As the world is becoming more digital and connected, big data and business analytics are creating new opportunities for data collection, storage and intelligence processing and analysis. With the huge amount of data generation, data storage and data capture, big data and business analytics has emerged as an important technology to study and solve data related problems for companies that have huge amount of data stored and used within their organization.
Big data and business analytics technology is reshaping market by enabling digital transformation across industries such as banking, process manufacturing, professional services and federal/central government and business processes by providing them solutions of big data and business analytics to reduce the data related problems. Due to the tremendous increase in organizational data the adoption of big data and business analytics has been increased in the organizations to better understand their customer and drive efficiencies.
Big data and Business analytics market: Drivers and Challenges
Drivers: The increasing interest and investment in artificial intelligence, in turn, is leading to the emergence of new tools for collecting and analyzing data and new enterprise roles and responsibilities which includes big data and business analytics solutions. Moreover, the growth of mobile devices and apps has directly resulted in a massive increase in the amount of data generated. The usage of big data and business analytics solutions is critical for businesses to develop new competitive strategies and to provide services.
Challenges: Most organizations’ data is growing at a rate of 40 to 60 percent per year. Simply storing the data is becoming a real challenge. Companies are looking at options like data lakes, big data and business analytics solution which will allow them to collect and store massive quantities of unstructured data in its native format. The problem is, data lakes have to be constructed wisely or they quickly become a useless wasteland where data goes to never be retrieved again. Also, it’s difficult for many organizations to justify this amount of time and effort relative to the value it delivers. To put this into business speak, big data and business analytics solutions doesn’t always deliver a powerful ROI
Segmentation of Big data market on the basis of Technology:
The big data and business analytics solutions market can be segmented on the basis of technologies being used in these solutions
- Machine learning
- Data mining
- Artificial Intelligence
- Natural language processing
Segmentation of Big data market on the basis of deployment:
The big data and business analytics solutions market includes the mode of deployment of these solutions
Segmentation of Big data market on the basis of vertical:
The big data and business analytics solutions market has been segmented on the basis of industries using these big data and business analytics solutions
- Banking, Financial Services, and Insurance (BFSI)
- Government and Defense
- Healthcare and life sciences
- Retail and consumer goods
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