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Big Data and Business Analytics Market Trends

Report ID: GMI10169
Published Date: Jul 2024
Report Format: PDF

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Big Data and Business Analytics Market Trends

The big data and business analytics industry is witnessing several key trends shaping its trajectory. One prominent trend is the increasing adoption of real-time analytics. It has become increasingly crucial for businesses seeking to gain a competitive advantage in today's dynamic market environment. These capabilities allow organizations to analyze data as it is generated or received, enabling immediate insights and quicker responses to emerging trends, customer behaviors, and operational issues. Technologies such as in-memory computing and stream processing play pivotal roles in facilitating real-time analytics by processing and analyzing data rapidly and efficiently.

For instance, in June 2024, the Reserve Bank of India announced its adoption of Artificial Intelligence (AI) and Machine Learning (ML) analytics across various domains to establish state-of-the-art systems for real-time and high-frequency data monitoring and analysis. The initiative aims to pioneer advancements in data-driven decision-making and public policy formulation, emphasizing the importance of addressing ethical considerations and eliminating biases in algorithms.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Industry size for big data and business analytics was worth USD 245.9 billion in 2023 and is projected to expand at 15% CAGR from 2024 to 2032, driven by the data-driven decision-making, technological advancements, and increasing adoption across various industries.

The software component segment in the big data and business analytics industry held 34% share in 2023 and is anticipated to expand at significant rate from 2024 to 2032, as they enable organizations to manage, analyze, and visualize large volumes of data efficiently.

The large enterprise organization segment in the big data and business analytics market accounted for 67% share in 2023 led by the rising need to gain competitive advantages, enhance operational efficiencies, and improve decision-making processes.

North America industry held 41% revenue share in 2023 and is estimated to grow at notable rate between 2024 and 2032, on account of the presence of advanced technological infrastructure, including robust IT capabilities and widespread adoption of cloud computing.