The Global Big Data and Business Analytics Market size is expected to reach $448 billion by 2027, rising at a market growth of 13% CAGR during the forecast period. Big Data analytics is a way through which enterprises can evaluate a huge amount of data for extracting useful information that is expected to improve their decision-making capability. Additionally, big data and business analytics solutions is expected to enable companies to discover various market trends, hidden patterns, customer preferences, and numerous hidden facts from the data. Moreover, companies are highly adopting big data analytics to increase their profit, enhance analytics skills, and support risk management capability. In addition, big data analytics assists companies in better understanding the data and providing important information to the concerned people.
In the current scenario, companies are working in a highly vibrant business landscape, and hence witness dynamic changes in the demands of customers. Several companies not only intend to do in-depth analysis regarding the present information about products, customers, services, and business processes, but also willing to generate more insights from the historical data of their earlier performances and better understand previous trends and patterns. Therefore, there is an increase in the adoption of business analytics market software & solutions among numerous industries for evaluating these trends and creating more business opportunities along with framing different strategies based on new insights.
Moreover, demand for analytics solutions and software is directly proportional to the growing trend of big data among enterprises. Business analytics is becoming a crucial part of various business processes as it helps companies to sustain in the competitive market by better understanding the previous trends and consumer buying patterns. By using big data and business analytics, companies can generate new insights and also improve their decision-making process. Moreover, companies can also get the knowledge related to their past, and present patterns and thus, frame various marketing strategies based on these datasets. Through big data and business analytics, organizations can boost their efficiency and productivity.
COVID-19 Impact Analysis
Due to the outbreak of the COVID-19 pandemic, the big data and business analytics market has recorded a sudden downfall in the initial phase of the pandemic. The imposition of several restrictions around the world like travel ban, complete or partial lockdown has forced the population to stay locked inside their houses. There are numerous companies around the world that have adopted work-from-home culture for their employees, hence boosting the demand for cloud-based big data analytics to organize crucial data of the companies. This is expected to further accelerate the demand for big data and business analytics solutions in the forecast period. There has been an increase in the deployment of advanced analytics solutions in businesses to ensure business continuity and process optimization. Due to this, the growth of the big data and business analytics market is expected to surge in the coming years.
Market Growth Factors:
Deployment of improved technologies
The big data and business analytics market is driven by the deployment of automation technologies and the Internet of Things (IoT) by various companies across different business verticals. IoT deals with physical objects or things that are implanted with electronics, network connectivity, software, and sensors, enabling these gadgets to collect and exchange data. Big data and business analytics with the incorporation of IoT help industries in predictive or preventive failure analysis, thus substantially leading to the growth of the market.
Growing requirement for generating more business insights
The cutthroat competition among the companies is motivating them to implement big data and business analytics solutions to support their expansion. In addition, a rise in requirement to generate more insights for business planning is estimated to open new growth prospects for the market, as big data analytics software helps companies to evaluate the factors, which are impacting the results and offers the power of decision optimization.
Market Restraining Factor:
Hight cost of big data and business analytics solutions
The cost of big data analytics differs according to the features and applications required for the business. Additionally, these tools are difficult to use and sometimes need training, which is expected to increase the overall cost of operations that affect the deployment rate of these solutions. Depending upon the amount of generated data volume by the companies, the cost of big data and business analytics solutions may fluctuate.
Component Outlook
Based on Component, the market is segmented into Services, Software and Hardware. The services segment dominated the big data and business analytics market with the highest market share in 2020 and is estimated to continue this trend over the forecast period. Factor like high adoption of big data and business analytics services among various end-users that offer efficient functioning is responsible for the growth of this segment.
Analytics Tool Outlook
Based on Analytics Tool, the market is segmented into Dashboard & Data Visualization, Self-Service Tools, Data Mining & Warehousing, Reporting, and Others. The reporting tools segment is anticipated to exhibit the highest growth rate over the forecast period due to the rising complexity and amount of financial data, restricted capabilities of prevailing spreadsheet solutions and increase in the cost of compliance are among the key aspects propelling the growth of this segment.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The cloud segment is expected to showcase the fastest growth rate during the forecast period. This growth is attributed to the increasing adoption of cloud-based solutions and services across numerous industries.
Application Outlook
Based on Application, the market is segmented into Customer Analytics, Marketing Analytics, Risk & Credit Analytics, Workforce Analytics, Supply Chain Analytics, and Others. The Customer Analytics market dominated the Global Big Data and Business Analytics Market by Application 2020. The Marketing Analytics market is showcasing a CAGR of 14.6% during (2021 - 2027). The Risk & Credit Analytics market is expected to exhibit a CAGR of 14.8% during the forecast period.
Industry Vertical Outlook
Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Transportation, Manufacturing, and Others. Advanced analytics techniques are used in the financial and banking sector to improve processes followed by banks, manage risks, and reduce scams. To protect customers from churn, the telecom sector is using analytics techniques, which will minimize the churn by specific marketing programs for particular customers. Further. these analytics are also used in the healthcare industry to detect & manage scams and enhance clinical performance. In addition, analytics is very useful in retail companies to understand the buyer's behavior and accordingly specialize their planning and establish a better market position.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia-Pacific is estimated to display a considerable growth rate over the forecast period because of the factors like the growing number of people utilizing tablets & smartphones across various nations like China, and India.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Amazon Web Services, Inc. are the forerunners in the Big Data and Business Analytics Market. Companies such as Oracle Corporation, IBM Corporation, SAP SE are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon Web Services, Inc., Fair Isaac Corporation, Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tibco Software Inc., and Teradata Corporation.
Recent Strategies Deployed in Big Data and Business Analytics Market
Partnerships, Collaborations and Agreements:
- Oct-2021: Hewlett Packard Enterprise (HPE) teamed up with TigerGraph, provider of a leading graph analytics platform. This collaboration aimed at a solution to make graph analytics capabilities more available for companies to generate more insight while decreasing costs and resources.
- Oct-2021: IBM joined hands with Deloitte, a multinational professional services network. This collaboration aimed to introduce a new offering, DAPPER, which is an AI-enabled managed analytics solution. DAPPER's end-to-end capabilities is expected to enable companies to gain confidence in the insights that their data offers through a secured, simple to consume managed service offering to resolve the challenges of adopting AI.
- Sep-2021: FICO came into a partnership with FinTecSystems (FTS) for the DACH region to enhance decisioning across the customer life cycle. Together, the companies is expected to provide their portfolios that is expected to help lenders utilize open banking to integrate transaction data from FTS with FICO advanced analytics and platform solutions to make optimal decisions, both for the consumer and the lender.
- Sep-2021: Teradata teamed up with Ingram Micro, an American distributor of information technology products and services. This collaboration aimed to help companies in India address the swift growth of digital consumers via data-driven intelligence powered by the cloud.
- Aug-2021: IBM teamed up with Black & Veatch, a global leader in building critical human infrastructure. This collaboration aimed to jointly market Asset Performance Management (APM) solutions, which include remote monitoring technologies that integrate near real-time data analytics with AI to assist users to keep equipment and assets running at peak performance and reliability.
- Jul-2021: SAP extended its partnership with Google Cloud, a suite of cloud computing services. This partnership aimed to offer greater capabilities and flexibility to its users, but also expand opportunities for Google Cloud and its partners, including Qlik.
- Mar-2021: IBM formed a 10-year partnership with Cleveland Clinic, a nonprofit American academic medical center. This partnership is expected to establish the Discovery Accelerator, a joint Cleveland Clinic, IBM center with the aim to fundamentally improve the pace of discovery in healthcare and life sciences via the usage of high-performance computing on the hybrid cloud, AI, and quantum computing technologies.
- Feb-2021: SAP came into a partnership with Software AG, an enterprise software company. This partnership aimed to enhance surface supply chain management data to improve product quality. Additionally, the partnership is expected to bring sensor-generated time-series data into the analytics and operational performance fold.
- Feb-2021: SAS collaborated with Microsoft, an American multinational technology corporation. Under this collaboration, SAS's flagship Viya artificial intelligence, analytics, and data management platform is expected to be available as a cloud-native, cloud-portable system operating on Microsoft’s Azure cloud platform, integrated with Azure services. In addition, SAS also integrated Viya with other Microsoft software like Office 365 and the Microsoft Azure Synapse data warehouse system, which make it possible for Viya to feed analytical outcomes into those applications.
- Oct-2020: SAS formed a partnership with TMA Solutions, a privately owned software outsourcing company. This partnership aimed to provide analytics solutions in AI and Data Analytics to companies in Vietnam via its cloud-native analytics platform, which is expected to offer business insights for decision-making.
- Jun-2020: Microsoft came into a partnership with SAS, an American multinational developer of analytics software. This partnership aimed to migrate SAS’ analytical products & industry solutions onto Microsoft Azure as the cloud provider for the SAS Cloud.
- Jun-2020: SAS entered into a partnership with Microsoft, an American multinational technology corporation. In this partnership, the companies is expected to migrate SAS’ analytical products & industry solutions onto Microsoft Azure as the cloud provider for the SAS Cloud. Moreover, SAS’ industry solutions and expertise is expected to also bring added value to Microsoft’s users across financial services, health care, and many other industries.
- May-2020: SAP formed a partnership with Informatica, an enterprise cloud data management provider. This partnership aimed to streamline businesses journeys to the cloud by adopting SAP’s data & analytics cloud suite and Informatica Intelligent Cloud Services.
Acquisitions and Mergers:
- Jul-2021: HPE took over Ampool, a provider of a distributed SQL engine. This acquisition aimed to enable HPE Ezmeral to increase the expertise to provide a top-class, open-source SQL cloud service on-premises and hybrid cloud.
- Jul-2021: IBM entered into an agreement to acquire Bluetab Solutions Group, an enterprise software, and technical services company. Through this acquisition, Bluetab is expected to become a strategic part of IBM's data services consulting practice to improve its hybrid cloud and AI strategy.
- Feb-2021: Amazon Web Services (AWS) took over DataRow, a Web-based client for the Amazon Redshift cloud data warehouse. Through this acquisition, AWS enabled customers offering users better AWS visualization & query resolution.
- Jan-2021: SAS took over Boemska, a provider of low-code development tools and analytics workload management software. This acquisition aimed to enhance SAS Viya, a cloud-native, advanced analytics platform with a range of capabilities that support SAS' objective of supporting the whole analytics life cycle and facilitating customer migration to the cloud.
- Jan-2021: TIBCO Software completed the acquisition of Information Builders, a privately held software company. This acquisition aimed to add ibi's data management and analytics capabilities to the improved TIBCO Connected Intelligence platform.
- Nov-2020: SAP acquired Emarsys, a leading omnichannel customer engagement platform provider. This acquisition aimed to strengthen SAP’s Customer Experience offerings, including their modern, cloud-native, SaaS platform with inbuilt AI-based automation and analytics capabilities that assist retailers to deliver customized marketing across mobile, email, social, websites, SMS, and other communications channels.
- Nov-2020: IBM took over TruQua Enterprises, a software and services provider of "True Quality" SAP solutions. This acquisition aimed to expand IBM Services' expertise in financial workflows with SAP and strengthen the company's hybrid cloud growth commitment.
- Jun-2020: Microsoft completed the acquisition of ADRM Software, the leader in large-scale, industry-specific data models. This acquisition aimed to integrate comprehensive industry models from ADRM with limitless storage and compute from Azure enable for the creation of the intelligent data lake wherein data from various lines of business can be harmonized together more rapidly. In addition, these capabilities is expected to be provided at scale, allowing its customers to boost digital progress, and decrease risk in various major initiatives.
Product Launches and Product Expansions:
- Oct-2021: TIBCO Software introduced a series of innovations to its Predict portfolio. These enhancements is expected to minimize time to data-driven insights and expand the usage of analytics and data science capabilities. The product updates to TIBCO Spotfire, TIBCO Data Science, TIBCO WebFOCUS, and TIBCO Streaming make an important link under the hyperconverged analytics experience, which empowers companies to better =evaluate data and predict their future, the company states.
- Sep-2021: Hewlett Packard Enterprise introduced cloud-based analytic and data protection services to its GreenLake product portfolio. The company launched its plans for the HPE Backup and Recovery Service for VMware, helping companies to back up their virtual machines to the cloud without purchasing any hardware.
- Jun-2021: SAP unveiled the SAP Business Network, integrating the vendor’s logistics, purchasing, and asset intelligence software & services. In addition, the company also introduced new planning and analytics capabilities for the vendor’s Business Technology Platform, along with new planning & data analysis capabilities and advancements to the SAP Business Technology Platform (BTP).
- May-2021: SAS expanded its powerful, cloud-native SAS Viya platform with the incorporation of new data management solutions. This enhanced platform is expected to strengthen the foundation for data and analytic success and enable companies to catalog assets across the cloud and on-premises and generate data without hassle.
- May-2021: AWS unveiled new data management and analytics service for the financial industry. Through this service, companies can aggregate and catalog data that helps them to generate insights. This is expected to include profiling customers, recognizing transaction patterns, and even predicting future buying behaviors utilizing historical data.
- Mar-2021: Oracle unveiled a set of innovative enhancements to Oracle Autonomous Data Warehouse. These enhancements offer easy-to-use, no-code tools, which is expected to empower Data Analysts to do tasks that earlier needed data engineers and data scientists.
- Dec-2020: Amazon Web Services (AWS) introduced Amazon HealthLake, a HIPAA-eligible service. This service is expected to support interoperability standards and further fuel the usage of big data analytics in healthcare.
- Sep-2020: Teradata introduced improvements to its Vantage platform. These enhancements in Vantage platform is expected to enable companies to realize faster time to value and decrease costs with stronger data governance and security.
- Sep-2020: IBM introduced a new risk-based service. This service is developed to assist companies to execute the same analytics utilized for conventional business decisions to cybersecurity spending priorities.
- Jul-2020: Hewlett Packard Enterprise (HPE) unveiled HPE Ezmeral, a new brand and software portfolio. This portfolio is developed to assist companies to boost their digital transformation across their company, from edge to cloud. This portfolio includes AI/ML and data analytics to cost control, container orchestration and management, IT automation and AI-driven operations, and security.
- May-2020: Oracle released Oracle Analytics for Cloud HCM. The latest self-service analytics capabilities deliver intuitive insights across various fields including manager performance, workforce composition, a span of control, turnover/retention, diversity, comparison ratio analysis, and top talent analysis.
- Apr-2020: SAS unveiled a COVID-19 Data Analytics Resource Hub. This hub is expected to help companies and individuals across various industries to tackle the challenges brought by the pandemic through a range of free resources that offer data, analytic capabilities, and learning resources aimed at three key areas: Recover, Respond and Reimagine.
- Feb-2020: Oracle launched the Oracle Cloud Data Science Platform. This platform includes Oracle Cloud Infrastructure Data Science at the core, which enables companies to collaboratively train, build, manage and implement machine learning models to boost the success of data science projects.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Services
- Software
- Hardware
By Analytics Tool
- Dashboard & Data Visualization
- Self-Service Tools
- Data Mining & Warehousing
- Reporting
- Others
By Deployment Type
- On-premise
- Cloud
By Application
- Customer Analytics
- Marketing Analytics
- Risk & Credit Analytics
- Workforce Analytics
- Supply Chain Analytics
- Others
By Industry Vertical
- BFSI
- IT & Telecom
- Healthcare
- Retail & eCommerce
- Government & Defense
- Transportation
- Manufacturing
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Amazon Web Services, Inc.
- Fair Isaac Corporation
- Hewlett Packard Enterprise
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Tibco Software Inc.
- Teradata Corporation
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Companies Mentioned
- Amazon Web Services, Inc.
- Fair Isaac Corporation
- Hewlett Packard Enterprise
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Tibco Software Inc.
- Teradata Corporation
Methodology
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