Due to the new economic outlook drafted by the COVID-19 pandemic, the demand for Big Data Analytics is expected to surge exponentially, fueled by digital transformation and artificial intelligence.
According to a new market study, data security is a prime concern across sectors with the increasing deployment of IoT (Internet of Things) and the proliferation of connected devices.
The new ecosystem creates a plethora of new data points, drastically boosting the need for data analytics solutions across all industries.
Globally, the Big Data Analytics market is estimated to grow 4.5 times, up to $68.09 billion in revenue by 2025 from $14.85 billion in 2019. This is a CAGR (compound annual growth rate) of 28.9%.
Additionally, amid the COVID-19 uncertainty, Big Data Analytics continues to be a top deployment priority for enterprises. Big Data Analytics helps companies remain competitive while accelerating innovation, especially in the healthcare sector to fight the coronavirus, the market study finds.
Within the Big Data industry, data discovery and visualization are expected to become increasingly important as companies understand the potential upside of data prepping, data management, and data visualization as the foundational building blocks for advanced analytics, according to the market report.
Following the year 2020, Advanced Analytics is also expected to gain significant traction as organizations and customers alike are becoming increasingly reliant on data analytics.
North America and Latin America are the largest contributors in the Big Data Analytics market, followed by Europe, the Middle East, and Africa. However, Asia-Pacific is rapidly catching up, being the fastest-growing regional market.
The biggest growth is recorded in the banking and financial services sectors, followed by retail segments that are focused on risk reduction, security, and drawing intelligence.
What is Big Data?
Big data is a concept that is used to drive results for the analytics practice of any industry. It’s a collection of traditional and digital data that makes up large data sets and can be analyzed to reveal patterns, trends, and associations.
As a result, big data allows for better business decisions, increased revenue, and decreased operating costs. Big data and its associated practices can completely transform businesses and/or create new ones.
By utilizing the correct big data platforms and technologies, analyzing a store of data to gain insights becomes possible. Due to big data having such large volumes and variety, oftentimes businesses are able to uncover insights that were previously impossible to see.
For example, when big data is used properly, it allows an organization to target their customers with the right product at the right time. In the case of eCommerce, with an alarming increase in the number of in-store shoppers turning into online shoppers, big data can help businesses visualize and understand the behaviors and needs of customers.
These behaviors and needs can be analyzed through different channels, such as social media apps. From there, spotting ongoing trends that customize the user experience and lead to better decision-making within a business is made easy.
Check our blog Business Impact of Big Data: Top 5 Things You Need to Know to better understand the impact of Big Data across all verticals.