Report : Asia Pacific Big Data Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Software and Services), Analytics Tool (Dashboard and Data Visualization, Data Mining and Warehousing, Self-Service Tool, Reporting, and Others), Application (Customer Analytics, Supply Chain Analytics,
At 16.7% CAGR, the APAC Big Data Analytics Market is speculated to be worth US$ 194.79 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC big data analytics market was valued at US$ 77.12 million in 2022 and is expected to reach US$ 194.79 million by 2028, registering an annual growth rate of 16.7% from 2022 to 2028. Escalating edge computing trend to boost analytics tool demand and growing technological advancement in big data analytics are the critical factors attributed to the market expansion.
The adoption of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms are increasing the number of linked IoT devices. Edge computing is gaining popularity with the rising demand for connected devices. Edge computing refers to a framework in which processors are positioned closer to the data source or destination than the cloud. Data saved close to the source or destination saves time and reduces the burden on servers and networks when uploaded to the cloud or on-premises. Edge computing is ideal for industrial IoT because it allows for real-time data processing and faster reaction times. IBM and Red Hat Software launched a new edge computing solution in May 2020. IBM announced new services and solutions at its Think Digital conference, backed by a large ecosystem of partners, to enable enterprises and telecommunications providers to accelerate their transition to edge computing in the 5G technology. This collaboration combines IBM's multi-cloud knowledge and expertise with Red Hat's industry-leading open-source technology, which was acquired by IBM 2021 in one of the most significant tech acquisitions in history. As a result, the ongoing trend toward edge computing to increase database quantity is expected to fuel future market opportunities for big data analytics market players across the region.
On the contrary, stringent data security regulations and data security concerns hurdles the growth of APAC big data analytics market.
- Based on component, the APAC big data analytics market is segmented into software and services. The software segment held 63.8% market share in 2022, amassing US$ 49.19 million. It is projected to garner US$ 120.17 million by 2028 to expand at 16.1% CAGR during 2022–2028.
- Based on analytics tool, the APAC big data analytics market is segmented into dashboard and data visualization, data mining and warehousing, self-service tool, reporting, and others. The dashboard and data visualization segment held 42.0% market share in 2022, amassing US$ 32.35 million. It is projected to garner US$ 80.22 million by 2028 to expand at 16.3% CAGR during 2022–2028.
- Based on application, the APAC big data analytics market is segmented into customer analytics, supply chain analytics, marketing analytics, pricing analytics, workforce analytics, and others. The customer analytics segment held 41.1% market share in 2022, amassing US$ 31.72 million. It is projected to garner US$ 86.12 million by 2028 to expand at 18.1% CAGR during 2022–2028.
- Based on end use industry, the APAC big data analytics market is segmented into pharmaceutical, semiconductor, battery manufacturing, electronics, and others. The others segment held 80.4% market share in 2022, amassing US$ 61.97 million. It is projected to garner US$ 155.94 million by 2028 to expand at 16.6% CAGR during 2022–2028.
- Based on country, the APAC big data analytics market is segmented into the China, India, Japan, Australia, South Korea, and Rest of APAC. Our regional analysis states that the China captured 42.3% market share in 2022. It was assessed at US$ 28.33 million in 2022 and is likely to hit US$ 83.37 million by 2028, exhibiting a CAGR of 16.9% during the forecast period.
Key players dominating the APAC big data analytics market are Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Teradata, TIBCO Software Inc. among others.
- In 2022, HPE has announced the establishment of a new Global Center of Excellence (CoE) for Artificial Intelligence (AI) and Data at its Spanish headquarters in Las Rozas, Madrid. The CoE was created to consolidate talent and knowledge focused on AI and data-first modernization services. It will assist HPE in meeting the worldwide need for consulting and professional services in this space. The AI and data specialists on the team will assist enterprises worldwide in applying artificial intelligence, data, and advanced analytics to unearth insights, generate trustworthy transactions, and deploy intelligence in new, ethical, and secure ways.
- In 2020, Oracle has made the Oracle Cloud Data Science Platform available. Oracle Cloud Infrastructure Data Science is at the heart of the solution, assisting organisations in jointly building, training, managing, and deploying machine learning models to improve the effectiveness of data science initiatives.