According to our latest market study on “Big Data Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Analytics Tool, Application, and End Use Industry,” the market is projected to reach US$ 638.66 million by 2028 from US$ 239.75 million in 2021; it is expected to grow at a CAGR of 15.3% from 2022 to 2028.
The rising digital solutions are exponentially growing data across several industries such as education, BFSI, retail, agriculture, healthcare, IT, and telecommunications globally. For example, artificial intelligence (AI) has revolutionized precision farming, risk management, and pest control in the agricultural sector. Big data analytics are used in the agriculture industry to examine large amounts of structured and unstructured data sets such as natural trends, advanced supply tracks, optimal crops, and risk assessment collected through sensors, smart machinery, GPS-equipped tractors, and soil sensors.
Medical companies can still not meet the information needs of patients, physicians, administrators, and policymakers. Big data analytics can enable personalized and precise treatment based on unique data, supplied in real-time and adapted to particular patients. Further, systems that can quickly learn about the data provided by people in clinical treatment and everyday life must be implemented. This will allow for data-driven decision-making and better personalized prognosis and treatment response predictions.
Key Players Influencing the Market
- Amazon Web Services
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE.
- TIBCO Software
- SAS Institute Inc
Corporations are using bots to modernize and automate their work environments. Furthermore, virtual assistants such as Amazon Alexa, Apple Siri, and Google Assistant generate important data. Technological advancements have boosted the global rise of social media users in network access and smartphone technologies. Various data sources, such as YouTube videos, Snapchat, Instagram, Facebook, and WhatsApp chats, generate massive amounts of data. As a result of technological advancements in industries, smart applications, and social media platforms, the industrial revolution is predicted to create huge databases. Thus, the growing database across these industries is driving the big data analytics market growth.
Impact of COVID-19 Pandemic on APAC Big Data Analytics Market
In 2020, APAC was severely affected by the COVID-19 outbreak. China homes the most significant population worldwide, thereby posing a higher risk of spreading virus infection. According to the Organization for Economic Co-operation and Development (OECD), the COVID-19 pandemic has affected significant economies, such as China, India, Australia, and Japan, and is experiencing low inflation. Further, in 2021, the offices resumed their operations with the release of lockdown restrictions due to the vaccination process.
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