As per the report by Research & Markets, Big Data Analytics (BDA) classifies the market into 2 major categories: Data Discovery and Visualization (DDV) and Advanced Analytics (AA). The BDA market accounted for $8.5 billion in 2017, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 29.7% to $40.6 billion by 2023.
According to Gartner’s Annual Chief Data Officer Survey, lack of data literacy is one of the major obstacles to achieving business milestones. By 2023 and onwards, data literacy will become a key factor in adding value to businesses. In this case, the availability of self-service BI tools will help tackle large datasets, AI, and augmented analytics. Consequently, this approach has made data literacy the base of a flourishing data-driven culture.
Predictive analytics tools will become more accessible in 2023 for enterprises. As per Allied Market Research, the global predictive analytics market will reach financial growth of around $35.45 billion by 2027, showing a CAGR of 29.1% between 2020-2027.
As per the Mordor Intelligence report, the big data analytics in the retail market was estimated at USD 4.38 billion in the current year and is expected to reach USD 13.76 billion in the next five years, registering a CAGR of 21.20% during the forecast period. The retail industry is witnessing a major transformation through advanced analytics and Big Data technologies during the forecast period (2023 – 2028).
Investments in analytics tech have risen commensurately, with some 73%, as per IDC that they expect to spend more on data-focused software than any other category in 2023.
As per the reports by Markets & Markets, The global financial analytics market is expected to grow from USD 6.9 billion in 2018 to USD 11.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.7%.
As per the report by Expert Market Research, the global big data market is supported by the growth of big data and business analytics market, which attained USD 271.30 billion in 2022. The global big data and analytics market is expected to grow at a CAGR of 14.9% in the forecast period of 2023-2028 to attain USD 624.27 billion by 2028.
