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Big Data Analytics Market was $31.30 Bn in 2020, and it is expected to reach $176.10 Bn by 2030
Big Data Analytics Market was $31.30 Bn in 2020, and it is expected to reach $176.10 Bn by 2030. It is eventually growing at a commendable high compound annual growth rate CAGR of 18.9% between 2020-2030
COVID has impacted the Big Data Analytics Market negatively. Companies operating in the Big Data analytics market is experiencing many challenges due to slowdown in commercial activities across the industries that uses Big data analysis software. However, industries such as Healthcare and Logistics have gained massive profit during the lockdown as well as post-lockdown period globally. The market is projected to recover from 2021 onwards when industrial activities are back on track and working with its full capability.
Big data analytics is defined as analyzing large volume of structured and unstructured data which cannot be stored in databased without processing. It is widely used across IT, Telecom, BFSI, and Healthcare industries as it offers a large amount of complex data processing in real-time. The Big Data Analytics Market is primarily driven by the increasing complexity and volume of data due to rising mobile data traffic, and cloud-computing traffic. Moreover, surging development and adoption of technologies such as the internet of things (IoT) and Artificial Intelligence (AI) is expected to fuel the market growth over the forecast period. However, high initial spending on big data analytics setup is projected to restrain the market growth up to some extent. Apart from this, the emergence of technologies such as cloud services, and the Internet of Things are expected to offer lucrative growth opportunity for the Big Data Analytics Market over the forecast period from 2020 to 2028. Geographically, The Big Data Analytics Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
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The primary key players in the Big Data Analytics Market include IBM Corporation, Splunk Inc., Dell Inc., Oracle Corporation, Amazon AWS, Accenture Plc., Palantir Technologies, HPE Company, SAP SE, Microsoft Corporation, and Cisco Systems Inc.