The Global Big Data Analytics Market, 2027: A $105+ Billion Opportunity Assessment
DUBLIN, March 2, 2020 /PRNewswire/ -- The "Global Big Data Analytics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Big Data Analytics Market was valued at US$ 37.34 billion in 2018 and expected to reach US$ 105.08 billion by 2027 at a CAGR of 12.3% throughout the forecast period from 2019 to 2027. Increasing volume of data and adoption of big data tools to spur revenue growth during the forecast period.
The rapidly increasing volume and complexity of data are due to growing mobile data traffic, cloud-computing traffic and burgeoning development and adoption of technologies including IoT and AI, which is driving the growth of big data analytics market. Over 2.5 quintillion bytes of data generated every day. Data is created by every click, swipe, share, search, and stream, proliferating the demand for big data analytics market globally.
According to a survey, the number of firms investing in big data and AI more than US$ 50 million rose from 27% in 2018 to 33.9% in 2019. The global spending on big data analytics is more than US$ 180 billion in 2019 globally. Thus bolstering the big data analytics market growth.
By 2020, 90% of business professionals and enterprise analytics say data and analytics are key to their organization's digital transformation initiatives. According to a recent research study, approximately, 58% of organizations worldwide plan to adopt big data technology in 2018. The organizations will adopt hybrid IT infrastructure management capabilities. The growing adoption of big data and AI in industries including IT & Telecom, BFSI, and Healthcare among others is further fueling the demand for the big data analytics market.
Key Market Movements
Globally, the big data analytics market is growing at a CAGR of 12.3% for the period from 2019 to 2027.
Large enterprises segment dominates the big data analytics market with a share of more than 60%. Owing to the increasing adoption and inclination to invest in big data technology among others.
In addition, the SME segment expected to grow at a remarkable pace during the forecast period. This can be associated with the increasing trend of digitalization and the adoption of big data technology among others.
North America region leads the big data analytics market and accounts for a share of more than 35% of the total revenue. The region will sustain its lead during the forecast years. This is due to the region being one of the early adopter of technological advancements.
Asia-Pacific region anticipated registering highest growth. Asia-Pacific region expected to grow at a CAGR of more than 15% throughout the forecast period. Owing to the increasing adoption of advanced technology in countries such as China, Japan, and India among others.
Editor's Note: some analysts expect The Global Big Data Market will grow with an anticipated CAGR of 18.68% during the forecast period and will reach revenue of $183.62 billion by 2027 (inkwoodresearch.com).
SOURCE Research and Markets
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