The solutions offered by the players and developers working within the global big data and analytics market are used by stakeholders in various end use industries, such as banking, financial institutes, and insurance or BFSI, health care, energy and utilities, retail and e-commerce, education, manufacturing, government, transportation, and IT and telecom, among others. These solutions in the global big data and analytics market have numerous applications in these industries, including customer analytics, marketing analytics, spatial analytics, risk and credit analytics, transportation analytics, supply chain analytics, pricing analytics, and workforce analytics, among others.
The research report carefully examines the changes and shifts that occurred in the landscape of the global big data and analytics market in the recent past. It also evaluates the trajectory of the global big data and analytics market in accordance to the data acquired through meticulous survey of numerous primary as well as secondary sources. The research authors explain the current landscape of the global big data and analytics market in great detail, providing all the valuable information required by the industry stakeholders to make informed corporate decisions. It also guides the readers on the historic as well as emerging trends that may have a considerable impact on the shifting commercial landscape of the global big data and analytics market over the study’s forecast period i.e. 2021 to 2031.
Some of the most important driving factors propelling growth within the global big data and analytics market are rising demand from large enterprises to manage, streamline, and process big datasets in order to enhance their decision making processes, adoption of big data and analytics in a number of end use industries, and emergence of cloud based big data and analytics functionalities. Additionally, rising demand for cloud based solutions in global big data and analytics market from small and medium enterprises, owing to its effective nature is also expected to foster the development within the global big data and analytics market in near future. On the other hand, the lack of skilled workforce as well as high cost associated with implementation of these solutions may restrict the growth in the global big data and analytics market in coming years.
Few of the leading incumbent players and service providers functional within the global big data and analytics market include Fair Isaac Corporation, Microsoft Corporation, Hewlett Packard Enterprise Development LP, SAS Institute, Inc., Teradata Corporation, Amazon Web Services, IBM Corporation, Oracle Corporation, SAP SE, and TIBCO Software, Inc., among others. These players in the global big data and analytics market are adopting various growth strategies in order to strengthen their industry positioning. For instance, RedHat and IBM Corporation launched New Edge Computing solutions in May of 2020. These solutions are intended for usage by the telecommunication companies to enhance their transition speeds in IOT and 5G period.
Regionally, the North America dominated the global big data and analytics market in recent past. The same region is also likely to retain its leading positioning in the global big data and analytics market over the forecast years. This trend can be attributed to rapid increase in usage of wearable devices, smart connected devices, and smartphones by regional population as well as presence of well-trenched technology providers and developers. On the other hand, Asia Pacific region is also expected to demonstrate considerable growth in the global big data and analytics market in the coming years, owing to rising volume of data generated through fast paced digitalization as well as the increasing utilization of electronic devices as well as smart networks amongst the enterprises in the region.