Big Data Analytics:
Rising volume, variety and velocity of data are leveraging companies to embrace methods to analyze and process data for enhanced productivity. Growing smartphone penetration results to increase the digital interactions of individuals thus generating massive data. This attributes to the need for advanced analytics solutions thereby driving the big data analytics market. Factors such as quick & easy setup of data feed without any manual coding and centralized monitoring & management capabilities benefit offered by big data analytics are influencing the market to grow. Moreover, the modern approach towards data warehouses for storing and processing huge data creates an opportunity for enterprises owing to the need to precisely identify and understand the data and workflows.
The Global Hadoop & BigData Analytics market is segmented by component, organization, application, end-user, and region.
Based on the component, the big data analytics market is bifurcated into solutions and services. The solution segment is to witness significant growth in the big data analytics market due to the growing demand for cost-effective data analytics solutions. Additionally, the rising volume of data generation increases the need for data analytics solutions helping for better decision-making in real-time.
By application, the big data analytics market is segmented into customer analytics, risk & fraud analytics, IoT, and others. Modern big data use cases such as fraud detection, real-time customer marketing, trend analysis, IoT and others are vital parts of data management infrastructures. These factors are likely to gain traction for the big analytics data market in the segment. Furthermore, solutions offered by competitive intelligence for improved decision making among enterprises analyzing useful information about competitor business is further increasing the demand for the market.
On the basis of end-user, the big data analytics market is segmented into BFSI, IT & telecommunication, transportation & supply chain management (SCM), and others. Higher adoption of analytical tools by SMEs and online retailers for predictive analysis assists companies in segmenting products and services thereby results to drive the big data analytics market in this segment.
In North America, Social media being one of the prominent means of communication is expected to witness significant growth in the big data analytics market. On account of the adoption of advanced data analytics solutions and rising demand for social media in the region is likely to propel the market growth. Furthermore, the presence of strong players in big data analytics in the region is projected to boost the demand for the market in the region.
Europe is expected to maintain its dominance in the forecast period due to factors including increasing penetration of mobile devices and social media in the region that has emerged as a significant factor impacting the growth of the big data analytics market.
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