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 of these categories were experiencing a growing interest from investors across the world and had attracted millions of dollars in funding. Our research showed use cases across industry verticals and developing industry partnerships coming up across geographies to meet the growing demand for these solutions.
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 as 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, we consider two scenarios likely. In the first, more conservative scenario, we assume that it will take more than 18 months to contain the virus and businesses will resume operations at full capacity after two years. In the second, more aspirational scenario, we assume that the COVID-19 virus 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.
- Global market trend analyses, including market drivers, market restraints and technology trends
- Detailed revenue forecasts for the BDA market, including a Conservative market forecast and an Aspirational market forecast.
- Growth opportunities in the BDA Market over the next 5 years.
- Companies to action and future market outlook.
Base year of the forecast is 2019, and a forecast period from 2020-2025. Market revenue is measured in US Dollars.
COVID-19 has been a disruptive catalyst across every industry. Our research has uncovered the following top of mind issues:
- Cash and Liquidity Crisis
- Employee Morale, Motivation and Productivity
- Diminished Sales Pipelines
- Disrupted Supply Chains
- Cost and Operations Optimization
- Revisiting Established/Traditional Business Models
- Changing/evolving Customer Engagement Models
- Rebuilding of the Growth Pipeline – Preparing for the Rebound
- The research highlights key trends impacting the BDA market and outlines future implications. These trends include Internet of Things (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.
Readers who will benefit from this research include advanced analytics vendors, data discovery and visualization vendors, organizations looking to better understand the BDA, vendors across banking, government, retail, telecommunication, health, and life sciences, and any company looking to venture into the market.
KEY ISSUES ADDRESSED
- In light of the pandemic is the market growing? If so, how long will it continue to grow and at what rate?
- What are the trends in the BDA market, and what are the implications for the global growth strategies of vendors?
- What are vendors doing to innovate in the market? Who is further along the curve in addressing these issues?
- What are the major drivers and restraints in the BDA market?
- What are the growth opportunities in the BDA market?
- Which market segment is growing faster AA or DDV?