Big Data Analytics to reach each $47.2 billion by 2031
Owing to the advent of cloud computing, the computing power and storage infrastructure have become markedly easier driving the growth of this market.
Allied Market Research has published a new report, titled, " The Big Data Analytics in Semiconductor & Electronics Market Size Reach USD 47.2 Billion by 2031, Key Factors Market Growth." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global big data analytics in semiconductor & electronics market was valued at USD 18.7 billion in 2021, and is projected to reach USD 47.2 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031.
Increase in the adoption of big data analytics software by various organizations to facilitate enhanced & faster decision-making, surge in need for faster data processing, and rise in need to gain better insights for business planning drive the growth of the global big data analytics in semiconductor & electronics market. Implementation of lockdown by governments in majority of the countries during the pandemic had a negative impact on the market.
The global big data analytics in semiconductor & electronics market analysis is segmented into component, end user, analytics tool, application, and region. In terms of component, the market is fragmented into software and services. Depending on end user, it is bifurcated into semiconductor and electronics. On the basis of analytics tool, it is categorized into dashboard & data visualization, data mining & warehousing, self-service tools, reporting, and others. By application, it is segregated into customer analytics, supply chain analytics, marketing analytics, pricing analytics, workforce analytics, and others. By Usage, the big data analytics in semiconductor & electronics market is segmented into sales & marketing, fault detection & classification, predictive maintenance, virtual meteorology, process optimization, yield prediction, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on end user, the electronics segment held the dominating market share in 2021, holding more than two-thirds of the global big data analytics in semiconductor & electronics market, and is expected to maintain its leadership status during the forecast period. The semiconductor segment, on the other hand, is expected to cite the fastest CAGR of 12.4% during the forecast period.
Based on application, the customer analytics segment held the dominating market share in 2021, holding one-fourth of the global big data analytics in semiconductor & electronics market. The supply chain analytics segment, on the other hand, is expected to maintain its leadership status during the forecast period and is likely to cite the fastest CAGR of 12.7% during the forecast period.
Based on region, the market across North America held the dominating market share in 2021, holding nearly two-fifths of the global big data analytics in semiconductor & electronics market. The Asia-Pacific region, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 12.2% during the forecast period.
COVID-19 Scenario:
● The COVID-19 pandemic had a negative impact on the growth of the global big data analytics in semiconductor & electronics market due to the presence of severe lockdowns restrictions as imposed by the governments of various countries around the globe.
● Lockdowns resulted in the shutdown of travel across the world to prevent the transmission of virus, which adversely affected the supply chains of several electronics & semiconductor companies.
● Large-scale closure of manufacturing facilities of electronics, shortage of skilled workforce and essential raw materials due to social distancing restrictions further aggravated the impact on the market.
● However, the market is expected to recoup soon.
