The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Big Data and Analytics Services Global Market Report 2024, the big data and analytics services market is expected to show significant growth in the forecast period.

The big data and analytics services market has undergone remarkable growth, surging from $137.23 billion in 2023 to $154.79 billion in 2024, exhibiting a robust compound annual growth rate (CAGR) of 12.8%. This expansion is propelled by the data explosion, business intelligence, regulatory compliance, and the pursuit of a competitive advantage. Looking forward, the market is poised for rapid growth, reaching $280.43 billion in 2028, with a CAGR of 16.0%.

IoT Integration Sparks Market Growth:

The integration of the Internet of Things (IoT) is a pivotal driver for the expansion of the big data and analytics services market.

• IoT as a Data Source: IoT plays a crucial role as a major data source for organizations engaged in research activities, contributing to the growth of big data.
• Unstructured Data: IoT devices generate substantial unstructured data, dependent on factors like volume, velocity, and variety (3V factors).
• Data Explosion: In 2020, IoT generated about 44 trillion gigabytes of data, highlighting the massive scale at which data is produced.
• Connected Devices: The increasing number of connected devices, with over 10 billion sensors and computers in 2020, fuels the growth of the big data and analytics services market.

Strategic Partnerships for Comprehensive Solutions:

Major players in the market are adopting strategic partnerships to provide holistic solutions to clients.

• Mutual Benefits: Strategic partnerships leverage strengths and resources to achieve mutual benefits and success for the companies involved.
• Wipro and Data Robot Partnership: In August 2021, Wipro Technologies partnered with Data Robot to accelerate AI-driven technologies for businesses.
• Comprehensive Solutions: These partnerships aim to provide clients with comprehensive and integrated solutions to meet their evolving needs.

View More On The Big Data and Analytics Services Market Report 2024 – https://www.thebusinessresearchcompany.com/report/big-data-and-analytics-services-global-market-report

Accenture’s Cloud First Capabilities Enhanced Through Acquisition:

Strategic acquisitions are playing a crucial role in enhancing companies’ capabilities and expanding their market reach.

• Acquisition of Ergo: In April 2022, Accenture PLC. acquired Ergo, a data-centered business based in Argentina, to bolster its Cloud First capabilities.
• Expansion to Hispanic South American Market: The acquisition aims to support clients in the Hispanic South American market, including Argentina, Chile, and Colombia.

Market Segmentation and Growth Drivers:

Understanding the market involves exploring its segmentation and recognizing the key drivers of growth.

• Segmentation:
  • Deployment Mode: On-Premise, Cloud, Other Deployment Modes
  • Application: Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, Transportation Analytics, Other Applications
  • Vertical: Transportation And Logistics, BFSI, Travel And Hospitality, Healthcare And Life Sciences, Manufacturing, Other Verticals
• Growth Drivers:
  • Advanced Analytics and AI: The adoption of advanced analytics and AI is a significant driver of growth in the forecast period.
  • Data Privacy and Security: The increasing focus on data privacy and security contributes to the market’s rapid growth.
  • Cloud-Based Analytics: Cloud-based analytics solutions gain prominence for scalability and accessibility.
  • Real-Time Analytics: The demand for real-time analytics is a key factor influencing market growth.

Future Trends Shaping the Market:

The future of the big data and analytics services market is characterized by several trends that will redefine the industry.

• AI and Machine Learning Integration: The integration of AI and machine learning will enhance the capabilities of big data analytics.
• Cloud-Based Big Data Services: Cloud-based solutions for big data will continue to gain traction for flexibility and scalability.
• Edge Analytics: Edge analytics will become increasingly important, allowing data processing closer to the source for quicker insights.
• Data Privacy and Compliance: Growing concerns about data privacy and compliance will drive innovations in these areas.

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The Big Data and Analytics Services Global Market Report 2024  provides an in-depth analysis on the big data and analytics services market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the big data and analytics services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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