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DUBLIN, April 24, 2023 (GLOBE NEWSWIRE) — The “Global Big Data and Business Analytics Market: Analysis by Segment, Analytics Tool, Application, Industry Vertical, Regional Size and Covid-19 Impact and Forecast to 2028” report has been added. ResearchAndMarkets.com’s Providing.
In the year The global big data and business analytics market is valued at USD 294.16 billion by 2022. The market value is expected to grow to US$662.63 billion by 2028.
The market value is expected to grow at a CAGR of 14.48% during the forecast period of 2023-2028, with the software segment being the dominant component.
Artificial Intelligence (AI) and Machine Learning (ML) are proving to be essential tools for handling increasing amounts of data and enabling real-time execution.
Big data analytics software has been adopted by various organizations to deliver improved and faster decisions and provide a competitive advantage through timely analysis and action of data.
Additionally, increasing demand for cloud-based big data analytics software among small and medium-sized enterprises will positively influence the growth of the market.
Market Segmentation Analysis:
In the year By 2022, in terms of value, the software segment will hold the largest share of the market, followed by services. Increasing demand for data-driven decision making, increasing volume and variety of data and adoption of cloud-based technologies are some of the factors driving the growth of the big data and business analytics software market.
In the year In 2022, dashboards and data visualization will hold the largest share in the market, followed by data mining and warehousing. The explosion of data from various sources has made it difficult for businesses to properly manage and analyze data. Dashboards and data visualization tools help simplify this process, providing a way to quickly and easily understand large amounts of data. This is expected to boost the growth of the dashboard and data visualization market.
In the year By 2022, customer analytics will dominate the big data and business analytics market due to the rise of digital channels. Businesses are facing intense competition in various industries, which leads to the need for diversification. Customer analytics can help companies identify opportunities for innovation and new product development based on customer needs and preferences.
In the year By 2022, BFSI will dominate the big data and business analytics market for gaining insights into customer behavior, detecting fraud, managing risks and improving operational efficiency. BFSI companies are using big data and business analytics to create targeted offerings that meet customer preferences, behavior and individual requirements. Money laundering is a significant problem for BFSI companies, resulting in huge financial losses and reputational damage.
North America accounts for the largest share of the market due to increasing adoption of cloud-based technologies that enable businesses to efficiently and cost-effectively store and analyze large amounts of data. America is leading the market in North America.
The US is an early adopter of advanced technologies, helping marketers deliver customized and advanced technology-enabled business analytics solutions to consumers. In addition, the region is witnessing high adoption of the cloud in companies, thus allowing the proper implementation of business analytics.
Analysis of the impact of Covid-19 and the future
One of the biggest impacts of COVID-19 on the big data and business analytics market is the increased demand for cloud-based solutions. As remote work becomes the norm for many businesses, demand for cloud-based solutions that can be accessed from anywhere is growing.
Competitive Landscape:
The global big data and business analytics market is highly fragmented, with many small and medium-sized companies competing with each other and large enterprises. Technological advancements in the market are also bringing sustainable competitive advantage to companies and the market is witnessing several partnerships and mergers.
Market volatility
Growth drivers
- Increased adoption of cloud computing
- The integration of artificial intelligence
- Increase the amount of data
- Increasing use of big data analytics in supply chain management
- Increasing adoption of big data analytics in various industries
Challenges
- Data privacy and security
- High cost of big data and business analytics solutions
Market trends
- The number of Internet of Things (IoT) devices is growing
- New trends in social media analytics
- Increasing demand for business plan insights
- Increasing use of DataOps
- Stream Analytics and the Evolution of Edge Computing
Company Profiles: Business Overview, Divisions, Business Strategy
- Amazon.com, Inc. (Amazon Web Services, Inc.)
- Microsoft Corporation
- International Business Machines Corporation (IBM)
- Oracle Corporation
- Salesforce.com, Inc.
- SAS institute
- SAP SE
- Qlik
- Cisco Systems, Inc.
- Hewlett Packard Enterprise Company
- Teradata Corporation
- Accenture Plc.
For more information about this report, visit https://www.researchandmarkets.com/r/11d6m
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Global big data and business analytics market
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