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Big Data Analytics Market to Grow to $40.6 Billion by 2023

Big data analytics is an in-demand industry that shows no signs of slowing. The big data analytics industry will reach a global market worth of $40.6 billion by 2023, according to information from ResearchandMarkets.com. It shows a combined annual growth rate (CAGR) of 29.7 percent from 2017 until then.

Here are some of the exceptionally prominent aspects motivating the industry’s projected success:

The Asia-Pacific Market Is Showing Particular Interest in Big Data

A growth projection report from IDC about big data analytics in the Asia-Pacific (APAC) market indicated the appeal of big data is particularly evident in that region. It found that area of the world will be a significant driver in future growth. The report says that big data revenue in the APAC revenue will get to $15.1 billion by 2022, and it also expects the largest businesses to account for almost half the market share during the forecast period.

Moreover, the Chinese market will be the biggest player in the APAC region, followed by Australia. These statistics show why it’s necessary to take a broad geographic look when pinpointing the market’s growth.

Companies Recognize the Worth of Analytics for Their Businesses

Most enterprises know data analytics is instrumental in helping them make business decisions, and that realization is also spurring the market growth for the technology.

According to information from SAS, 72 percent of respondents said analytics give them valuable insights, and 60 percent cited data analytics as something that helped their organizations innovate.

But many of those businesses encounter challenges, especially regarding dark data — data not regularly used in business operations. A separate study from Exasol surveyed companies in the United Kingdom and Germany and discovered 82 percent of respondents couldn’t verify the location of critical data. And 55 percent of those polled admitted that data fragmentation across multiple locations was hindering efforts to get the most from the information.

Getting a handle on big data analytics requires businesses that will invest in tools and people that will help them meet that goal. Companies already realize that handling their data will pay off. Once they take action, their efforts will help the big data analytics market prosper. They’ll also start conquering some of the risks associated with dark data, such as security and data privacy law compliance.

Data-Driven Careers Are Becoming More Desirable, and Businesses Are Ready to Hire

If people aren’t familiar with data processing careers, they likely have outdated perceptions of the field of study and the colleges offering it. People may begin in data processing roles and transition into data analyst positions — which span far beyond data scientists. Since students are increasingly choosing data processing or analysis careers, manufacturers know they must release up-to-date interfaces for that kind of work.

As such, the interest in data careers is another factor that’s boosting the market value. Some companies are already directly benefitting from the way more people want to pursue careers related to data. In one case, budget airline easyJet confirmed a three-fold increase in the size of its data science team and intends to hire 28 new data scientists.

According to the airline’s chief data officer, the focus on big data analytics will allow the brand to mitigate the damage that some factors can cause on the airline’s bottom line. Although some uncontrollable factors such as weather impact the air travel industry, emphasizing big data allows the company to anticipate the all-important changeable elements.

IoT Devices Generate Gigantic Amounts of Data

Today, many people use Internet of Things (IoT) gadgets in numerous segments of their lives. Each device gathers and sends information in huge quantities. According to one estimate, the total data from IoT devices will reach 500 zettabytes per year by the end of 2019.

An assortment of fascinating use cases reveals that businesses are obtaining data from IoT devices to learn things they couldn’t have without those connected devices, such as the emotions people feel and whether the ways they rely on their IoT devices translates to more social media posts about those products.

As mentioned, company representatives are aware of how data analysis assists their enterprises. Those brands that also have IoT devices are missing opportunities by not mining through the collected data. Thus, the increase in IoT devices and the data generated from them is also helping the market’s success.

No Single Factor Propels Growth

This overview highlights how numerous factors spur the growth of big data analytics. As companies explore new ways to tap into their data or hire data professionals, the market will prosper.

About the Author

Contributed by: Kayla Matthews, a technology writer and blogger covering big data topics for websites like Productivity Bytes, CloudTweaks, SandHill and VMblog.

 

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