligence, regulatory compliance, and competitive advantage.
How Does the Forecast Look for the Big Data and Analytics Services Market Size?
The big data and analytics services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for big data and analytics services is predicted to experience substantial expansion in the forthcoming years. Its valuation is projected to soar to $365.42 billion by 2029, experiencing a compound annual growth rate (CAGR) of 21.3%.
This anticipated upsurge during the prediction term is the result of advanced technology such as analytics and artificial intelligence, data privacy/security, cloud-based analytics, and real-time analytics. The prediction term is also expected to see key market trends such as the incorporation of artificial intelligence and machine learning, cloud-supported big data services, edge analytics, as well as data privacy and compliance methods.
What Factors Are Driving Growth In The Big Data and Analytics Services Market?
The surging integration of the internet of things (IoT) into our daily routines is predicted to spur the expansion of the big data and analytics services market. In this context, IoT denotes the meshed system of physical devices, implements, and processes, equipped with sensors, software, and communication tools that facilitate the collection and online reciprocation of data. This enhancement of IoT assimilation is propelled by technological progressions, mounting demands for automation, ascent of intelligent devices, data-based decision-making, plans for sustainability, and the ubiquitous accessibility of 5G connectivity. Big data and analytics services play a vital role in IoT, facilitating decisions in real time and reinforcing security by converting the enormous IoT data into implementable insights. For example, Akamai Technologies Inc., a firm based in the United States, predicted in August 2022 that IoT connections would escalate from 15.1 billion in 2021 to 23.3 billion in 2025. Thus, the escalating integration of IoT is fueling the expansion of the big data and analytics services market.
How Are The Segments Defined Within The Global Big Data and Analytics Services Market?
The big data and analytics services market covered in this report is segmented –
1) By Deployment Mode: On-Premise, Cloud, Other Deployment Mode
2) By Application: Customer Analytics, Supply Chain Analytics, marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk And Credit Analytics, Transportation Analytics., Other Applications
3) By Vertical: Transportation And Logistics, BFSI, Travel And Hospitality, Healthcare And Life Sciences, Manufacturing, Other Verticals
Subsegments:
1) By On-Premise: On-Premise Software Solutions, On-Premise Infrastructure Setup, On-Premise Data Warehousing
2) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud
3) By Other Deployment Mode: Edge Computing, Fog Computing, Hybrid Deployment Models
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How Are New Trends Expected To Influence The Growth Of The Big Data and Analytics Services Market?
Prominent firms in the big data and analytics services sector are putting their efforts into the creation of technologically advanced solutions such as data silos and streamline planning and analytics software, aiming to boost data management, enhance operational productivity, and aid organizations in making better decisions. Data silos are isolated data repositories which are normally not easily shared among diverse departments or systems within an organization. As an example, in November 2022, International Business Machines Corporation, a technology company based in the United States, introduced the Business Analytics Enterprise. This is a complete software suite engineered to remove data silos and bolster planning and analytics in businesses. It merges crucial functionalities like business intelligence, budgeting, reporting, forecasting, and dashboards into a unified platform. One primary feature it possesses is the IBM Analytics Content Hub, permitting users to find and use analytics instruments from numerous providers via a customized dashboard, which provides recommendations for relevant content based on role. The suite carries the latest versions of IBM Cognos Analytics with Watson and IBM Planning Analytics with Watson, thus improving data integration and forecasting prowess.
Who Are the Key Players In The Big Data and Analytics Services Market?
Major companies operating in the big data and analytics services market include:
• International Business Machines Corporation
• Oracle Corporation
• Microsoft Corporation
• SAP SE
• TIBCO Software Inc.
• Teradata Corporation
• Amazon Web Services Inc.
• SAS Institute Inc.
• Tableau Software Inc.
• Alteryx Inc.
• SiSense Inc.
• Splunk Inc.
• Google LLC
• Talend Inc.
• Salesforce.com Inc.
• Micro Focus International plc
• Hewlett Packard Enterprise Company
• MicroStrategy Incorporated
• Adobe Inc.
• ThoughtSpot Inc.
• QlikTech International AB
• Informatica LLC
• Cloudera Inc.
• Palantir Technologies Inc.
• VMware Inc.
• Treasure Data Inc.
• Striim Inc.
• Splice Machine Inc.
• Pentaho Corporation
• New Relic Inc.
• FourKites Inc.
• CB Insights Inc.
• Information Builders Inc.
• Accenture plc
• Cisco Systems Inc.
• MapR Technologies Inc.
• MarkLogic Corporation
• NetApp Inc.
• Domo Inc.
• Pivotal Software Inc.
• Hortonworks Inc.
• LexisNexis Risk Solutions
• Imply Corporation
• DataStax Inc.
• Dataiku Inc.
• Fluentd Inc.
• Hazelcast Inc.
• Groundhog Technologies
• Qumulo Inc.
• Sizmek by Amazon
• Workday Inc.
• Cybatar AG
• Pure Storage Inc.
• Amdocs Limited
• Big Data Scoring Inc.
What Is The Most Dominant Region In The Big Data and Analytics Services Market?
Asia-Pacific was the largest region in the big data and analytics services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the big data and analytics services market during the forecast period. The regions covered in the big data and analytics services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
