Companies Adopting Analytics To Solve Business Imperatives Boosts The Big Data and Analytics Market Demand
The Business Research Company’s Big Data and Analytics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 5, 2022 /EINPresswire.com/ — The growing investments in business intelligence, data analytics tools by major companies, and increasingly adopting different styles of analytics to resolve their business imperatives and personalize the service or product according to the customers’ aspirations boosts the growth of the big data and analytics market. For instance, Costco, a major retailer that collects its customer’s data on purchases to provide personalized service was able to warn its customers who bought stone fruits to warn them of possible contamination using the analytics software instead of sending a blanket message to everyone. This increasing need to personalize the service to cater to the customers compels businesses to invest in data analytics tools, thereby increasing demand for the big data and analytics market.
The agile process’ success in software development and the development of the latest technologies have made it very popular in the innovation industry. According to the global big data and analytics market overview, few leading-edge organizations use an agile approach to manage their data systems. Big data and analytics market trends include agile which is a technique for designing applications or handling operations more effectively in IT organizations. Broadly, it’s a collaborative methodology where cross-functional teams develop and create minimally viable products (MVPs) and features quickly, test them with consumers, and optimize and improve them in rapid iterations. The agile process helps to make changes in the workflow even in the later stages, which will help to work in the best interests of the client. Agile organizations have a 70% chance of being in the top quartile of organizational health, indicating the best long-term performance amongst competitors. These companies become more customer-centric, have higher revenue growth, and a more engaged workforce.
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The global big data and analytics market size is expected to grow from $81.84 billion in 2021 to $92.06 billion in 2022 at a compound annual growth rate (CAGR) of 12.5%. The growth in the big data and analytics market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The big data and analytics market share is expected to reach $152.99 billion in 2026 at a CAGR of 13.5%.
Major players covered in the global big data and analytics market are IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, SAS Institute Inc., Teradata Corporation, Accenture, Salesforce, Cisco Systems, Tableau Software, Hewlett Packard Enterprise Development LP., Amazon Web Services, Dell Inc., Cloudera, Musigma, Informatica, Alpine Data Labs, Alteryx, Amazon Web Services, BigML, Cognonto Corp., Couchbase, Inc., and Dataiku.
TBRC’s global big data and analytics market analysis report is segmented by analytics tool into dashboard and data visualization, self-service tools, data mining and warehousing, reporting, others, by deployment mode into on-premise, cloud, by end-use industry into BFSI, retail, manufacturing, IT and telecom, government, healthcare, utility, others, by application into customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk and credit analytics, transportation analytics, others.
Big Data and Analytics Global Market Report 2022 – By Analytics Tools (Dashboard & Data Visualization, Self-Service Tools, Data Mining & Warehousing, Reporting , Others), By Deployment Mode (On-Premise, Cloud), By End Use Industry (BFSI , Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility), By Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics , Transportation Analytics) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a big data and analytics market overview, forecast big data and analytics market size and growth for the whole market, big data and analytics market segments, geographies, big data and analytics market trends, big data and analytics market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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