WESTFORD, Mass., July 17,
2024 /PRNewswire/ -- According to SkyQuest, the
global Big Data Analytics Market size was valued at
USD 272.80 billion in 2022 and is
poised to grow from USD 309.35
billion in 2023 to USD 845.97
billion by 2031, growing at a CAGR of 13.40% during the
forecast period (2024-2031).
Furthermore, the enormous advancements in computing, the
abundance of data, and the infrastructure that makes knowledge
creation possible have all contributed to the growing popularity of
big data analytics. By applying analytics to big data, various
businesses can establish enormous opportunities to gain numerous
insights with better future outcomes. Big data utilization is
helping the major global firms beat their rivals in a variety of
industries. Proactive leaders started utilizing big data analytics
to rapidly develop their companies. The effects of mastering big
data will include improved competitive advantage for long-term
investments and extraordinary capacity.
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overview:
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Big Data Analytics Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$309.35
Billion
|
Estimated Value by
2031
|
$845.97
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 13.40%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Component, Data Type,
Enterprise Type, Application, Business Function, Industry Vertical
and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Advancements in
computing and data infrastructure have popularized big data
analytics
|
Key Market
Opportunities
|
Increasing demand for
comprehensive data integration and advanced analytics
tools
|
Key Market
Drivers
|
Predictive analytics
for enhanced outcomes and cost management
|
Segments covered in Big Data Analytics Market are
as follows:
- Component
- Hardware (servers, storage devices, networking equipment, and
data centers), software (credit risk management, business
intelligence solutions, CRM Analytics, compliance analytics,
workforce analytics, and others), services (consulting services,
system integration services, and managed services).
- Enterprise Type
- Large enterprises, small & medium enterprises (SMEs).
- Application
- Data discovery & visualization (DDV), advanced analytics
(AA), others
- Industry Vertical
- BFSI, automotive, telecom/media, healthcare, life sciences,
retail, energy & utility, government, others
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Harnessing Big Data Analytics Components for Enhanced
Operational Efficiency and Strategic Advancement
Within the field of big data analytics, components come in a
variety of forms, such as data management systems, analytics tools
(like Tableau), processing frameworks (like Hadoop), and data
storage systems. There is efficient handling of big data that
occurs through integration, hence enabling companies in a couple of
industries to gain competitive edges and operational insights.
Business intelligence solutions facilitate thorough data
integration, analysis, and decision-making, which is why they are
essential to the worldwide big data analytics industry. In this
era, data-driven ideas are encouraged by these solutions to foster
innovation across all industries. Moreover, they will enhance
efficiency in operations and assist in strategy execution.
The consulting, implementation, and support services necessary
for implementing and optimising analytics solutions are included in
the services category of the global big data analytics industry.
These services ensure that big data investments generate maximum
profit and business strategies evolve continuously by using
analytics programmes efficiently, responding to business demands,
and providing ongoing support.
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(TOC):
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Unveiling Industry Verticals and the Evolution of Custom
Analytics Solutions
In the worldwide big data analytics market, industry verticals
refer to particular industries, such manufacturing, healthcare,
finance, and retail, that use analytics to optimise operations and
obtain new insights. The increased competitiveness in these sectors
that foster innovation and streamline operations in turn
necessitate the personalized data insights solutions.
The global big data analytics market is dominated by the BFSI
(Banking, Financial Services, and Insurance) industry, which uses
data analytics to improve client experiences, better manage risks,
identify fraud, and maximise operational savings. Big
Data analytics drives innovation, improves compliance and
facilitates strategic decision-making in the finance sector.
Consequently, such merits ensure sustainable expansion and outdo
competitors in a market dominated by information.
The healthcare segment plays a crucial role in the global big
data analytics industry, as it leverages analytics for enhanced
patient care, operational efficiency and research. This
transformation of healthcare delivery is driven by big data
analytics, leading to improved patient care and induced innovative
treatments. Additionally, it enables predictive analytics for
personalised medicine, improves clinical outcomes, reduces costs
and makes population health management easier.
Unveiling Industry Dynamics and Strategic Insights in the Big
Data Analytics Frontier
Big data analytics is becoming a vital component of contemporary
company strategy thanks to the advancements in computing and data
infrastructure. Businesses which use analytics can benefit through
getting deep insights, improving their competitive edge as well as
spurring innovation. Data analytics are used by many healthcare
innovators in offering personalized care or aiding research while
for many BFSI leaders it has been a vital tool in enhancing
customer experience by reducing risks. Tailored solutions to many
issues such as enhancing customer service have contributed
significantly to the growth of different sectors like manufacturing
and retail.
Related Reports:
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Predictive Analytics Market
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Risk Analytics Market
Cloud Analytics Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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