The global big data market is forecasted to grow to 103 billion U.S. dollars by 2027, more than double its expected market size in 2018. With a share of 45 percent, the software segment would become the large big data market segment by 2027.

What is Big data?

Big data is a term that refers to the kind of data sets that are too large or too complex for traditional data processing applications. It is defined as having one or some of the following characteristics: high volume, high velocity or high variety. Fast-growing mobile data traffic, cloud computing traffic, as well as the rapid development of technologies such as artificial intelligence (AI) and the Internet of Things (IoT) all contribute to the increasing volume and complexity of data sets.

Big data analytics

Advanced analytics tools, such as predictive analytics and data mining, help to extract value from the data and generate new business insights. The global big data and business analytics market was valued at 169 billion U.S. dollars in 2018 and is expected to grow to 274 billion U.S. dollars in 2022. As of November 2018, 45 percent of professionals in the market research industry reportedly used big data analytics as a research method.

The market size for business as a service market is estimated to be valued at US$ 202,739.8 million in 2023, and it is anticipated to expand at 20.3% annually to reach US$ 1,290,622.9 million by 2033.

According to Cognitive Market Research, the global business information service market size will be USD 51245.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 20498.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 15373.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 11786.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2562.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1024.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The BFSI category is the fastest-growing segment of the business information service industry.

Market Dynamics of Business Information Services Market

Key Drivers for Business Information Services Market

Rising Need for Data-Driven Decisions to Boost Market Growth

The business information service market is increasing because the importance of data in the development of plans and effective operation is being recognized by more and more firms, which is driving demand for business information services to stay ahead of the competition in today's market, businesses need rapid and reliable information to see patterns in the market, analyze customer behavior, and improve internal operations. Moreover, to meet this demand, companies are investing in business intelligence solutions, reporting tools, and advanced analytics so that they can make better decisions that boost productivity and profits. Businesses are always searching for new ideas to improve their responsiveness, which is driving market growth. For instance, Infosys, a global leader in next-generation digital services and consulting, and IBM launched a global alliance to help businesses use the IBM public cloud to speed up their digital transformation. By using the IBM public cloud’s security, open innovation, and enterprise features, the partnership will help businesses, even those in highly regulated fields like healthcare, financial services, and insurance, move, update, and change their business workloads and apps.

Technological Advancements to Drive Market Growth

The business information service industry has been expanding at a steady rate, propelled by innovations in technology that improve the capacity to gather, analyze, and report on data. Companies can now swiftly handle massive volumes of data and get useful insights due to advancements in AI, ML, and big data analytics. Additionally, decision-makers find it easier to comprehend data because of the advent of visualization tools and dashboards that are easy to use. With the rise of cloud-based solutions, businesses are able to access analytics and data in real time, which improves collaboration and allows for more informed decision-making. Furthermore, businesses are better able to respond to shifting market conditions as a result of this technical growth, which in turn is leading to the business information service market expanding.

Restraint Factor for the Business Information Service Market

High Initial Investments Will Limit Market Growth

A major obstacle to market growth in the business information service sector is due to high starting costs for technology deployment and infrastructure development. Many businesses, particularly smaller and medium-sized ones, find the high prices of purchasing sophisticated software, hardware, and data analytics tools to be too much to bear. Additionally, a major obstacle in the business information service sector is the shortage of trained workers; many companies have trouble finding people who can properly analyze and understand complicated data. Further straining budgets are continuing expenditures associated with data protection, staff training, and system maintenance. The market's overall growth could be slowed due to the financial load.

Impact of ...

The character business market in Japan was valued at 2.7 trillion Japanese yen in fiscal year 2023. It was expected to increase to 2.75 trillion yen by fiscal year 2024. The market consists of the character merchandising and the character licensing business.

The Business Services Market Report is Segmented by Component (Consulting, Managed Services, Support and Maintenance), by Enterprises (SMEs, Large Enterprises), by End-User (BFSI, IT and Telecom, Healthcare, Retail and E-Commerce, Manufacturing, Other End-Users), by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The global big data and business analytics (BDA) market was valued at 168.8 billion U.S. dollars in 2018 and is forecast to grow to 215.7 billion U.S. dollars by 2021. In 2021, more than half of BDA spending will go towards services. IT services is projected to make up around 85 billion U.S. dollars, and business services will account for the remainder. Big data High volume, high velocity and high variety: one or more of these characteristics is used to define big data, the kind of data sets that are too large or too complex for traditional data processing applications. Fast-growing mobile data traffic, cloud computing traffic, as well as the rapid development of technologies such as artificial intelligence (AI) and the Internet of Things (IoT) all contribute to the increasing volume and complexity of data sets. For example, connected IoT devices are projected to generate 79.4 ZBs of data in 2025. Business analytics Advanced analytics tools, such as predictive analytics and data mining, help to extract value from the data and generate business insights. The size of the business intelligence and analytics software application market is forecast to reach around 16.5 billion U.S. dollars in 2022. Growth in this market is driven by a focus on digital transformation, a demand for data visualization dashboards, and an increased adoption of cloud.

Business Analytics Market was valued at USD 84.42 Billion in 2024 and is projected to reach USD 176.14 Billion by 2031, growing at a CAGR of 9.63% from 2024 to 2031.

Global Business Analytics Market Drivers

The market drivers for the Business Analytics Market can be influenced by various factors. These may include:

Growing Adoption of Big Data Analytics: In order to extract meaningful insights from their data, organizations are progressively using big data analytics in response to the exponential expansion of data. Making educated decisions through data analysis is facilitated by business analytics.
Growing Need for Data-driven Decision Making: In order to obtain a competitive edge, businesses are realizing the significance of data-driven decision making. The methods and instruments for data analysis and significant insights extraction for improved decision-making are offered by business analytics.
Growing Need for Predictive and Prescriptive Analytics: Predictive and prescriptive analytics are becoming more and more in demand as a means of projecting future trends and results. Businesses can use business analytics to prescribe activities to achieve desired outcomes and forecast future outcomes based on previous data.
Growing Emphasis on Customer Analytics: As e-commerce and digital marketing gain traction, companies are putting more of an emphasis on comprehending the behavior and preferences of their customers. In order to increase consumer engagement and personalize marketing efforts, business analytics is used to analyze customer data.
Emergence of Advanced Technologies: The use of advanced analytics solutions is being propelled by developments in fields like artificial intelligence (AI), machine learning (ML), and natural language processing (NLP). Businesses may now analyze data more effectively and gain deeper insights thanks to these technologies.
Operational Efficiency and Cost Optimization Are Necessary: Companies are always under pressure to increase operational efficiency and reduce costs. Business analytics promotes market expansion by assisting in the identification of opportunities for process and cost-cutting enhancements.
Compliance and Regulatory Requirements: The use of business analytics solutions for risk management and compliance reporting is being fueled by the growing regulatory requirements in a number of industries, including healthcare, banking, and retail.

The global business analytics market size reached USD 96.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 196.5 Billion by 2033, exhibiting a growth rate (CAGR) of 7.8% during 2025-2033. The surging volume and complexity of data, rising demand for optimized supply chain operations, and growing incidences of cybersecurity threats and consequently increasing privacy concerns among businesses are some of the major factors propelling the market.

In 2023, the leading market research company in terms of global research revenue was Gartner, generating approximately 5.9 billion U.S. dollars. In the same year, American company IQVIA accrued roughly 5.6 billion U.S. dollars. Market research companies - global players Market research is an important business strategy involving the gathering of information about an organization’s target market. In terms of global research revenue, American company Gartner was the leading market research company worldwide. Headquartered in the United States, the number of employees working for the company totaled 20,237 people in 2023. The sixth largest market research company in terms of global research revenue was Kantar. Kantar Group is a UK-based international network of 12 companies, including Millward Brown and IMRB International. In 2022, the research revenue of Kantar amounted to approximately three billion U.S. dollars. Another European leader, and ranked seventh in the global ranking, was Ipsos. The company had a research revenue of over 2.5 billion U.S. dollars. The largest share of market research revenue made by Ipsos was generated in Europe, the Middle East and Africa in 2023. United States dominant in a global market The global revenue of the market research industry reached over 75 billion U.S. dollars in 2023, over half of which came from the United States. The number of full-time employees working for the top ten market research companies in the United States totaled almost 40,000 in 2020.

The Report Covers Global Business Software and Services Market Analysis and is Segmented by Software Type (ERP Software, CRM Software, BI Software, and Supply Chain Software), Deployment (Cloud and On-Premise), End-User Vertical (BFSI, Healthcare, Public & Institutions, Retail, Transportation, Manufacturing, and Other End-User Verticals (Telecom, Defense, Etc. )), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The Market Size and Forecast are Provided in Terms of Value (USD) for all the Above Segments.

Global Social Media Market to hit USD 466.56B by 2029 growing at 13% CAGR. Explore trends, drivers, and competition for strategic insights with The Business Research Company.

The global business analytics market value reached around USD 88.40 Billion in 2024. The growth of big data has led to an increase in the demand for business analytics. Modern data analytics techniques are today required to decipher the huge amounts of data (particularly unstructured data) in the digital age. As a result, the industry is expected to grow at a CAGR of 7.80% during the forecast period of 2025-2034 to attain a value of USD 187.34 Billion by 2034.

Data Governance Market Report is Segmented by Deployment (Cloud and On-Premise), Organization Size (Large-Scale Business and Small- and Medium-Scale Business), Component (Software and Service), Business Function (Operation and IT, Legal, Finance, and Other Business Functions), End-User Industry (IT and Telecom, Healthcare, Retail, Defense, BFSI, and Other End-User Industries), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The Report Covers Business Intelligence Companies UK and the Market is segmented by Organization Size (Small & Medium-scale, Large-scale) and End-User (BFSI, IT & Telecom, Retail & Consumer Goods, Manufacturing & Logistics, and Public Services). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

The global enterprise resource planning (ERP) software market is forecast to grow to around 101 billion U.S. dollars by 2026. SAP and Oracle are two of the leading vendor in the market.

Enterprise resource planning (ERP)

Enterprise resource planning (ERP) refers to the business process management software that allows businesses to integrate different aspects of business operations in one database, application and user interface. It is a type of enterprise software, which also includes human resource management (HRM) systems, customer relationship management (CRM), office suites, etc. The market is forecast to witness growth in the coming year – overall IT spending on enterprise software is projected to grow to 462 billion U.S. dollars by 2020. In comparison to other IT segments such as data center systems and hardware devices, enterprise software has a more consistent growth pattern, signaling businesses’ steady and high demand of software support.

In 2020, Amazon Business' sales accounted for 1.4 percent of B2B product sales on e-commerce sites in the United States. In the upcoming years, U.S. enterprises will use the Amazon platform even more. By 2025, Amazon Business' market share is forecast to grow to 2.4 percent.

The global business email market is slated to register USD 33.6 billion in 2025. The industry is poised to witness 6.1% CAGR from 2025 to 2035, reaching USD 60.7 billion by 2035.

Contracts and Deals Analysis

Country-wise Analysis

Success.ai offers a cutting-edge solution for businesses and organizations seeking Company Financial Data on private and public companies. Our comprehensive database is meticulously crafted to provide verified profiles, including contact details for financial decision-makers such as CFOs, financial analysts, corporate treasurers, and other key stakeholders. This robust dataset is continuously updated and validated using AI technology to ensure accuracy and relevance, empowering businesses to make informed decisions and optimize their financial strategies.

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Why Choose Success.ai for Company Financial Data?

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In today's rapidly evolving digital landscape, the Identity and Digital Trust Software market has emerged as a critical component for businesses seeking to enhance security, ensure compliance, and build trust with their customers. This sector encompasses various solutions designed to manage and validate identities i

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Business Intelligence (BI) Market Size 2025-2029

The business intelligence (bi) market size is forecast to increase by USD 18.56 billion at a CAGR of 10.7% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing adoption of advanced analytical tools to gain insights from complex data. This trend is particularly prominent in sectors such as finance, healthcare, and retail, where data-driven decision-making is crucial for competitive advantage. However, the market's growth is not without challenges. Rising concerns for data privacy and security are becoming increasingly important, with organizations seeking to protect sensitive information from cyber threats and regulatory scrutiny. Moreover, the market is witnessing an uptick in mergers and acquisitions, as companies look to expand their offerings and enhance their competitive positioning. This consolidation is expected to intensify, with key players seeking to expand their geographic reach and acquire innovative technologies. Despite these challenges, the BI market presents significant opportunities for companies seeking to capitalize on the growing demand for data-driven insights. To succeed in this dynamic market, organizations must prioritize data security and privacy, invest in advanced analytics tools, and build strategic partnerships to stay ahead of the competition.

What will be the Size of the Business Intelligence (BI) Market during the forecast period?

Request Free SampleThe market continues to experience significant growth as organizations increasingly rely on data-driven strategic decisionmaking. Digital transformation initiatives and the adoption of Intelligent Planning solutions are key drivers, fueling the demand for advanced analytics capabilities, including continuous intelligence, real-time analytics, and augmented analytics. The integration of Internet of Things (IoT) data, Artificial Intelligence (AI), and Machine Learning (ML) technologies further enhances the value proposition of BI platforms. Data quality and the use of third-party data sources are critical considerations, ensuring the accuracy and completeness of analytical applications. Cloud deployment, predictive modeling, and real-time insights are essential components of modern BI platforms, enabling user adoption through mobile access, self-service capabilities, and data security. Performance metrics, operational efficiency, and data warehousing are also important aspects of BI, as organizations seek to derive actionable insights from their data to optimize business processes.

How is this Business Intelligence (BI) Industry segmented?

The business intelligence (bi) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userBFSIHealthcareICTGovernmentOthersDeploymentOn-premisesCloudTypeTraditional BICloud BIMobile BISocial BIGeographyNorth AmericaUSCanadaAPACChinaIndiaJapanSouth KoreaEuropeFranceGermanyItalyUKMiddle East and AfricaSouth America

By End-user Insights

The bfsi segment is estimated to witness significant growth during the forecast period.The market has experienced significant growth due to the increasing need for strategic decision-making and digital transformation in various industries, particularly in the banking, financial services, and insurance (BFSI) sector. With the proliferation of data from multiple sources, including third-party data and the Internet of Things (IoT), advanced analytics, continuous intelligence, real-time analytics, and augmented analytics have become essential tools for businesses. Artificial Intelligence (AI) and Machine Learning (ML) technologies are also being integrated into BI platforms for predictive analytics and statistical analysis. Big data analytics, cloud-based business solutions, and API-first design are becoming the modern data stack for medium-sized organizations. Adaptive analytics and business automation are key areas of R&D efforts to address data quality concerns and comply with local laws and compliance regulations. Analytical applications, BI infrastructure, and consulting and advisory services are essential components of a comprehensive BI solution. Cloud deployment and on-premise deployment options are available, with cloud analytics platforms like Amazon Web Services and GoodData Cloud leading the way.

Get a glance at the market report of share of various segments Request Free Sample

The BFSI segment was valued at USD 4.81 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 51% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shap