The MEA big data analytics market is expected to grow from US$ 12.87 million in 2022 to US$ 26.82 million by 2028; it is estimated to grow at a CAGR of 13.0% from 2022 to 2028.
The adoption of Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms is 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 telecommunication 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 trend toward edge computing to increase database quantity is expected to offer lucrative opportunities for the big data analytics market players across the region during the forecast period.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA big data analytics market in the coming years. The market is expected to grow at a good CAGR during the forecast period.
The MEA big data analytics market is segmented based on component, analytics tool, application, end use industry, and country. Based on component, the market is bifurcated into software and services. The software dominated the market in 2022 and services segment is expected to be fastest growing during forecast period. Based on analytics tool, the market is segmented into dashboard and data visualization, data mining and warehousing, self-service tool, reporting, and others. The dashboard and data visualization dominated the market in 2022 and reporting segment is expected to be fastest growing during forecast period. Based on application, the market is segmented into customer analytics, supply chain analytics, marketing analytics, pricing analytics, workforce analytics, and others. The customer analytics dominated the market in 2022 and pricing analytics segment is expected to be fastest growing during forecast period. Based on end use industry, the market is segmented into pharmaceutical, semiconductor, battery manufacturing, electronics, and others. The others dominated the market in 2022 and pharmaceutical segment is expected to be fastest growing during forecast period. Based on country, the MEA big data analytics market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of the MEA.
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. are among the leading companies in the MEA big data analytics market.