Post-pandemic Growth Opportunity Analysis of the Big Data Analytics Market
- April 2020 •
- 23 pages •
- Report ID: 5891686 •
- Format: PDF
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, the analyst considers two scenarios likely. In the first, more conservative scenario, the analyst assumes 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, the analyst assumes 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.