Report : Middle East & Africa 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 13.0% CAGR, the MEA 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 MEA big data analytics market was valued at US$ 12.87 million in 2022 and is expected to reach US$ 26.82 million by 2028, registering an annual growth rate of 13.0% from 2022 to 2028. Technological advancement in big data analytics and growing edge computing trend to boost analytics tool demand are the critical factors attributed to the market expansion.
Technologies incorporated with big data analytics are constantly evolving. To keep an advantage over competitors, firms must adopt the appropriate trends. Several big data analytics trends have started in recent year. For instance, predictive analytics, which is a key strategy for businesses to get a competitive advantage and achieve their goals. These companies employ fundamental analytics tools to prepare massive data and determine the main cause of the problem. Predictive methods are used to analyse current data and historical occurrences to understand customers better and identify potential threats and such events for a company. Big data predictive analytics can forecast what will happen in the coming years. This method is effective at correcting studied data and predicting customer response. This enables businesses to outline the steps they need to take by anticipating a customer's next move before acting. Similarly, dark data is another innovation related to big data analytics. The data that a corporation does not employ in any analytical system is dark data. The information comes from various network operations that do not derive insights or make predictions. However, the organizations recognize that this will be the most asset. As data proliferates, the sector must remember that untapped data is a security risk. The rise in the amount of dark data is an ongoing trend. Further, data fabric is another new technic related to big data analytics. A data fabric is a network architecture and collection. This ensures consistency of functionality across various endpoints, such as on-premises and cloud. Data fabric simplifies and integrates data storage across cloud and on-premises settings to boost digital transformation. In a dispersed data environment, it provides data access and sharing. Further, it provides a unified data management architecture for non-separated storage. Thus, technological advancements in big data analytics are expected to drive the growth of the big data analytics market.
On the contrary, stringent data security regulations and data security concerns hurdles the growth of MEA big data analytics market.
Based on component, the MEA big data analytics market is segmented into software and services. The software segment held 65.6% market share in 2022, amassing US$ 8.45 million. It is projected to garner US$ 16.88 million by 2028 to expand at 12.2% CAGR during 2022–2028.
Based on analytics tool, the MEA 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 39.4% market share in 2022, amassing US$ 5.08 million. It is projected to garner US$ 10.24 million by 2028 to expand at 12.4% CAGR during 2022–2028.
Based on application, the MEA 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 39.6% market share in 2022, amassing US$ 5.09 million. It is projected to garner US$ 11.41 million by 2028 to expand at 14.4% CAGR during 2022–2028.
Based on end use industry, the MEA big data analytics market is segmented into pharmaceutical, semiconductor, battery manufacturing, electronics, and others. The others segment held 84.3% market share in 2022, amassing US$ 10.85 million. It is projected to garner US$ 22.45 million by 2028 to expand at 12.9% CAGR during 2022–2028.
Based on country, the MEA big data analytics market is segmented into the Saudi Arabia, UAE, South Africa, and Rest of MEA. Our regional analysis states that the Saudi Arabia captured 42.8% market share in 2022. It was assessed at US$ 5.51 million in 2022 and is likely to hit US$ 11.08 million by 2028, exhibiting a CAGR of 12.3% during the forecast period.
Key players dominating the MEA 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.
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