Big Data Analytics Market Is Estimated To Expand At a Healthy CAGR in the Upcoming Years

“A research report on Big Data Analytics Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.

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Global big data analytics market is forecast to grow at a compound annual growth rate of over 12% during the forecast period and surpass $ 87 billion by 2025. Big Data Analytics is a combination of various tools such as Hadoop and Apache. The main function of these tools is to collect, manage, organize, access and deliver structured as well unstructured data. Increasing expansion in IoT devices market and implementing AI solutions are some of the factors which are driving the growth of big data analytics. The major challenge with the big data analytics is that as data sets are becoming more diverse, there is a big challenge to incorporate them into an analytical platform. Another challenge is, there is acute shortage of professionals in the field of big data analytics.

The global big data analytics market is segmented based on deployment mode, application, component, end use industry, organization size and region. Based on application, the market is segmented into Risk & Fraud Analytics, Enterprise Data Warehouse Optimization, Internet of Things, Customer Analytics, Operational Analytics, Security Intelligence and Others. Operational analytics segment is expected to be the fastest growing application during the forecast period. This is attributed to the fact that, operational analytics helps in determining the root causes of failures, defects and issues. It leads to cost and time reduction so that detecting fraudulent behaviour becomes simpler. Based on end use industry, the market is segmented into BFSI, Healthcare, Government, IT & Telecom, Manufacturing, Retail and Others. BFSI dominated the market in 2019 and is expected to maintain its dominance throughout the forecast period. Increasing focus towards improving customer experience and ensuring accurate data analysis has favored the adoption of big data analytics in this sector. Regionally, North America held the largest share in the market in 2019, and the region will continue to dominate in the coming years as well.

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