Big Data Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Big Data Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Big Data Analytics Market

The big data analytics market size was valued at USD 307.51 billion in 2023, and the market is now projected to grow from USD 348.21 billion in 2024 to USD 924.39 billion by 2032, exhibiting a CAGR of 13.0% during the forecast period of 2023-2032.

The big data analytics market growth is due to the pandemic speeding up changes in the manufacturing and healthcare sectors. While AI aids manufacturing through asset management and predictive maintenance, healthcare benefits from AI-driven reporting as well as electronic records. In response to the shifting atmosphere, firms are adjusting their operations by adopting remote work and advanced analytics.

The industry-widening adoption of digital solutions including banking, healthcare, retailing and agriculture has significantly increased data generation thereby boosting the big data analytics market share. Agriculture is now experiencing a major transformation through AI-powered smart machines, soil sensors and vehicle-mounted GPS systems which support advanced risk management and precision farming. In agriculture, big data analytics aids in scrutinizing large datasets used in risk assessment, supply chain monitoring and finding optimal seeds and fertilizers for crops.

According to IDC, 152,200 Internet of Things devices will connect per minute by 2025, propelling edge computing demand due to increasing machine learning (ML), internet of things (IoT) and artificial intelligence (AI) prevalence. Edge computing places processors closer to data sources, reducing upload time to cloud platforms, easing server load and enhancing network efficiency.

Comprehensive Analysis of Big Data Analytics Market

Big data analytics has spearheaded growth in the information & communication technology market, driving innovation and efficiency across sectors. These segmentations are segregated by component, enterprise type, application, and vertical. The component include Software, Hardware, and Services. The enterprise type segmentation include Large Enterprises and Small & Medium Enterprises (SMEs). The application segmentation include Data Discovery and Visualization, Advanced Analytics, and Others. In the vertical segmentation includes BFSI, Automotive, Telecom/Media, Healthcare, Life Sciences, Retail, Energy & Utility, Government, and Others.

North America dominated the revenue share because software adoption is extensive throughout industries in that region. The growth in demand in this area is a result of a growing number of companies using analytics tools critical for compliance analytics to spot frauds and policy violations quickly. Still, various industries have produced massive amounts of data because they invested a lot in the latest technologies such as ML, IoT and AI.

The top players in the market play a crucial role in the industry assuring industrial prospectus growth and setting market standards. These players include, IBM Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), SAS Institute Inc. (U.S.), Fair Isaac Corporation (U.S.), Oracle Corporation (U.S.), Salesforce Inc. (U.S.), Equifax, Inc. (U.S.), TransUnion (U.S.) and QlikTech International AB (U.S.)

In April 2022, Wipro partnered with DataRobot, an augmented intelligence firm, to enhance customer business impact through scalable augmented intelligence, facilitating the transition to AI-powered operations. This collaboration aims to expedite AI adoption and streamline the delivery of data-to-value for businesses efficiently.

Segmentation Table

Global Big Data Analytics Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 13.0% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Component, Enterprise Type, Application, Vertical, and Region

By Component Software

- Credit Risk Management

- Business Intelligence Solutions

- CRM Analytics

- Compliance Analytics

- Workforce Analytics

- Others (Content Analytics and Supply Chain Analytics)

Hardware

Services

By Enterprise Type Large Enterprises

Small & Medium Enterprises (SMEs)

By Application Data Discovery and Visualization (DDV)

Advanced Analytics (AA)

Others (Data Preparation)

By Vertical BFSI

Automotive

Telecom/Media

Healthcare

Life Sciences

Retail

Energy & Utility

Government

Others (Manufacturing and Education)

By Region North America (By Component, By Enterprise Type, By Application, By Vertical, and By Country)

- U.S. (B Vertical)

- Canada (By Vertical)

- Mexico (By Vertical)

South America (By Component, By Enterprise Type, By Application, By Vertical, and By Country)

- Brazil (By Vertical)

- Argentina (By Vertical)

- Rest of South America

Europe (By Component, By Enterprise Type, By Application, By Vertical, and By Country)

- U.K. (By Vertical)

- Germany (By Vertical)

- France (By Vertical)

- Italy (By Vertical))

- Spain (By Vertical)

- Russia (By Vertical)

- Benelux (By Vertical)

- Nordics (By Vertical)

- Rest of Europe

Middle East & Africa (By Component, By Enterprise Type, By Application, By Vertical, and By Country)

- Turkey (By Vertical)

- Israel (By Vertical)

- GCC (By Vertical)

- North Africa (By Vertical)

- South Africa (By Vertical)

- Rest of the Middle East & Africa

Asia Pacific (By Component, By Enterprise Type, By Application, By Vertical, and By Country)

- China (By Vertical)

- India (By Vertical)

- Japan (By Vertical)

- South Korea (By Vertical)

- ASEAN (By Vertical)

- Oceanic (By Vertical)

- Rest of Asia Pacific


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