The Global Big Data Analytics Market is Expected to Reach US$420.98 Billion by 2027

The big data analytics market is witnessing an incremental increase in annual revenue worldwide. The global big data and business analytics market size was valued at US$193.14 billion in 2019 and is projected to reach US$420.98 billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027.

Various industries are adopting big data and business analytics to analyze massive volumes of data generated due to offline and online trading. Moreover, with the introduction of cloud-based big data and business analytics, users can access all the information online from anywhere across the globe. This helps various big data service providers to increase their investment in cloud technology and have a competitive edge over other service providers.

The big data analytics market provides business solutions in various industries through the use of analytical software tools to support the full life cycle of data integration, intelligence, analysis, visualization, and other related decision support systems or decision automation functions. The traders who lead this big data and analytics software market include Microsoft, Oracle, and SAP.

A surge in adoption of big data analytics software by various organizations to deliver enhanced and faster decision-making and to provide competitive advantage by analyzing and acting upon information on time significantly contributes toward the growth of the global big data and business analytics market. In addition, an increase in demand for cloud-based big data analytics software among small and medium enterprises positively impacts the growth of the market.

However, high implementation costs and a dearth of skilled workforce are expected to hamper the market growth. On the contrary, an increase in the need to gain better insights for business planning and emerging trends such as social media analytics are expected to offer remunerative opportunities for the expansion of the market during the forecast period.