Big Data and Analytics Services Market:
Executive Summary
The global big data and analytics market is expected to decline from $81.46 billion in 2019 and to $73.32 billion in 2020 at a compound annual growth rate (CAGR) of -10.0%. The decline in growth rate is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $102.44 billion in 2023 at CAGR of 11.80%.
The big data and analytics services market consists of sales and related services that are used in customer analytics, supply chain analytics, marketing analytics, spatial analytics, transportation analytics, risk and credit analytics. Big data analytics services examines vast volumes of data to uncover hidden trends, similarities and other insights and allow companies to analyse and optimize their data to find new opportunities.
North America was the largest region in the big data and analytics market in 2019. Asia Pacific was the fastest growing region in the big data and analytics market in the forecast period.
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In January 2019, Alibaba Group, a China-based company, specializing in e-commerce, retail, internet, and technology acquired Data Artisans for $103M. Through this acquisition Data Artisans business reached new horizons with its open source technology, including moves to expand to new areas that have not explored in the past. Data Artisans, a Berlin-based start-up that provides distributed systems and large-scale data streaming services for enterprises.
The big data and analytics services market covered in this report is segmented by deployment mode into on-premise, cloud, others and by application into customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk & credit analytics, transportation analytics., others.
The issues with integration of information collected from various data sources is a key factor hampering the growth of the big data and analytics services market. Big Data Integration integrates data from a variety of sources and software formats and offers a converted and coherent view of the collected data to the consumers. Data from a wide variety of sources use different priorities and rates and can be easily de-synchronized from the source system. For instance, many companies collect data from various sources such as customer relationship management (CRM) systems, enterprise resource planning (ERP) systems and specific types of data stored in different formats. However, such data variability could not be enabled by a single integration platform, everything must be homogenized for accurate and efficient analysis. Therefore, issues with integration of information collected from various data sources is expected to limit the growth of the big data and analytics services market.
The continuous intelligence is a key trend in the big data and analytics services market. Continuous intelligence is a device that has combined real-time analytics with business operations, it makes use of historical and current knowledge to improve decision-making or to help make decisions. It leverages a variety of technologies such as optimization, business rule management, event stream processing, augmented analytics, and machine learning. Many companies should leverage continuous intelligence to achieve (or retain) a competitive advantage throughout 2020. Also, Gartner expects that by 2022 more than 50 per cent of the modern business structure will use continuous intelligence that uses real-time context data to improve decisions.
The increasing growth of integration of internet of things in daily lives is a key factor driving the growth of the big data and analytics services market. When organizations take a hold of the data for the purpose of research, IoT serves as a major source for that data and this is the point where the position of big data in IoT comes into the picture. IoT devices produce a huge amount of unstructured data, which are stored in the big data network and this data largely depends on 3V factors such as volume, velocity and variety. About 44 trillion gigabyte of data is expected to be generated by the Internet of Things by year 2020. With the increasing number of connected devices, by 2020, more than 10 billion sensors and computers will be connected to the Internet. Therefore, increasing growth of internet of things is expected to drive the growth of the big data and analytics services market.
Major players in the big data and analytics services market are IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, TIBCO Software Inc., Teradata Corporation, Amazon Web Services, SAS Institute Inc., Tableau Corporation, and Alteryx.
Continuous…
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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