Big Data Analytics Market Worth US $275 Billion by 2023 | Industry Analysis by Component, Solution and End User

Big Data Analytics Market
The big data analytics market is expected to reach approximately USD 275 billion by the end of 2023 with approximately 12% CAGR during the forecasted period from 2017 – 2023.

Big Data Analytics Market – Overview

Big data is usually called as a set of big and diverse data. This data is used to inspect the trends related to customer buying preferences, purchase patterns, and social behaviour. This helps the enterprises to execute better cultivated strategic business decisions. Big data analytics market is growing due to factors such as augmented evolution of internet of things. IoT is largely responsible for devices to stay connected with each other, which in-turn leads to generate a huge amount of data as the devices interact with each other. Additionally, there is a lot of data which is collected from the within the organizations, social media, open forums and websites. This data is unstructured and fragmented, thereby creating opportunity for big data analytics.

 

The prominent players in the Big Data Analytics Market are IBM Corporation (U.S.), Teradata Corporation (U.S.), VMware, Inc (U.S.), Tableau Software (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Pentaho (U.S.) Microsoft Corporation (U.S.), Google Inc (U.S.), Hewlett Packard Enterprise (U.S), Datameer (U.S.) among others, are profiled in Market Research Future analysis and are at the forefront of competition in the global big data analytics market. The prominent vendors are aiming to invest more in technology, research and development to innovate and expand their present product portfolio.

 

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Industry News

February 2018, Splunk’s data analytics gets a security boost with $350 million acquisition of Phantom Cyber. Splunk has acquired Phantom Cyber, security automation technology developer.

 

February 2018, Aussie master distributor acquired by data analytics vendor Alteryx. The company acquired its Australia and New Zealand division to increase and enhance sales and marketing in those regions. The company also plans to extend its regional workforce, with additional sales support, and supply chain channels to serve regional partners in Australia and New Zealand.

 

March 2018, Wineman Technology Partners with Viviota to Bring Insight to Big Data with Automated Test and Data Management Solutions. The company Wineman, has made a strategic partnership with Viviota. The acquisition plans to offer electromechanical test and analytics solutions for industrial sectors like transportation and automotive, healthcare and medical device and aerospace.

 

Big Data Analytics Market – Segmentation

Segmentation by component: hardware and software

Segmentation by Solution: fraud detection, risk management, customer analytics, content analytics

Segmentation by End-User: banking, discrete manufacturing, process manufacturing, government, telecommunication, insurance, transportation and utilities

Segmentation by region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

 

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Big Data Analytics Market – Regional Analysis

The geographical analysis of the big data analytics market is segmented into North America, Europe, Asia Pacific and rest of the world. Out of these regions, North America is mainly dominating the big data analytics market and will continue to lead the market for investments in the big data analytics with nearly 80% investments. This is majorly due the concentration of the large big data companies in the U.S, the growing advancement in technology adoption. On the other hand, Europe claims the second spot in this market. However, there has been a high growth during the forecast period by Asia Pacific. This growth is majorly due to growing advancement and globalization, growing number of big data analytics usage in IT & Telecom, healthcare, tourism, and retail.

 

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