The big data analytics market is set to reach a value of $275bn by 2023, growing at a CAGR of 12% between 2017-23, according to a report by Market Research Future.
The significant growth reflects the increasing development of the business sector over the last few years, and the growing use of big data across a number of industries.
Of the growth, Market Watch commented: "Big data is of great use to organizations as it helps in detecting customer behavior patterns, consumer trends and preferences. Companies utilize such comprehensive data sets to make better decisions about their business.
"Many enterprises employ advanced analytics to organize large and varied data sets. This, in turn, allows the analysts, researchers and business owners to form a better and much more efficient strategy." Market Watch added.
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The report noted that the banking and manufacturing industry has started investing in big data analytics to address compliance and security concerns, which is one of the prime drivers for the market.
The growth of organizational data is also a key factor in the growth, as analyzing such large data sets manually is a tedious task, hence the company's decisions to use big data analytics.
Additionally, Market Research Future links the growth of the market to an upsurge in the number of mobile users, widespread usage of applications and the switch from analog to digital technologies.