Big Data and Business Analytics Market size is projected to reach USD 512.04 billion by 2026
According to Valuates Reports, in many organisations, business analytics focuses on one core metric, and that is the organisation's financial and operational analytics. On the other hand, 'Big Data' helps in storage, retrieval and analysis of large and complex data there by automating business analytics by identifying trends from a wider variety of data coming in from all directions and letting the organization make better data driven decisions.
The global Big Data and Business Analytics Market size was valued at $171.39 Billion in 2018 and is projected to reach $512.04 Billion by 2026, growing at a CAGR of 14.80 percent between 2019 and 2026.
Trends Influencing the Big Data and Business Analytics Market Size
Factors including the decrease in the technology cost and the emergence of open source big data software systems drive market growth.
Sustaining without business analytics in an increasingly competitive environment is no longer easier for companies, and gathering knowledge about the past data to predict the future outcome is also not easy without analytics. Therefore, Big Data and Business Analytics plays a key role in rising organizational productivity and maximizing capital. This feature is expected to increase the Big Data and Business Analytics market size over the forecast period.
Big Data applications in the conventional on-premise environment, can be difficult to implement and manage. Add to this, the exponential growth of data along with the cost of implementing these technologies can be a huge burden. In such scenarios, the cloud can help alleviate some of these hurdles. Cloud's promise of agility, scale, and flexibility, combined with the incredible insights powered by BDA, is expected to increase the Big Data and Business Analytics market size.
Augmented analytics will be a key factor in increasing the Big Data and Business Analytics market size by 2020. Augmented analytics automates the discovery and surfacing of the most relevant market trends to improve decision-making.
Increased use of commercial AI and ML will help speed up the growth of Big Data and Business Analytics market size during the forecast period. Today, open-source systems dominate artificial intelligence (AI ) and machine learning and are the main source of creativity in algorithms and development environments.
Big Data And Business Analytics Market Share Analysis
During the forecast period, the big data analytics segment is projected to hold the largest market share. Big data solutions allow for more accurate segmentation of potential customers and encourage a deeper understanding of those customers, their desires, and motives by analyzing the data generated from various sources, such as social media, call logs, and service types. Big data solutions enable data experts to understand complex patterns, such as identifying opportunities for financial growth, financial benchmarking against industry standards, and identifying financial implications.
In terms of region, North America dominated the Big Data and Business Analytics market share in 2018 and is expected to maintain its position over the forecast period. The main factors driving market growth in this area include growing the adoption of cloud services among various vertical industries and higher adoption of advanced analytics solutions among SMEs.
However, due to the advancement of the banking & insurance industry and the penetration of emerging technologies like IoT and big data, Asia-Pacific is expected to experience the highest growth rate during the forecast period.