The big data analytics market is expected to grow from US$ 239.75 billion in 2021 to US$ 638.66 billion by 2028; it is estimated to grow at a CAGR of 15.3% from 2022 to 2028.
The big data analytics market is being driven by the increasing adoption of advanced reporting, electronic medical records, and healthcare business intelligence powered by AI in the healthcare sector. The COVID-19 pandemic has also led to the use of advanced analytics in various industries, including remote labor and modification of digital strategies, contributing to market growth. A KPMG survey of digital transformation strategy leaders revealed that 67% increased their digital transformation budget, and 63% advanced their digital transformation strategy due to the pandemic. Additionally, IDC data suggests that 152,200 IoT devices will be connected every minute by 2025, which will further increase the demand for edge computing to handle the growing quantity of data. Consequently, the big data analytics market is expected to grow due to the shift towards edge computing.
The current information needs of patients, physicians, administrators, and policymakers in the medical industry are not being fully met. The implementation of big data analytics can provide customized and accurate treatment based on real-time data specific to individual patients. It is imperative to develop systems that can rapidly learn from data provided during clinical and everyday life to facilitate data-driven decision-making and improved personalized predictions for treatment responses and prognoses.
Bots and virtual assistants like Amazon Alexa, Apple Siri, and Google Assistant are being employed by companies to modernize and automate their workplaces, generating valuable data. The proliferation of network access and smartphone technologies worldwide, as well as technological advancements in social media platforms, has led to an increase in data sources such as YouTube videos, Snapchat, Instagram, Facebook, and WhatsApp chats. The industrial revolution is expected to produce vast amounts of data due to technological advances in various industries, smart applications, and social media platforms, which is fueling the expansion of the big data analytics market.
The big data analytics market is a crucial aspect of businesses as it allows them to efficiently manage, process, and analyze vast amounts of data in real-time, enhancing their decision-making capabilities. The main objective of big data analytics solutions is to assist companies in comprehending their customers and target audience, thus optimizing their marketing strategies. Additionally, various businesses utilize the big data analytics market to scrutinize enormous amounts of data generated by both offline and online commerce. Furthermore, the emergence of cloud-based big data analytics has enabled users to access data from any location, resulting in increased investment by service providers in cloud technology to gain a competitive edge.
Due to favorable government policies, a strong industrial base, and high purchasing power, North America is a crucial region for the growth and adoption of new technologies. Big data analytics is extensively used in various industries such as manufacturing and electronics in the US, which has the highest number of big data analytics developers. The work-from-home trend, which was accelerated by the COVID-19 pandemic, has opened up numerous opportunities for data analytics, benefitting the North American big data analytics market. This trend is expected to persist beyond the pandemic as companies are now deploying business analytics solutions to enhance data security and streamline corporate productivity.
The big data analytics market size has been determined through a comprehensive analysis of both primary and secondary sources. Secondary research, using both internal and external sources, has been conducted to gather qualitative and quantitative data on the market. The aim is to provide an overview and forecast of the big data analytics market across all segments. Additionally, multiple primary interviews have been conducted with industry experts including VPs, business development managers, market intelligence managers, national sales managers, valuation experts, research analysts, and key opinion leaders who specialize in the big data analytics market to validate the data and gain more analytical insights.
The report profiles several key companies operating in the market, including Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, TIBCO Software, and Teradata.