The business sector has experienced significant development in the last few years. This is one of the many reasons that promote the growth of the global market for big data analytics. The report by MRFR (Market Research Future) suggests that this market will grow tremendously over the forecast span of 2017-2023.
Big data is of great use to organizations as it helps in detecting customer behavior patterns, consumer trends and preferences. Companies utilize such comprehensive data sets to make better decisions about their business. Many enterprises employ advanced analytics to organize large and varied data sets. This, in turn, allows the analysts, researchers and business owners to form a better and much more efficient strategy.
Looking at the current demand for consumer satisfaction in the business sector, it is being anticipated that the global big data analytics market will grow by leaps and bounds in the coming years. The market is all set to earn a staggering revenue of around USD 275 billion. The CAGR for the forecast period will be roughly 12%.
Recently, it was noted that even the banking and manufacturing industry has started investing in big data analytics owing to compliance and security concerns. This fact is also one of the prime drivers for this market.
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Another factor that positively impacts the market happens to be the rapid increase in organizational data. Analyzing such large data sets manually would be quite a tedious task hence enterprise owners choose big data analytics. And ultimately it is the market that gets benefitted.
Additional factors like an upsurge in the number of mobile users, widespread usage of applications, and the switch from analog to digital technologies further foster the growth of the market.
The worldwide Big Data Analytics Market has been trifurcated into three segments. They are listed as below:
End-users – Process manufacturing, banking, government, discrete manufacturing, insurance, transportation & utilities and telecom. Amongst these, banking, process manufacturing and discrete manufacturing seem to be leading. They hold almost 50% of the market shares at present and are estimated to grow promptly over the forecast period.
Components – Hardware & software.
Solutions – Customer analytics & content analytics, fraud detection and risk management. Out of these the customer analytics sub-segment is at the forefront as it is the main area in which majority of the telecommunication industries invest.
Geographically, the market for big data analytics has its reach all across the globe. Some of the major regions can be listed as North America, Europe, Asia Pacific and Rest of the World.
Observing the area wise trends of the big data market it has been concluded that North America has an upper hand over the other regions. The lead of this region can be attributed to the development taking place in the United States. Major players have invested heavily in this region and it accounts for around 80% of the total investments in North America.
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March, 2018 – Recently a well-known company Wineman Technology announced its allegiance with Vivota to launch big data with data management solutions and automated tests. The outcome of this partnership is expected to be beneficial for industrial sectors like healthcare & medical devices, aerospace and automotive & transportation.
Market Players & Growth Strategies
Some of the most renowned players of this market are Teradata Corporation, Hewlett Packard Enterprise, Tableau Software, Pentaho and Datameer.
The players of this field employ various growth strategies to keep their business afloat. Some of these can be listed as strategic partnerships, acquisitions and investment in research & development.
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