Big data analytics market to garner revenue of $68 bn

Big Data Analytics Market is forecast to grow 4.5 times, garnering revenues of $68.09 billion by 2025 from $14.85 billion in 2019, according to Frost & Sullivan research.
Big data analytics market forecastDeployment of big data analytics is priority for enterprises amid the COVID-19 uncertainty as its use will help them remain competitive while accelerating innovation, especially in the healthcare sector to fight the coronavirus.

Data security is a prime concern across sectors with the increasing deployment of the Internet of Things and the proliferation of devices, which create copious amounts of data.

“Between the two major segments of the BDA market — data discovery and visualization (DDV) and advanced analytics (AA) — DDV is expected to become more mainstream as organizations realize the importance of data prepping, data management, and data visualization as the foundational building blocks for advanced analytics,” said Deviki Gupta, Information & Communication Technologies Senior Industry Analyst at Frost & Sullivan.

The main verticals that will be spending significantly on big data analytics include banking and financial services (BFS), government and intelligence (G&I), and retail segments.

As the market competition increases, big data analytics vendors look to diversify their product portfolios by offering edge analytics with the benefits of low latency and quick insights.

APAC, particularly China, is leading the manufacturing sector as well as the adoption of IoT devices. Thus, China should be a target for big data analytics vendors looking to expand in this market.

Vendors must provide consultative services to help customers understand the correct software and hardware combinations to solve business problems.