Big Data Analytics Market Size, Share, Trends by 2028
The global big data analytics market is speculated to hit US$ 638.66 billion by 2028, expanding at a CAGR of 15.3% during 2022–2028.
According to our latest market study on “Big Data Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Analytics Tool, Application, and End Use Industry,” the market is projected to reach US$ 638.66 billion by 2028 from US$ 239.75 billion in 2021; it is expected to grow at a CAGR of 15.3% from 2022 to 2028.
The Big Data Analytics Market Research Reports offers an extensive collection of reports on different markets covering crucial details. The report studies the competitive environment of the Big Data Analytics Market is based on company profiles and their efforts on increasing product value and production.
Big Data Analytics Market research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including market environment, competitive landscape, historical data, and present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers, and challenges.
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The adoption of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms are increasing the number of linked IoT devices. Edge computing is gaining popularity with the rising demand for connected devices. Edge computing refers to a framework in which processors are positioned closer to the data source or destination than the cloud. Data saved close to the source or destination saves time and reduces the burden on servers and networks when uploaded to the cloud or on-premise. Edge computing is ideal for industrial IoT because it allows for real-time data processing and faster reaction times. Telefónica Tech, a Telefónica's digital business holding company, and Microsoft collaborated on Azure Private Edge Zone in May 2021. The integration combines Telefónica's Private 5G connectivity with Microsoft's Edge Computing capabilities on customer premises. Both firms' collective ambition for Industry 4.0 and digital transformation is to install industrial 5G communications and computing solutions on-premise through an integrated architecture.
The report scrutinizes different business approaches and frameworks that pave the way for success in businesses. The report used expert techniques for analyzing the Big Data Analytics Market; it also offers an examination of the global market. To make the report more potent and easy to understand, it consists of infographics and diagrams. Furthermore, it has different policies and development plans which are presented in summary. It analyzes the technical barriers, other issues, and cost-effectiveness affecting the market.
Based on component, the big data analytics market is bifurcated into software and services. In 2021, the software segment led the big data analytics market with a larger market share. Based on analytics type, the big data analytics market is segmented into dashboard and data visualization, data mining and warehousing, self-service tool, reporting, and others.
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