Surge in adoption of Big Data analytics software by multiple organizations, and rise in demand for cloud-based Big Data analytics software among SMEs fuel the growth of the global Big Data and business analytics market.
PORTLAND, Oregon, Jan. 16, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Big Data and Business Analytics Market by Component (Software and Services), Deployment Model (On-Premise and Cloud), Analytical Tools (Dashboard & Data Visualization, Self-Service Tools, Data Mining & Warehousing, Reporting, and Others), Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, and Transportation Analytics), and Industry Vertical (Manufacturing, BFSI, Healthcare, Government, Energy & Utility, Transportation, Retail & Consumer Goods, IT & Telecom, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global big data and business analytics market garnered $171.39 billion in 2018, and is estimated to reach $512.04 billion by 2026, growing at a CAGR of 14.8% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in adoption of Big Data analytics software by multiple organizations, increase in demand for cloud-based Big Data analytics software among SMEs, and several benefits provided by Big Data as well as business analytics solutions drive the growth of the global Big Data and business analytics market. On the other hand, dearth of skilled workforce and high implementation cost curb the growth to certain extent. However, emerging trends such as social media analytics and surge in need to gain insights for business planning are expected to create lucrative opportunities for the key players in the industry.
The solution segment to lead the trail by 2026-
Based on component, the solution segment generated the largest share in 2018, holding more than two-thirds of the global Big Data and business analytics market share. Increase in adoption of Big Data analytics solution among various enterprises fuels the growth of the segment. The services segment, on the other hand, would grow at the fastest CAGR of 16.5% throughout the forecast period. This is due to surge in different types of services which include professional and managed services.
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The on-premise segment to retain its dominance during the estimated period-
Based on deployment model, the on-premise segment accounted for nearly three-fifths of the global Big Data and business analytics market revenue in 2018, and is anticipated to maintain its top status during 2019–2026. Enhanced security features provided by on-premise models drive the growth of the segment. Simultaneously, the cloud-based segment would showcase the fastest CAGR of 16.2% by the end of 2026. It's remotely accessible from anywhere around the world which, in turn, propels the growth of the segment.
North America held the lion's share in 2018-
Based on geography, North America contributed to nearly two-fifths of the global big data and business analytics market share, and is expected to rule the roost throughout the study period. North American countries are expected to adopt Big Data and business analytics solution at a high rate to bring great improvements in operational efficiency in IT infrastructure. At the same time, the region across Asia-Pacific would register the fastest CAGR of 17.3% till 2026. This is due to rise in digitalization in emerging economies such as India and China.
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Frontrunners in the industry-
Hewlett Packard Enterprise Development LP.
Fair Isaac Corporation
SAS Institute Inc.
TIBCO Software Inc.
Amazon Web Services
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