Big Data and Analytics Global Market Report 2024

The big data and analytics market size has grown rapidly in recent years. It will grow from $104.19 billion in 2023 to $118.55 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth observed during the historic period can be attributed to several factors, including strong economic growth in emerging markets, increased internet penetration, government initiatives in developing economies, the rising penetration of e-commerce, and increased availability of mobile devices.

The big data and analytics market size is expected to see rapid growth in the next few years. It will grow to $195.68 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The forecasted growth in the period ahead is driven by factors such as the rise of smart cities, increased Internet of Things (IoT) adoption, government initiatives, higher internet penetration, the adoption of 5G networks, and the impact of the COVID-19 pandemic. Key trends include integrating artificial intelligence for efficiency, offering convenient solutions such as big data as a service, collaborating for innovative technologies, investing in edge computing, providing hybrid cloud solutions, leveraging XOps for reliability, investing in blockchain for enhanced data security, and supporting startups for big data analytics development.

The expansion of investments in business intelligence and data analytics tools among major companies, coupled with the adoption of diverse analytics approaches to address business needs and tailor services or products to customer preferences, is driving the growth of the big data and analytics market. For instance, retailers such as Costco are utilizing customer purchase data to offer personalized services. For instance, when a potential contamination issue arose with stone fruits, Costco used analytics software to alert only those customers who had purchased these products, instead of issuing a generalized message. This increasing necessity to personalize services for customer satisfaction drives businesses to invest in data analytics tools, thereby escalating the demand for the big data and analytics market.

The surge in connected Internet of Things (IoT) devices is anticipated to be a significant driver of growth for the big data and analytics market in the future. IoT devices, comprising physical objects embedded with sensors, software, and communication technology, link to the internet to share data and interact with their environment. The integration of big data and analytics with IoT devices significantly enhances decision-making capabilities, improves efficiency, and yields valuable insights, ultimately leading to enhanced customer experiences and improved business outcomes. For instance, Akamai Technologies Inc. reported in August 2022 that IoT connections are projected to increase from 15.1 billion in 2021 to an estimated 23.3 billion IoT connections by 2025. Therefore, the upsurge in connected IoT devices is a driving force behind the growth of the big data and analytics market.

The agile methodology has gained significant traction in the innovation industry due to its success in software development and its adaptability to the latest technologies. While it has been primarily utilized in software development, leading-edge organizations are applying agile principles to manage their data systems effectively. Agile is a collaborative approach wherein cross-functional teams rapidly develop minimally viable products (MVPs) and features, test them with consumers, and iteratively enhance them based on feedback. This flexibility allows for changes in workflows even in later stages, ensuring alignment with client requirements. Agile organizations are often found to have superior organizational health, with a 70% likelihood of being in the top quartile for long-term performance compared to competitors. These companies tend to be more customer-centric, experience higher revenue growth, and possess a more engaged workforce.

Major companies are focusing on developing innovative artificial intelligence technologies to address challenges faced by healthcare organizations, particularly related to data silos and fragmented IT systems. Azure Health Data Services is a notable example, created by Microsoft Corporation and launched in March 2022. This suite comprises managed API services designed to facilitate workflows, improve healthcare services, and provide scalable and secure healthcare solutions. Leveraging open standards such as FHIR (Fast Healthcare Interoperability Resources) and DICOM (Digital Imaging and Communications in Medicine), Azure Health Data Services equips healthcare organizations with the necessary tools for managing, analyzing, and sharing health data. This technology has the potential to enhance patient care, drive innovation, and reduce costs within the healthcare sector.

In April 2022, Accenture, a global information technology company, acquired Ergo for an undisclosed amount. This strategic acquisition aims to enhance Accenture's Cloud First capabilities and expand its customer base in the Hispanic South American market. Ergo, based in Argentina, is a company specializing in big data, analytics, and artificial intelligence (AI).

Major companies operating in the big data and analytics market report are Microsoft, Oracle Corporation, SAP SE, IBM Corporation, Salesforce, SAS Institute Inc., Amazon Web Services, Qlik, Cisco Systems, Accenture Analytics, Plaxonic, Eoitek, Sam Technology, WakeData, Teradata, Keyrus, Orange Business Services, Claranet, InterSystems, Unity, Maxilect, Burning Buttons LLC, Exceed Team, Inostudio, Inventale, Hewlett Packard Enterprise, Data USA, Palantir Technologies Inc., Guavus Inc., Dell Inc., Splunk Inc., Cloudera Inc., International Business Machines Corporation (IBM), Fair Isaac Corporation, TIBCO Software Inc., QlikTech, Tableau Software, Indicum Technology, TAIL DMP, Precifica, WebRadar, Deep Data Science, PwC, Oracle Saudi Arabia, Experion Technologies, Clariba Consulting, Nice Software Solutions, Sigma Data Systems, Hyperlink InfoSystem, Orbitbeam, MobiDev, Microsoft Azure, Google Cloud Platform, Conversion Science, Elucidate.

Asia-Pacific was the largest region in the big data and analytics market in 2023. North America was the second largest region in the global big data and analytics market analysis. The regions covered in the big data and analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the big data and analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary analytics tools for big data and analytics include dashboards and data visualization, self-service tools, data mining and warehousing, reporting, and others. Data visualization is a method of converting large datasets and metrics into charts, graphs, and other graphical representations. This visual representation facilitates the detection and communication of real-time patterns, outliers, and new insights about the data. These analytics tools can be deployed through on-premise and cloud modes for various purposes such as customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk and credit analytics, transportation analytics, and others. Big data tools and analytics find applications across various industries including BFSI, retail, manufacturing, IT and telecom, government, healthcare, utilities, and others.

The big data and analytics market research report is one of a series of new reports that provides big data and analytics market statistics, including big data and analytics industry global market size, regional shares, competitors with a big data and analytics market share, detailed big data and analytics market segments, market trends and opportunities, and any further data you may need to thrive in the big data and analytics industry. This big data and analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The big data and analytics market includes revenues earned by entities by offering software used for data mining and predictive modeling. The sales consist of revenues generated by establishments that are primarily engaged in the development of software for big data and analytics such as Hadoop, Tableau and Qubole. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.