Big Data and Analytics Services Global Market Report 2024

The big data and analytics services market size has grown rapidly in recent years. It will grow from $137.23 billion in 2023 to $154.79 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The expansion witnessed in the historical period of big data and analytics can be linked to several factors, including the proliferation of data, the adoption of business intelligence practices, a focus on regulatory compliance, and the pursuit of competitive advantages.

The big data and analytics services market size is expected to see rapid growth in the next few years. It will grow to $280.43 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The anticipated growth in the upcoming period can be primarily attributed to the increased adoption of advanced analytics and artificial intelligence (AI), growing concerns about data privacy and security, the prevalence of cloud-based analytics solutions, and the demand for real-time analytics capabilities. Furthermore, significant trends that are expected to shape this forecasted period encompass the integration of AI and machine learning technologies, the expanding usage of cloud-based big data services, the emergence of edge analytics, and the ever-increasing importance of data privacy and compliance within the industry.

The significant growth in the integration of the Internet of Things (IoT) into daily life is a primary driver of the big data and analytics services market. Organizations leverage IoT as a crucial data source for research purposes, marking the intersection of big data with IoT. IoT devices generate vast volumes of unstructured data, typically characterized by the 3V factors of volume, velocity, and variety. In 2020, IoT contributed to the generation of approximately 44 trillion gigabytes of data. With more than 10 billion sensors and computers connected to the internet in 2020, the proliferation of connected devices underscores the role of IoT in driving the big data and analytics services market's growth.

Big data and analytics solutions can be deployed in two primary modes such as on-premise and cloud. Cloud analytics, a service that conducts data analysis and business intelligence operations in cloud environments, whether public or private, plays a pivotal role. Cloud analytics providers offer enterprises the advantage of rapid scalability while reducing the financial costs and administrative burdens associated with on-premises hardware. These services cater to businesses of various sizes, including small and medium-sized enterprises (SMEs) and large enterprises, serving needs such as customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk & credit analytics, transportation analytics, and more. These services find applications across different industries, including transportation and logistics, banking, financial services and insurance (BFSI), travel and hospitality, healthcare and life sciences, manufacturing, among others.

The data and analytics services market research report is one of a series of new reports that provides data and analytics services market statistics, including data and analytics services industry global market size, regional shares, competitors with a data and analytics services market share, detailed data and analytics services market segments, market trends and opportunities, and any further data you may need to thrive in the data and analytics services industry. This data and analytics services 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 increasing adoption of cloud-based solutions is poised to advance the big data and analytics services market. Cloud-based solutions, delivered over the internet, encompass software, applications, storage, and IT resources hosted remotely. These solutions benefit significantly from the integration of big data and analytics services, resulting in enhanced intelligence, predictive capabilities, performance, scalability, and security. They also contribute to improved agility while reducing complexity. For instance, in 2022, a global survey involving 753 technical and business professionals reported a 63% heavy usage of cloud services, demonstrating a steady increase from 59% in 2021 and 53% in 2020. Thus, the growing embrace of cloud-based solutions is set to propel the big data and analytics services market.

Challenges related to the integration of data collected from diverse sources pose a notable obstacle to the growth of the big data and analytics services market. Big Data Integration plays a critical role in consolidating data from various sources and software formats, offering a unified and coherent perspective of the amassed data for users. Data originating from diverse sources exhibit variations in priorities and update rates, often resulting in desynchronization from the source systems. Companies collect data from multiple sources, including customer relationship management (CRM) systems and enterprise resource planning (ERP) systems, each with specific data formats. However, harmonizing this data is essential for accurate and efficient analysis, as a single integration platform cannot handle the data's inherent variability. Consequently, issues tied to the integration of data from disparate sources are likely to restrict the growth of the big data and analytics services market.

Continuous intelligence represents a prominent trend within the big data and analytics services market. It entails the integration of real-time analytics with core business operations, utilizing historical and current data to enhance decision-making processes. This approach harnesses a range of technologies, including optimization, business rule management, event stream processing, augmented analytics, and machine learning. Many companies embraced continuous intelligence in 2020 as a means to gain and sustain a competitive edge. Notably, Gartner anticipates that by 2022, over 50% of modern businesses will leverage continuous intelligence, utilizing real-time contextual data to enhance decision-making.

Leading companies in the big data and analytics services market are increasingly adopting a strategic partnership strategy to offer comprehensive and unified solutions to their clients. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual advantages and overall success. For instance, in August 2021, Wipro Technologies Ltd., an India-based IT firm, formed a strategic partnership with Data Robot Inc., a US-based software company. The objective of this collaboration is to expedite the adoption of AI-driven technologies for businesses, providing clients access to Data Robot's cutting-edge AI platform. This strategic alliance enhances AI capabilities, accelerates clients' AI journeys, and facilitates the realization of their business objectives.

In April 2022, Accenture PLC., an Ireland-based provider of consulting and IT services, completed the acquisition of Ergo for an undisclosed sum. This acquisition is set to expand Accenture's Cloud First capabilities, particularly in supporting clients within the Hispanic South American market, encompassing countries like Argentina, Chile, and Colombia. The primary goal is to drive data-driven transformations and offer innovative solutions to cater to the evolving needs of this market. Ergo, headquartered in Argentina, specializes in data-centric business solutions.

Major companies operating in the big data and analytics services market include International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, TIBCO Software Inc., Teradata Corporation, Amazon Web Services Inc., SAS Institute Inc., Tableau Software Inc., Alteryx Inc., SiSense Inc., Splunk Inc., Google LLC, Talend Inc., Salesforce.com Inc., Micro Focus International plc, Hewlett Packard Enterprise Company, MicroStrategy Incorporated, Adobe Inc., ThoughtSpot Inc., QlikTech International AB, Informatica LLC, Cloudera Inc., Palantir Technologies Inc., VMware Inc., Treasure Data Inc., Striim Inc., Splice Machine Inc., Pentaho Corporation, New Relic Inc., FourKites Inc., CB Insights Inc., Information Builders Inc., Accenture plc, Cisco Systems Inc., MapR Technologies Inc., MarkLogic Corporation, NetApp Inc., Domo Inc., Pivotal Software Inc., Hortonworks Inc., LexisNexis Risk Solutions, Imply Corporation, DataStax Inc., Dataiku Inc., Fluentd Inc., Hazelcast Inc., Groundhog Technologies, Qumulo Inc., Sizmek by Amazon, Workday Inc., Cybatar AG, Pure Storage Inc., Amdocs Limited, Big Data Scoring Inc.

The Asia-Pacific was the largest region in the big data and analytics services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the big data and analytics services market during the forecast period. The regions covered in the big data and analytics services 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 services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The big data and analytics services market includes revenues earned by entities by offering services that are used in customer analytics, supply chain analytics, marketing analytics, transportation analytics, spatial analytics, and risk and credit analytics. Big data analytics services examine vast amounts of data to uncover hidden trends, similarities, and other insights, enabling organizations to analyze and optimize their data to discover new opportunities. The market value includes the value of related goods sold by the service provider or included within the service offering. 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.


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