SANTA CLARA, Calif. — Frost & Sullivan’s recent analysis — Global Big Data Analytics Market Fueling Artificial Intelligence, 2020 — finds that the demand for big data analytics (BDA) will surge exponentially. Data security is a prime concern with the increasing deployment of the IoT and proliferation of devices that create copious amounts of data. Globally, the BDA market is estimated to grow 4.5 times, garnering a revenue of $68.09 billion by 2025 from $14.85 billion in 2019, up at a staggering compound annual growth rate (CAGR) of 28.9%. Additionally, amid the COVID-19 uncertainty, BDA continues to be a top deployment priority for enterprises as its use will help them remain competitive while accelerating innovation, especially in the health care sector.
“Between the two major segments of the BDA market — data discovery and visualization (DDV) and advanced analytics (AA) —DDV is expected to become more mainstream, as organizations realize the importance of data prepping, data management, and data visualization as the foundational building blocks for advanced analytics,” said Deviki Gupta, information and communication technologies senior industry analyst at Frost & Sullivan. “Going forward, AA’s growth is expected to rise dramatically after 2020 as use cases increase and customers grow more comfortable with data analytics overall.
“From a regional perspective, North America and Latin America (NALA), led by North America, continue to be the largest contributors in the BDA market, followed by Europe, the Middle East, and Africa (EMEA), whereas Asia-Pacific (APAC) is the fastest-growing regional market for BDA,” Gupta continued. “Further, from a vertical perspective, banking and financial services (BFS), government and intelligence (G&I), and retail segments that are focused on risk reduction, security, and drawing intelligence are the biggest revenue-contributing verticals.”
As the market competition increases, BDA vendors look to diversify their product portfolios by offering edge analytics with the benefits of low latency and quick insights. This presents immense growth prospects. Things to consider include package solutions to address industry-specific use cases, government support, professional development, and customer support.
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