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 across sectors with the increasing deployment of the Internet of Things and proliferation of devices, which 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 healthcare sector to fight the coronavirus.
"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 & 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."
Gupta added: "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. 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:
Package solutions to address industry-specific use cases such as defect detection and predictive maintenance analytics will be key to add value.
Market participants should gain government support, which is a necessary foundational step for a lifelong learning record to exist.
Professional development and customer support will be vital to driving the demand for BDA in healthcare.
APAC, particularly China, is leading the manufacturing sector as well as the adoption of IoT devices. Thus, China should be a target for BDA vendors looking to expand in this market.
Vendors must provide consultative services to help customers understand the correct software and hardware combinations to solve business problems.
Global Big Data Analytics Market Fueling Artificial Intelligence, 2020 is the latest addition to Frost & Sullivan's Information & Communication Technologies research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Source: Frost & Sullivan