- It stood at $16.70 billion in 2019
- Solution segment held the highest market share, accounting for nearly two-thirds of the total market share of the global big data analytics in semiconductor and electronics market in 2019
The global big data analytics in semiconductor & electronics industry is expected to generate $31.80 billion by 2027, growing at a CAGR of 8.6 per cent from 2020 to 2027 as per a report by Allied Market Research. It stood at $16.70 billion in 2019.
Rise in adoption of big data analytics software by multiple organisations, growth in demand for cloud-based big data analytics software, and various benefits provided by big data and business analytics solutions have led to the growth of the global big data analytics in semiconductor and electronics market. High implementation cost and lack of skilled labors restrict the market growth. emerging trends such as social media analytics, surge in need to gain insights for business planning, and advanced process control analytics applications and trends in semiconductor manufacturing create new opportunities in the next few years as per the report.
It added, “Increase in number of COVID-19 patients all over the globe and closing of workplaces and industries have decreased the adoption of big data and business analytics and preplanned investments. At the same time, the industry has witnessed an increase in the adoption of cloud technology to assist the consumers across semiconductor and electronics industry to fight against the pandemic. Several companies are also offering free and open data set tools to researchers and scientists for aiding them to develop COVID-19 solutions.”
Based on component, the solution segment held the highest market share, accounting for nearly two-thirds of the total market share of the global big data analytics in semiconductor & electronics market in 2019. It will maintain its lead position during the forecast period.it added that most of the organisations have started adopting big data and business analytics software to manage the massive volume of data generated for meaningful insights and better informed decisions.
The services segment is estimated to grow at the highest CAGR of 10.4 per cent from 2020 to 2027. This is attributed its adoption to ensure effective functioning of software and platforms throughout the predictive analysis process.
Based on analytics tools, the dashboard and data visualisation segment contributed to the largest share in 2019, accounting for more than one-fourth of the global big data analytics in semiconductor and electronics market. It is projected to maintain its dominant share throughout the forecast period.
Asia-Pacific, followed by North America, is projected to witness the largest CAGR
The report added, “Organisations are largely investing in dashboard and data visualisation tools to manage different unstructured data produced and left unused, which in turn is driving the demand for data visualisation tools. However, the reporting segment is expected to manifest the fastest CAGR of 10.4 per cent during the forecast period. This is attributed to increase in complexity and size of financial data, limited capabilities of existing spreadsheet solutions, and rise in cost of compliance.”
By region, Asia-Pacific, followed by North America, is projected to witness the largest CAGR of 9.2 per cent from 2020 to 2027. This region also held the largest share in terms of revenue in 2019, accounting for more than two-fifth of the global big data analytics in semiconductor and electronics , and will maintain its lead position by 2027. Increase in adoption of big data analytics across electronics and semiconductor industry to improve productivity and strong presence of electronics manufacturing organisations in Asia-Pacific is boost the growth of the market in this province.