Big Data Analytics Market to Reach $846 Billion by 2031, SkyQuest Says

WESTFORD, Mass. June 14, 2024 — SkyQuest projects that Big Data Analytics Market will attain a value of US $845.97 billion by 2031, with a CAGR of 13.40% over the forecast period (2024-2031). Advanced big data analytics, which help enterprises comply with current platform-based models while keeping important information, allow the roles associated with performance monitoring and expenditure containment to be executed with greater efficiency on a larger scale, once data have been sent for storage. Furthermore, advanced analytics projects comprising learning applications, predictive analysis, and data mining are the main uses of the expanding, large data ecosystem. It therefore offers more flexibility for data processing, collecting, and analysis than conventional database systems such as data warehouses and relational databases.

Software Component is Estimated to Dominate Owing to Advanced Analytics Tools

The global market for big data analytics is dominated by software components due to the growing need for sophisticated analytics tools that improve data processing and offer practical insights. This surge in software use is being powered by advances in technology, which, in turn, are fueled by increased demand for data intensive services and real time analytics.

BFSI Vertical is Dominant Sub-Segment, Owing to Imperative for Personalized Services

The global big data analytics market is dominated by the Banking, Financial Services, and Insurance (BFSI) vertical due to its vital requirement for fraud detection, risk management, and customer insights. The need for individualised services, growing data volumes, and regulatory constraints all contribute to this dominance and drive large investments in advanced analytics solutions.

Rapid Shift Towards Big Data Solutions to North America’s Dominance

North America’s thorough market research on data analytics is limited to the United States and Canada. This is explained by the fact that some of the top IT companies in the world, like Microsoft Corporation, Google Inc., Oracle Corporation, and International Business Machines Corporation (IBM), are increasingly using big data solutions.

Big Data Analytics Market Insight

Drivers:

1. Exponential Data Growth
2. Advancements in AI and Machine Learning
3. Improved Data Connectivity Using Cloud Computing

Restraints:

1. Data Privacy and Security Concerns
2. High Implementation Costs
3. Data Security Issues and Strict Data Security Laws

View report summary and Table of Contents (TOC): 

https://www.skyquestt.com/report/big-data-analytics-market

Source: SkyQuest