Big Data And Analytics Global Market Report 2021: COVID 19 Growth And Change To 2030
Big Data And Analytics Global Market Report
The Business Research Company’s Big Data and Analytics Global Market Report 2021: COVID-19 Growth And Change to 2030
LONDON, GREATER LONDON, UK, August 11, 2021 /EINPresswire.com/ — SAS Institute plans to go public after a long presence of 45 years in the analytics market while also being the largest privately held software company in the world. The company has indicated its plans to go for an IPO before 2024. This is interesting as the big data and analytics market, where the company sits as one of the leading players, is expected to see significant growth in the next five years according to the latest forecast data by The Business Research Company’s Global Market Model.
Even though SAS was slower than others in adapting to cloud technology and has an older user base, it is expected to get close to $30 billion in the IPO. Going for an IPO seems to be a better option for the company over a merger with another company. Integration of the company’s products with that of another company will be a complex procedure, and an IPO helps avoid those challenges.
Other companies in the big data analytics market however have taken the merger and acquisition direction. In August 2019, Salesforce, an American cloud-based software company headquartered in San Francisco, California acquired Tableau Software for $15.7 billion. Tableau Software is an American interactive data visualization software company. 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.
Speaking of the global big data and analytics market, its demand was worth $128.54 billion in 2020, according to the data on the Global Market Model. The global big data and analytics market is expected to be $135.37 billion in 2021 at a compound annual growth rate (CAGR) of 5.3% and continue to grow to $225.14 billion in 2025 at a CAGR of 14%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
Growing investments in business intelligence and data analytics tools by big companies and increasing adoption of different methods and techniques of analytics to resolve their business imperatives and personalize the service or product according to the customers’ aspirations augment the growth of the big data and analytics market.
For instance, Costco, a major retailer that collects its customer’s data on purchases to provide personalized service was able to warn its customers who bought stone fruits of possible contamination using its analytics software instead of sending a blanket message to everyone. This increasing need to personalize the service to cater to customers compels businesses to invest in data analytics tools, which drives the demand for the big data and analytics market.
Increasing integration of the Internet of Things (IoT) in daily lives is another key factor that is driving the growth of the big data and analytics market. When organizations take hold of the data for the purpose of research, IoT serves as a major source for that data. IoT devices produce a huge amount of unstructured data, which is stored in the big data network and this data largely depends on the 3V factors – volume, velocity, and variety. The number of IoT devices is expected to increase threefold to over 25 billion in 2030 from about 9 billion in 2020.
Challenges associated with the integration of information collected from various data sources, however, limit the growth of the big data and analytics market. Big Data Integration involves the collection of data from a variety of sources and software formats and offers a converted and coherent view of the collected data to the consumers. Data from a wide variety of sources use different priorities and rates and can be easily de-synchronized from the source system. For instance, many companies collect data from various sources such as customer relationship management (CRM) systems, enterprise resource planning (ERP) systems, and specific types of data stored in different formats. Such variability in data is difficult to get integrated by a single integration platform and everything is needed to be homogenized for accurate and efficient analysis, which can become a complex process.
The Big Data And Analytics Global Market Report is one of a series of new reports from The Business Research Company that provides big data and analytics market overviews, analyzes and forecasts big data and analytics market size, share, big data and analytics market players, big data and analytics market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares
About The Global Market Model
The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.
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