Big data analytics is used by different organizations to improve their market strategies, personalize their content, increase their bottom line along with the capacity to better understand their customers. Data analytics is known as the science of analyzing raw data to draw out meaningful insights for the work. These techniques are automated into mechanical and algorithms process to work on raw data for better and improved decision-making processes. Data analytics basically refers to the process of analyzing data sets to withdraw conclusions about the data it holds.
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BIG DATA ANALYTICS MARKET DYNAMICS
Widespread acceptance of advanced technologies for business operations and the increasing demand for data analytics for improved decision-making processes and cost reduction is the major factor driving the growth of the big data analytics market. Data analytical techniques allow the identification and fixing of errors in data sets with the usage of data filtration tools which further improve the data quality to benefit both institution and consumers including banks, finance companies and insurance firms. These benefits of data analytics is responsible for the exponential growth of big data analytics market. Furthermore, the implementation of data analytical techniques boosts the productivity and efficiency of business operations worldwide and reinforce the organizational workforce.
COVID 19 IMPACT ON BIG DATA ANALYTICS MARKET
The Covid-19 pandemic has escalated the acceptance of data analytics services and solutions. Researchers have invented predictive analytics models to track covid-19 surges in different countries. These major factors are leading to the growth in the global data analytics market.
BIG DATA ANALYTICS MARKET SEGMENTAL OVERVIEW
The report analyses the Big Data Analytics Market based on type, solution, function and geography.
BIG DATA ANALYTICS MARKET BY TYPE
By type, the global Big data analytics market is segmented into descriptive analytics, predictive analytics, prescriptive analytics, customer analytics, others. Predictive analytics holds the major share in the big data analytics over the forecast period as it allows organizations to manage data volumes, meet stakeholders demands, improve process control, manage risks and enhance administrative performances by turning data into intelligence.
BIG DATA ANALYTICS BY SOLUTION
The Big Data Analytics by solution is classified into data monitoring, data management, data mining, fraud & security intelligence.
BIG DATA ANALYTICS MARKET BY FUNCTION
The Big Data Analytics Market on the basis of function is segmented into HR analytics, marketing analytics, sales analytics, accounting & finance analytics, operational analytics, others.
BIG DATA ANALYTICS MARKET BY GEOGRAPHY
Geographically, the Big data analytics is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. Europe holds the second largest position and is expected to drive the data analytics market. North America captures the highest market share. Factors driving the regional market growth consists of high demand from various industry verticals and growing IT expenditure.
BIG DATA ANALYTICS MARKET KEY PLAYERS
Some of the major players operating in this market include Amazon Web Services, Inc. (US), Tableau Software, LLC. (US), SiSense Inc (US), Datameer, Inc. (US), Zoho Corporation Pvt. Ltd. (India), Microsoft (US) ThoughtSpot, Inc. (US), Mu Sigma (US), Alteryx, Inc (US), Dell Inc. (US), Looker Data Sciences, Inc. (US)SAS Institute Inc. (US).
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