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Big Data Analytics Market Trends 2018 and Industry Forecast 2023
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Big data is generally termed as large and varied sets of data and examining the data for identifying customer trends and preferences, data patterns, relations for the companies to take better business decisions. The big data analytics market is subject to grow due to many of the reason like increased growth of the Internet of Things (IoT), for devices, sensors and different machines connected with each other giving an ability to generate the huge amount of data in real time. Customers will be connected digitally with most of the operational processes becoming digitized and automated, thus giving the rise to automated decision making based on algorithms requiring the analytics. Another significant factor giving the rise to the big data analytics market is the insufficient data within the organizations which is making the companies turn to social media, open forums and websites resulting in the unstructured and fragmented data giving a need in the rise of big data analytics.
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Big data comprises of software and hardware components and the data set ranges from Megabytes to Terabytes. Companies use advances analytics techniques for large, and diversified data sets, allowing the researchers, analysts and business owners to make decisions based on the data that was previously inaccessible. A many number of companies are investing in the big data analytics, which has led banking and manufacturing industry to invest more in big data analytics majorly due to security and compliance issues. Many other industries other than banking and manufacturing are more inclined towards finding the customer experience information to better use the data for customer retentions and customer delight.
Big Data Analytics Market is divided under North America, Asia pacific, Europe and rest of the world under the region. The North America, especially United States is leading and will continue to lead the market for investments in the big data analytics with more than 80% investments from the region. Another reason for the increased market growth in the North American region is due to the concentration of the large big data companies in the U.S. following U.S is the Europe and Asia pacific region in terms of the investments in big data.
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The competitive landscape of the big data analytics market is formed by some major players and many of the new entrants. The leaders constantly keep innovating for the new technology and investing in research and development for the cost effective portfolio. The big data analytics market has driven many end users like insurance, banking, media, telecommunication, and government.
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