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Big Data and Business Analytics Market Surges to $665.7 Bn, Driven by Data-Driven Decisions and AI Integration in 2033

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Tech advancements, demand for data-driven decisions, AI integration, and rising data volumes fuel the growth of Big Data & Business Analytics.

PORTLAND, ORIGON, UNITED STATES, December 9, 2023 /EINPresswire.com/ -- The service segment is expected to garner a significant share during the forecast period. This is attributed to the adoption of services among end users, as this service ensures the effective functioning of software and platforms throughout the process. Furthermore, the surge in demand for cloud-based big data analytics services is expected to provide lucrative opportunities for market growth during the forecast period. However, the software segment is expected to grow at the highest rate during big data and business analytics market analysis, owing to the increase in usage of software from end users to handle the large volume of data efficiently.

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The COVID-19 pandemic continues to transform the growth of different industry verticals, and the immediate impact of the COVID-19 outbreak is varied. Some of the industries will register a decline in growth, while others will continue to remain unscathed and will show promising growth opportunities in the upcoming years. The COVID-19 pandemic is expected to impact the overall economy and transport infrastructure. In addition, some of the industries such as manufacturing and automotive industries, which contribute to a major share in GDP in some regions, such as Europe, are anticipated to witness a downfall due to the complete shutdown of these sectors, eventually impacting on their spending on these advanced technologies such as machine learning and artificial intelligence. However, factors such as the rise in the trend of remote/virtual work environments, increase in virtual meetings, resultant decrease in in-person contacts, and increase in reliance on technology & data are expected to accelerate tech adoption, which, in turn, is expected to boost the adoption of big data and business analytics industry.

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Big data analytics is a method by which companies examine large set of data for uncovering useful information to increase their decision-making capability. In addition, it enables organizations to uncover useful information such as market trends, customer preference, discover hidden patterns, and various unknown facts from the data. Furthermore, organizations are adopting big data analytics to enhance their profit, increase their analytics skills, and to improve the risk management capability. Big data analytics further helps businesses better understand the information contained within the data and provide data that is important for organizations. Moreover, surge in adoption of big data analytics software by various organizations to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner significantly contributes toward the growth of the big data and business analytics market. In addition, increase in demand for cloud-based big data analytics software among small & medium enterprises positively impacts the growth of the market. However, high implementation cost and dearth of skilled workforce are expected to hamper the market growth. On the contrary, an increase in 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. Each of these factors is projected to have a definite impact on the growth of the big data and business analytics market.

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Leading market players:

► Amazon Web Services

► Fair Isaac Corporation

► IBM Corporation

► Microsoft Corporation

► Oracle Corporation

► Hewlett Packard Enterprise Development LP

► SAP SE

► SAS Institute Inc.

► TIBCO Software Inc.

► Teradata Corporation

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Similar Report:

1. North America Big Data and Business Analytics Market

2. Europe Big Data and Business Analytics Market

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