Big Data and Analytics Market:
WiseGuyReports.com adds “Global Big Data and Analytics Market Research Report 2020 Analysis and Forecast 2030” reports to its database.
Executive Summary
The global big data and analytics market is expected to grow from $134.31 billion in 2019 and to $130.08 billion in 2020 at a compound annual growth rate (CAGR) of 2.93%. The decline in growth rate is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $188.07 billion in 2023 at CAGR of 12.99%.
The big data and analytics market consists of sales of big data and analytics software used for data mining and predictive modeling. The sales consist of revenues generated by establishments that are primarily engaged in the development of software for big data and analytics like Hadoop, Tableau, Qubole and others.
North America was the largest region in the big data and analytics market in 2019.
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The agile process' success in software development and the development of latest technologies have made it very popular in the innovation industry. Few leading-edge organizations use an agile approach to manage their data systems. Agile 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. Agile process helps making changes in the workflow even at the later stages, which will help working 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.
The big data and analytics market covered in this report is segmented by analytics tools into dashboard & data visualization; self-service tools; data mining & warehousing; reporting; others. It is also segmented by deployment mode into on-premise; cloud, by end use industry into BFSI; retail; manufacturing; IT and telecom; government; healthcare; utility; others and by application into customer analytics; supply chain analytics; marketing analytics; pricing analytics; spatial analytics; workforce analytics; risk & credit analytics ; transportation analytics; others.
One of the major restraints for the big data and analytics market is the shortage of skilled professionals. Developing hardware, software and system integration requires trained and specialized resources to handle data preparation, create predictive models and integrate these into applications. The resources are either unavailable or too expensive to hire, which stifles the growth of the big data and analytics market. According to the US Bureau of Labor Statistics, 11.5 million new jobs will be created for data science and analytics by the year 2026. However, the lack of a skilled workforce to occupy the job vacancies hinders the market growth.
In August 2019, Salesforce, an American cloud-based software company headquartered in San Francisco, California acquired Tableau Software for $15.7 Billion amount. The acquisition accelerates Salesforce's roadmap for its Customer 360 initiative, which helps companies gain a complete view of their customers and more broadly their analytics initiative. Tableau Software is an American interactive data visualization software company.
The increasing 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 customers data on purchase 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.
Major players in the big data and analytics market are IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, SAS Institute Inc., Teradata Corporation, Accenture, Salesforce, IBM Corporation, and Cisco Systems.
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Massive investments in expansion of solar capacity across the globe is a key driving factor for the growth of the Polysilicon market.
Governments of developing and developed countries and industrial sectors are emphasizing on the expansion of renewable energy sources, in which solar energy appears to show high potential.
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This is generating remarkable demand for solar panels across the globe.
The growth of the Polysilicon industry will however be slowed down because of the COVID-19 pandemic, which has completely halted all industries including manufacturing and logistics.Among the Application segment in the Polysilicon market (Solar Photovoltaic and Semiconductors), Solar Photovoltaic has been gaining popularity among other segments and is expected to keep major market share in the forecast period because of the adoption of energy sources that are sustainable.
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Market Research Future Published a Half-Cooked Research Report on Global Ink Resins Market Research Report - Global Forecast Till 2025 Global Ink Resins Market – SegmentationsThe Covid-19 Ink Resins Market Analysis has been segmented into four main dynamics to widen the scope of understanding,By Type: Modified Resin, Cellulose, Acrylic, Polyamide, Hydrocarbon, Polyurethane, and others.By Printing Process: Flexographic, Lithographic, Gravure, Digital, Letterpress, and others.By Application: Printing & Publication, Corrugated Boards, Flexible Packaging, and others.By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.Global Ink Resins Market - Competitive LandscapeHighly competitive, the Ink Resins Market appears to be fragmented due to the presence of several large and small-scale players.
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The largest market share attributes to the growing demand from the packaging industry and expanding production capacities in the region.
Besides, factors such as the rising trend of on-the-go packaged food items & online shopping and the burgeoning eCommerce market in the region drive the market growth substantially.The presence of dynamically emerging economies in the region such as India, Japan, China, Singapore, and South Korea impacts the regional market growth positively.
