Global Big Data And Analytics Services Market To Reach Value Of $102 Billion In 2023

The global big data and analytics market is expected to decline from $81.46 billion in 2019 to $73.32 billion in 2020 at a rate of -10%. 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 expected to recover and reach $102.44 billion in 2023 at a rate of 11.8%. Increasing growth of internet of things is expected to drive the growth of the big data and analytics services market. The issues with integration of information collected from various data sources is a key factor hampering the growth of the big data and analytics services market.

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 examine vast volumes of data to uncover hidden trends, similarities and other insights, and allow companies to analyze and optimize their data to find new opportunities.

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The global big data and analytics services market is further segmented based on type and geography.
By Deployment Mode: On-Premise; Cloud; Others
By Application: Customer Analytics; Supply Chain Analytics; Marketing Analytics; Pricing Analytics; Spatial Analytics; Workforce Analytics; Risk & Credit Analytics; Transportation Analytics; Others
By Geography: The global big data and analytics services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American big data and analytics services market accounts for the largest share in the global big data and analytics services market.

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Trends In The Big Data And Analytics Services Market
Continuous intelligence is a key trend in the big data and analytics services market. Continuous intelligence combines real-time analytics with business operations and makes use of historical and current knowledge to improve decision-making or to help make decisions. It leverages a variety of technologies such as optimization, business rule management, event stream processing, augmented analytics, and machine learning.
Big Data And Analytics Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides big data and analytics services market overviews, analyzes and forecasts big data and analytics services market size and growth for the global big data and analytics services market, big data and analytics services market share, big data and analytics services market players, big data and analytics services market size, big data and analytics services market segments and geographies, big data and analytics services market trends, big data and analytics services market drivers and big data and analytics services market restraints, big data and analytics services market’s leading competitors’ revenues, profiles and market shares. The big data and analytics services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.