Big Data Analytics Market Forecast to 2028



The big data analytics market is expected to grow from $239.75 billion in 2021 to $638.66 billion in 2028; it is estimated to grow at a CAGR of 15.3% from 2022 to 2028. In healthcare, the increased adoption of AI-driven advanced reporting, healthcare business intelligence, and electronic health records is driving the growth of the big data market -analysis.

New York, July 4, 2022 (GLOBE NEWSWIRE) — announces the release of the report “Big Data Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component, Analytics Tool, Application, and End Use Industry ” –
Similarly, during the COVID-19 pandemic, several industries have resorted to remote work and applied advanced analytics to understand emerging trends.

In addition, companies have adapted their digital strategy to operate more efficiently in this constantly changing environment, driving market growth. For example, in July 2020, KPMG surveyed 780 digital transformation strategy leaders from 12 sectors in 10 countries.

According to the poll, 67% of respondents have increased their digital transformation budget and 63% have improved their digital transformation strategy as a result of the COVID-19 pandemic. In addition, according to IDC data, by 2025, 152,200 IoT devices will connect every minute.

Furthermore, edge computing is gaining popularity as the demand for connected devices increases. Edge computing refers to a framework in which processors are positioned closer to the data source or destination than the cloud. Therefore, the growing shift to edge computing to further increase the amount of databases is expected to drive the growth of the big data analytics market.

Medical companies are still unable to meet the information needs of patients, physicians, administrators and policy makers. Big data analytics can enable personalized and accurate treatment based on unique data delivered in real time and tailored to specific patients.

Furthermore, systems should be implemented that can quickly learn about the data provided by people in clinical treatment and in everyday life. This will enable data-driven decision-making and more personalized treatment response prognoses and predictions.
Companies use bots to modernize and automate their work environments. In addition, virtual assistants such as Amazon Alexa, Apple Siri and Google Assistant generate important data.

Technological advances have spurred the global rise of social media users in the field of network access and smartphone technologies. Various data sources such as YouTube videos, Snapchat, Instagram, Facebook and WhatsApp chats generate huge amounts of data.

Due to technological advancements in industries, smart applications and social media platforms, the industrial revolution is predicted to create massive databases. Thus, the growing database in these sectors is driving the growth of the big data analytics market.

Big data analytics is an essential part of businesses as it enables them to manage, process and streamline massive data sets in real time while enhancing the decision-making capabilities of these companies. Furthermore, the primary goal of big data analytics market solutions is to support enterprises to better understand their customers and target audience, thereby optimizing marketing campaigns.

Moreover, the big data analytics market is being used by various companies to examine massive amounts of data created by offline and online trading. Moreover, with the rise of the cloud-based big data analytics market, users can access data from anywhere.

This helps various providers of big data analytics market services to increase their investment in cloud technology by having a competitive advantage over other service providers.

North America is one of the most vital regions for the adoption and growth of new technologies thanks to favorable government policies that encourage innovation, the presence of a substantial industrial base and high purchasing power, especially in countries such as the US and Canada. big data analytics widely used in various industries such as manufacturing and electronics.

The country consists of the maximum number of developers of big data analytics. Furthermore, the COVID-19 pandemic has forced companies to adopt work-from-home trends.

The trend of working from home has led to many data analytics options, which is beneficial to the North American big data analytics market. This trend is likely to continue after the COVID-19 pandemic as companies have begun implementing business analytics solutions to improve data protection and streamline overall business productivity.

The overall big data analytics market size has been inferred using both primary and secondary sources. Extensive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the big data analytics market.

The process also serves to get an overview and forecast for the big data analytics market across all segments. Also, multiple primary interviews were conducted with industry participants to validate the data and gain more analytical insights.

Participants in this process include industry experts such as VPs, business development managers, market intelligence managers and national sales managers, along with outside consultants such as valuation experts, research analysts and key opinion leaders specializing in the big data analytics market. Some key companies operating in the market and profiled in the report include Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, TIBCO Software, and Teradata.
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