As the world is becoming more digital and connected, big data and business analytics are creating new opportunities for data collection, storage and intelligence processing and analysis. With the huge amount of data generation, data storage and data capture, big data and business analytics has emerged as an important technology to study and solve data related problems for companies that have huge amount of data stored and used within their organization.
Big data and business analytics technology is reshaping market by enabling digital transformation across industries such as banking, process manufacturing, professional services and federal/central government and business processes by providing them solutions of big data and business analytics to reduce the data related problems. Due to the tremendous increase in organizational data the adoption of big data and business analytics has been increased in the organizations to better understand their customer and drive efficiencies.
Big data and Business analytics market: Drivers and Challenges
The increasing interest and investment in artificial intelligence, in turn, is leading to the emergence of new tools for collecting and analyzing data and new enterprise roles and responsibilities which includes big data and business analytics solutions.
Moreover, the growth of mobile devices and apps has directly resulted in a massive increase in the amount of data generated. The usage of big data and business analytics solutions is critical for businesses to develop new competitive strategies and to provide services.
Most organizations’ data is growing at a rate of 40 to 60 percent per year. Simply storing the data is becoming a real challenge. Companies are looking at options like data lakes, big data and business analytics solution which will allow them to collect and store massive quantities of unstructured data in its native format.
The problem is, data lakes have to be constructed wisely or they quickly become a useless wasteland where data goes to never be retrieved again. Also, it’s difficult for many organizations to justify this amount of time and effort relative to the value it delivers. To put this into business speak, big data and business analytics solutions doesn’t always deliver a powerful ROI.
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Big data and Business analytics market: Segmentation
Segmentation of Big data market on the basis of Technology:
The big data and business analytics solutions market can be segmented on the basis of technologies being used in these solutions
- Machine learning
- Data mining
- Artificial Intelligence
- Natural language processing
Segmentation of Big data market on the basis of deployment:
The big data and business analytics solutions market includes the mode of deployment of these solutions
Segmentation of Big data market on the basis of vertical:
The big data and business analytics solutions market has been segmented on the basis of industries using these big data and business analytics solutions
- Banking, Financial Services, and Insurance (BFSI)
- Government and Defense
- Healthcare and life sciences
- Retail and consumer goods
In July 2015 Microsoft Corporation launches Cortana analytics suite to provide big data and business analytics solutions for enterprise customers. Also, in March 2016, Cloudera acquires Sense, a cloud service company. This acquisition could help the company to distinguish itself from Hadoop distribution vendors.
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The key market players in big data and business analytics solutions and service providers include :
- International Business Machines (IBM) Corporation,
- Microsoft Corporation,
- Hewlett-Packard Enterprises,
- SAP SE,
- Amazon Web Services
Big data and Business analytics market: Regional Overview
On geographic basis, North America will be the largest market for big data and business analytics solution as half of the revenue is estimated to be generated from US-based companies with larger companies driving the most growth.
The second largest region in big data and business analytics solutions market will be Western Europe followed by Asia/Pacific on the basis of their spending and growth of market in the region. Latin America will experience the fastest growth due to high demand in this big data and business analytics solutions market.
The report covers exhaustive analysis on:
- Big data and Business Analytics Market Dynamics
- Big data and Business Analytics Market Segments
- Big data and Business Analytics Market Size & Forecast 2015 to 2025
- Supply & Demand Value Chain
- Big data and Business Analytics Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
- Big data and Business Analytics Market Drivers and Restraints
Regional analysis for Big data and Business Analytics Market includes development of these systems in the following regions:
- North America Market
- Latin America Market
- Rest of Latin America
- Western Europe Market
- Rest of Western Europe
- Eastern Europe Market
- Asia Pacific Market
- Australia and New Zealand (A&NZ)
- Rest of Asia Pacific
- Japan Market
- Middle East and Africa Market
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics of the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
- Must-have information for market players to sustain and enhance their market footprint