What is Big Data and Business Analytics Market?
The world of business intelligence software has changed a lot in the last few decades. While the overall goal of getting smarter has not changed, the optimized business has not changed. The methods for doing this, however, are like baseball players in the steroid era: they have grown immensely. Two areas of business intelligence, big data, and business analytics, are defining this new world of business data. Both show how the world of BI has literally changed. Big data as a term embodies the paradigm shift that the field has undergone. There is just more data to work with. And because more is available, there is more than is possible with it. While the two terms are different, there is significant overlap between them. Both try to gain insights from data analysis. Big data analytics tools can perform business analytics and have created an extreme shift in the way this is done and what outcomes can result from it. But there are also some differences. Big data analytics and business analytics have many similarities. Big data analytics can also be used to enrich business analytics.
The market study is being classified by Type (Machine Learning, Data Mining, Artificial Intelligence, Natural Language Processing and Others), by Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics and Transportation Analytics) and major geographies with country level break-up.
Amazon Web Services (United States), Fair Isaac Corporation (United States), IBM Corporation (United States), Microsoft Corporation (United States), Oracle Corporation (United States), Hewlett Packard Enterprise Development LP (United States), SAP SE (Germany), SAS Institute Inc. (United States), TIBCO Software Inc. (United States) and Teradata Corporation (United States) are some of the key players profiled in the study.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Big Data and Business Analytics market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Big Data and Business Analytics market by Type, Application and Region.
On the basis of geography, the market of Big Data and Business Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Adoption of Big Data and Business Analytics in Various Industries to Analyze Massive Volume of Data Generated Due To Offline and Online Trading
- Increase in the Investment in Cloud Technology
- An Upsurge in Use of Smartphones, Wearable Devices, and Other Smart Connected Devices
Market Trend
- Increase in Need to Gain Better Insights for Business Planning and Emerging Trends
- Increase in Complexities in Business Process and Rise in Business Process Automation
Restraints
Opportunities
- A Surge in Adoption of Big Data Analytics Software by Various Organizations
- Rapid Digitization and Rise in Use of Electronic Device & Network among the Organizations
Challenges
- A Dearth of Skilled Workforce
Market Leaders and some development strategies
In June 2019, Google Cloud had acquired a data analytics company called Looker. Looker's analytics platform provides business intelligence applications and use-case-specific solutions, including sales analytics and a flexible, embedded analytics product to help draw conclusions about business decisions. The acquisition will deepen Looker's integration into the Google Cloud Platform so that customers can benefit from Looker's multi-cloud functionality and data analysis from SaaS applications.
In January 2020, Microsoft had announced new retail products for its Microsoft Dynamics 365 line. This is in line with retail customers' offerings to improve operational efficiencies and measure salable items in their stores while pinpointing who is buying and how more buyers can be attracted. That's why the company rolled out a new Dynamics 365 Customer Insights that maximize the value of customer life by showing a 360-degree view of the customer. This 360-degree approach drives retailers to curate personalized engagements on a large scale. The Dynamics 365 Connected Store application overlooks real-time and predictive insights into the retail space by analyzing data from video cameras and IoT sensors.
Key Target Audience
Providers of Big Data and Business Analytics, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others