This report focuses on the global Big Data analytics market. It divides the market into 2 major segments: data discovery and visualization (DDV) and advanced analytics. Both are experiencing a growing interest from investors and have attracted millions of dollars in funding committed to product enrichments, expansion into new industry verticals, and development of distribution partnerships to meet the growing demand for analytics. DDV remains the major market contributor and is expected to continue in this position through 2023. Vendors are aggressively marketing their advanced analytics offerings, but customers are still grappling with effectively using analytics to make business decisions and prove return on investment.
The market is driven by organizations realizing the operational advantages of using BDA to make more informed decisions, improved data prep, and DDV empowering organizations to better target consumers and measure the effectiveness of their marketing campaigns. Access to cloud-based and subscription-based models is expanding adoption among organizations with limited budgets, particularly in the small and medium-sized business segment. Vendors also are increasing their market share through acquisitions and expanding their presence in the edge analytics market.
Despite the drivers, overall market growth is restricted by the lack of customer data hygiene and data standardization. This makes it difficult for BDA customers to justify ROI as they still scramble to manage and make sense of their data. In the United States, only 42% of organizations investing in BDA solutions realized ROI in the first 2 years. Sunken investment in homegrown solutions, a lack of skilled labor, and long sales cycles also restrict market growth.
The space is crowded with at least 30 companies vying for market share, though only 11 are profiled in this report. Leading vendors SAS, IBM, Qlik, Splunk, Tableau, and TIBCO; mid-tier vendors including FICO, SAP, Alteryx, and MicroStrategy; and niche vendor Palantir have all seen a surge in demand. Competitive factors include depth and breadth of the product line, customer verticals served, geographical footprint, mergers and acquisitions, partnerships and funding activities, price-performance ratio, and scalability and interoperability.
The report reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the report methodology. The document presents competitive profiles on each of the companies in the report based on their strengths, opportunities, and a small discussion on their positioning. The publisher analyzes hundreds of companies in the edge ecosystem and benchmarks them across 10 criteria on the report, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
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