Double digit growth expected for big data analytics market - report
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The global Big Data Analytics (BDA) market will witness double-digit growth in the post-pandemic COVID-19 era, according to new research from Frost & Sullivan.
The analyst firm's new report, Post-pandemic Growth Opportunity Analysis of the Big Data Analytics Market examines what global markets could look like under the scenario of the COVID-19 virus being contained by August 2020, and that global markets will be able to recover by the end of the year.
In that scenario, Frost & Sullivan forecasts the market is to expand at a compound annual growth rate (CAGR) of 28.9%, reaching $68.09 billion by 2025 from $14.85 billion in 2019.
Under the conservative forecast scenario, the market is likely to reach $41.84 billion by 2025, at a CAGR of 18.8%.
Depending on the development and availability of a vaccine, the conservative forecast includes a market slowdown and recovery period of 18 to 24 months.
"BDA use will continue to grow because it is currently being utilised to manage, diagnose, and develop a cure for COVID-19," says Deviki Gupta, Information & Communication Technologies senior industry analyst at Frost & Sullivan.
"Additionally, considering the benefits of BDA solutions in both the government and intelligence (G&I) and non-governmental organisation (NGO) sectors, there will be an increase in demand for analytics as it has promising features, such as mitigating risk in business planning, improving operations, and better serving customer needs," he says.
"Despite the current crisis, BDA continues to be among the top three deployment priorities for enterprises, after data security and replacing legacy systems.
"Further, major competitive factors will include a vendors ability to serve advanced use cases and its ability to play a consultative role for customers, such as helping them better understand their hardware and software needs to achieve these use cases in both BDA market segments data discovery and visualisation (DDV) and advanced analytics (AA)."
According to the report, the lengthening of sales cycles and decrease in customer spending on BDA solutions as budgets are frozen or diverted to meet urgent operational needs are likely to restrain the growth of the BDA market.
However, Frost & Sullivan says market participants should consider the following key growth opportunities:
- Organisations aim to reduce latency and take timely action, especially during the pandemic, will encourage vendors to focus more on intuitive searchability powered by a deeper metadata schema and machine learning.
- Increasing BDA investment in disaster preparedness, operational management, and diagnostic use cases across the globe will create exponential growth prospects for vendors.
- Big Data, cloud computing, and consumer demand for personalised and context-based services are driving the implementation of AI/ML applications.
- APAC presents continued high potential for growth with the increasing use of BDA, AI, and robotics in China, Singapore, Taiwan, and Japan to contain COVID-19.