Big Data Analytics Market Forecast to 2028
New York, July 4 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Big Data Analytics Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Component, Analytics Tool, Application and Industry. End Use Code” – https://www.reportlinker.com/p06289890/?utm_source=GNW
Similarly, during the COVID-19 pandemic, several industries have resorted to remote working and applied advanced analytics to understand emerging trends.
Moreover, companies have changed their digital strategy to operate more efficiently in this ever-changing environment, thereby driving the growth of the market. For example, KPMG surveyed 780 digital transformation strategy leaders from 12 industries in 10 countries in July 2020.
According to the survey, 67% of respondents increased their digital transformation budget and 63% advanced their digital transformation strategy due to the COVID-19 pandemic. Additionally, according to IDC data, 152,200 IoT devices will connect every minute by 2025.
Additionally, edge computing is growing in popularity as the demand for connected devices increases. Edge computing refers to a framework where processors are positioned closer to the source or destination of data than the cloud. Thus, the increasing shift towards edge computing to further increase the amount of databases is expected to fuel the growth of the big data analytics market.
Medical companies still cannot 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 particular patients.
In addition, systems capable of quickly learning the data provided by people in clinical treatment and in daily life must be put in place. This will enable data-driven decision making and better personalized prognosis and treatment response predictions.
Companies are using robots to modernize and automate their work environments. Additionally, virtual assistants such as Amazon Alexa, Apple Siri, and Google Assistant generate significant data.
Technological advancements have spurred the global boom of social media users in network access and smartphone technologies. Various data sources, such as YouTube videos, Snapchat, Instagram, Facebook, and WhatsApp, generate huge amounts of data.
Due to technological advancements in industries, smart applications and social media platforms, the industrial revolution is expected to create huge databases. Thus, the growth of the database in these industries is driving the growth of the big data analytics market.
Big data analytics is an essential component of businesses as it allows them to manage, process and rationalize massive data sets in real time while improving the decision-making capabilities of these businesses. Moreover, the main objective of solutions in the big data analytics market is to help companies better understand their customers and better target the population, thereby optimizing marketing campaigns.
Also, the big data analytics market is used by various businesses to examine huge amounts of data created by offline and online commerce. Moreover, with the emergence of cloud-based big data analytics market, users can access data from anywhere.
This helps several service providers in the big data analytics market to increase their investments 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 due to favorable government policies that drive innovation, the presence of a large industrial base and power high purchase, especially in countries like the United States and Canada. In the United States, big data analytics is widely used in several industries, such as manufacturing and electronics.
The country has the maximum number of big data analytics developers. Additionally, the COVID-19 pandemic has forced businesses to embrace work-from-home trends.
The work-from-home trend has created many data analytics options, favorably benefiting the North American big data analytics market. This trend is expected to continue beyond the COVID-19 pandemic as companies have begun to implement business analytics solutions to improve data protection and streamline overall business productivity.
The overall big data analytics market size has been derived using primary and secondary sources. Extensive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative insights related to the Big Data Analytics market.
The process also serves to get an overview and forecast for the big data analytics market with respect to all segments. Additionally, several primary interviews were conducted with industry participants to validate the data and gain more analytical insights.
Participants in this process are industry experts such as vice presidents, business development managers, market intelligence managers and national sales managers, as well as external consultants such as valuation experts, research analysts and key opinion leaders, specializing in the big data analytics market. A few key companies operating in the market and profiled in the report are Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, TIBCO Software, and Teradata.
Read the full report: https://www.reportlinker.com/p06289890/?utm_source=GNW
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