Big Data and Business Analytics Market By Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Risk and Credit Analytics, Transportation Analytics, Workforce Analytics), By Component (Service, Software, Hardware), By Industry Vertical (BFSI, IT and Telecom, Manufacturing, Healthcare, Government, Retail and E-commerce, Education, Others, Energy and Utilities, Transportation): Global Opportunity Analysis and Industry Forecast, 2024-2033
Big data and business analytics refer to the process of gathering useful information from large set of structured and unstructured data for discovering hidden patterns and analyzing real-time information. In addition, organizations are adopting big data analytics instead of traditional databases to gain a competitive edge over their rivals and to increase their market share. Furthermore, big data analytics is used by researchers, analysts, and business users for faster and better decision-making, using data that was previously inaccessible or unusable. Thus, all these factors collectively contribute to the growth of the big data and business analytics market.
The surge in the adoption of big data analytics software by various organizations to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner significantly boosts the growth of the global big data and business analytics market. In addition, the increase in demand for cloud-based big data analytics software among small & medium enterprises positively impacts the growth of the market. However, high implementation costs and a dearth of skilled workforce are expected to hamper the market growth. On the contrary, an increase in the need to gain better insights for business planning and emerging trends such as social media analytics are expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the big data and business analytics market.
By application, the big data and business analytics market was led by the customer analytics segment in 2022 and is projected to maintain its dominance during the forecast period. Increase in competition among the key players to provide better customer satisfaction and personalized experience fuels the growth of this segment. However, the risk & credit analytics segment is expected to grow at the highest rate during the forecast period, owing to increase in complexities in the business process and rise in business process automation.
The big data and business analytics market is segmented into component, application, industry vertical, and region. In terms of component, the market is fragmented into hardware, software, and services. By application, it is classified into customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk & credit analytics, and transportation analytics. As per industry vertical, the market is segregated into BFSI, manufacturing, healthcare, government, energy & utilities, transportation, retail & e-commerce, IT & telecom, education, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the big data and business analytics market analysis are Amazon Web Services, Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, Oracle Corporation, Hewlett Packard Enterprise Development LP, SAP SE, SAS Institute Inc., TIBCO Software Inc., and Teradata Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits for StakeholdersThe study provides an in-depth analysis of the big data and business analytics market forecast along with the current and future trends to explain the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on big data and business analytics market trends is provided in the report.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the big data and business analytics market from 2023 to 2033 is provided to determine the market potential.
Key Market SegmentsBy ApplicationCustomer Analytics
Supply Chain Analytics
Marketing Analytics
Pricing Analytics
Spatial Analytics
Risk and Credit Analytics
Transportation Analytics
Workforce Analytics
By ComponentService
Software
Deployment Model
On-premise
Cloud
Analytics Tool
Dashboard and Data Visualization
Data Mining and Warehousing
Reporting
Self-Service Tools
Others
Hardware
By Industry VerticalBFSI
IT and Telecom
Manufacturing
Healthcare
Government
Retail and E-commerce
Education
Others
Energy and Utilities
Transportation
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
Rest of Europe
France
Italy
Spain
Russia
Asia-Pacific
China
Japan
Australia
India
South Korea
Rest of Asia-Pacific
Indonesia
Thailand
Malaysia
Vietnam
The Philippines
Pakistan
Bangladesh
LAMEA
Brazil
Rest of LAMEA
Mexico
Saudi Arabia
South Africa
Turkey
Argentina
Colombia
Key Market PlayersSAP SE
Amazon Web Services, Inc.
TIBCO Software Inc.
IBM Corporation
Microsoft Corporation
SAS Institute Inc.
Teradata Corporation
Oracle Corporation
Hewlett Packard Enterprise Development LP
Fair Isaac Corporation
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