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This research measures the future impact of COVID-19 on the global Big Data Analytics (BDA) market. The embedded ecosystem has led to a hyper-connected world and growth of the Internet of Things (IoT). Thanks to ubiquitous networks, IoT has connected all manner of endpoints and unveiled a treasure trove of data. This unprecedented volume of data has the potential to empower decision-makers as never before. Especially during the COVID-19 pandemic—including efforts to contain its spread and help businesses stay afloat—the need to extract, visualize, and execute this intelligence in near real time is increasingly becoming a mission-critical objective. The BDA market is classified into 2 major segments: data discovery and visualization (DDV) and advanced analytics (AA). Before the pandemic, both categories were experiencing a growing interest from investors across the world and had attracted millions of dollars in funding. Frost & Sullivan’s research showed use cases across industry verticals and developing industry partnerships coming up across geographies to meet the growing demand for these solutions. Market size is measured in terms of vendor revenue in US dollars. For clarity, only the revenue accrued directly by the vendor is accounted for in market sizing. When a given participant (reseller) resells a product built by an original equipment manufacturer (OEM), the revenue due to the OEM from the reseller’s market share, to the extent that it can be estimated, is excluded. This methodology minimizes inflation in market size estimates that may occur due to double-counting. Reporting and estimates are for calendar years and not for fiscal years.Key factors driving the BDA market in this scenario include: organizations realizing the operational advantages of using BDA to make more informed decisions, and an increased investment by government and intelligence (G&I) and healthcare sectors to manage the pandemic. However, overall market growth is expected to be restrained due to a decrease in customer spending on BDA solutions because budgets get frozen or diverted to meet urgent operational needs, as layoffs decrease the available resources for BDA professionals, and as sales cycles lengthen. Additionally, there will be a lack of government funding to help SMBs bounce back from the slowdown in market demand.In the face of the COVID-19 pandemic, Frost & Sullivan assumes that the coronavirus will be contained by August and businesses will be able to resume operations at full capacity before the end of 2020. This study also presents key market trends, a future market outlook, vendor analysis, and growth opportunities in the market.
Geographical Segmentation: The global market has been segmented into North America, Latin America (NALA), Asia-Pacific (APAC), and Europe, the Middle East, and Africa (EMEA).
The base year of the study is 2019, with forecasts till 2025. The research highlights key trends impacting the BDA market and outlines future implications. These trends include IoT adoption and proliferation of data, Big Data fueling Machine Learning (ML) and Artificial Intelligence (AI) growth and data strategy becoming central to C-level business planning. The study also assesses the current impact of the COVID-19 pandemic on the BDA market and the resulting emergence of new use cases.
Readers who will benefit from this research include advanced analytics vendors, data discovery and visualization vendors, organizations looking to better understand BDA, vendors across banking, government, retail, telecommunication, health and life sciences, and any company looking to venture into the market.
Key Issues Addressed
Author: Deviki Gupta
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