Major players in the big data and analytics services market are IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, TIBCO Software Inc. , Teradata Corporation, Amazon Web Services, SAS Institute Inc.
New York, May 07, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Big Data and Analytics Services Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06070249/?utm_source=GNW
, Tableau Corporation and Alteryx.
The global big data and analytics services market is expected grow from $73.26 billion in 2020 to $76.1 billion in 2021 at a compound annual growth rate (CAGR) of 3.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $117.19 billion in 2025 at a CAGR of 11%.
The big data and analytics services market consists of sales and related services that are used in customer analytics, supply chain analytics, marketing analytics, spatial analytics, transportation analytics, risk and credit analytics. Big data analytics services examine vast volumes of data to uncover hidden trends, similarities and other insights and allow companies to analyse and optimize their data to find new opportunities.
The increasing growth of integration of internet of things in daily lives is a key factor driving the growth of the big data and analytics services market.When organizations take a hold of the data for the purpose of research, IoT serves as a major source for that data and this is the point where the position of big data in IoT comes into the picture.
IoT devices produce a huge amount of unstructured data, which are stored in the big data network and this data largely depends on 3V factors such as volume, velocity and variety.About 44 trillion gigabytes of data is expected to be generated by the Internet of Things by year 2020.
With the increasing number of connected devices, by 2020, more than 10 billion sensors and computers will be connected to the Internet. Therefore, increasing growth of internet of things is expected to drive the growth of the big data and analytics services market.
The issues with integration of information collected from various data sources is a key factor hampering the growth of the big data and analytics services market.Big Data Integration integrates data from a variety of sources and software formats and offers a converted and coherent view of the collected data to the consumers.
Data from a wide variety of sources use different priorities and rates and can be easily de-synchronized from the source system.For instance, many companies collect data from various sources such as customer relationship management (CRM) systems, enterprise resource planning (ERP) systems and specific types of data stored in different formats.
However, such data variability could not be enabled by a single integration platform, everything must be homogenized for accurate and efficient analysis. Therefore, issues with integration of information collected from various data sources is expected to limit the growth of the big data and analytics services market.
The big data and analytics services market covered in this report is segmented by deployment mode into on-premise, cloud, others and by application into customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk & credit analytics, transportation analytics., others.
The continuous intelligence is a key trend in the big data and analytics services market.Continuous intelligence is a device that has combined real-time analytics with business operations, it makes use of historical and current knowledge to improve decision-making or to help make decisions.
It leverages a variety of technologies such as optimization, business rule management, event stream processing, augmented analytics, and machine learning.Many companies should leverage continuous intelligence to achieve (or retain) a competitive advantage throughout 2020.
Also, Gartner expects that by 2022 more than 50 per cent of the modern business structure will use continuous intelligence that uses real-time context data to improve decisions.
In January 2019, Alibaba Group, a China-based company, specializing in e-commerce, retail, internet, and technology acquired Data Artisans for $103M.Through this acquisition Data Artisans business reached new horizons with its open source technology, including moves to expand to new areas that have not explored in the past.
Data Artisans, a Berlin-based start-up that provides distributed systems and large-scale data streaming services for enterprises.
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