Rapid digitization and technological advancement have led to the creation of an enormous volume of data from diverse sources. It is becoming difficult for traditional data processing solutions to harness, process and provide insights in real-time.

This has paved the way for big data concepts as an effective way for decision-making in today’s business world. The adoption of big data analytics is likely to witness tremendous growth owing to accelerated digitization amid the ongoing coronavirus-led crisis, thereby leading to increased investments in the space. Thus, industry players like

Microsoft


MSFT

,

Workiva


WK

,

MongoDB


MDB

and

Datadog


DDOG

should gain in 2022 and beyond.

Big Data Analytics Transforming Businesses

Big data along with other analytical tools helps companies in handling large volumes of data and use them to achieve valuable insights in many areas, including in-depth customer research, cost management, product development and competitive analysis.

Big data analytics also provides operational intelligence, making troubleshooting far more convenient for organizations. The technology enhances the quick decision-making capabilities of companies, thereby helping them increase their business performances and generate better revenues.

The applications of big data analytical tools are useful across every industry. Retailers use big data analytics in understanding customer behavior, buying patterns, improving customer experience and making more personalized recommendations. This helps companies in improving purchase rates in stores as well as on online platforms.

Big data analytics helps media companies, especially video and music streaming services providers, make their platforms more user-friendly so that consumers conveniently find the content that suits their liking.

The banking industry uses the big data concept in minimizing risks and fraud. In the manufacturing sector, faster problem-solving boosts productivity.

Impressive Prospects for Big Data Market

The adoption of big data analytics is growing rapidly owing to vast volumes of data being created and consumed worldwide. The pandemic has led to an accumulation of data in bulk over the past year as the majority of the global population is working, learning, and entertaining themselves from home.

According to an

Expert Market Research

report, the global big data market was worth $208 billion in 2020 and is expected to reach $450 billion by 2026 at a compounded annual growth rate (CAGR) of 10% during the 2021-2026 forecast period.

Another market research firm,

Allied Market Research

, expects the global big data market to witness a CAGR of 13.5% during 2021-2030 and reach $684.12 billion in 2030 from $198.08 billion in 2020.

Investments in big data analytics software, hardware and services are only expected to grow ahead due to rapid digitization across industries and the rise in the number of smartphones and apps. Advancements in artificial intelligence and machine learning are major catalysts as well. Additionally, growth in 5G and Internet of Things technologies has accelerated the amount of everyday data, thereby fueling the demand for big data analytics.

Therefore, investors who seek to make the most of this rising trend should consider investing in big data companies.

Investors can tap this burgeoning market by keeping track of the following stocks.

Microsoft:

The company’s Azure HDInsight platform is a managed, full-spectrum, open-source analytics service in the cloud for enterprises. The platform is designed to simplify analyzing large volumes of data spread across several computer structures. The Azure HDInsight cloud platform can run on several popular open-source frameworks including Apache Spark, Apache Hive, Apache Kafka, Apache Storm and Hadoop.

Currently, Microsoft carries a Zacks Rank #3 (Hold). The Zack Consensus Estimate for its fiscal 2022 earnings has moved up by a penny over the past seven days. Shares of MSFT have surged 50.8% year to date (YTD). You can see


the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here


.

Workiva:

It offers a cloud-based and mobile-enabled platform for enterprises to collect, manage, report and analyze critical business data in real-time. Workiva’s software helps organizations streamline complex business and reporting processes by linking teams, documents and data from initial sources to final reports.

Workiva carries a Zacks Rank #3 at present. The Zacks Consensus Estimate for its current-year earnings has been revised upward to 30 cents per share from a loss of 7 cents per share estimated 60 days ago. Shares of WK have gained 44.3% YTD.

MongoDB:

The company operates as a general-purpose database platform that helps companies gather insight with ease, thus creating organizational value. MongoDB’s NoSQL database can support many big data systems, both in real-time operations as well as in offline capacities.

Currently, MongoDB carries a Zacks Rank #3. For fiscal 2022, the Zacks Consensus Estimate has improved to a loss of 73 cents per share from $1.17 per share projected 30 days ago. Shares of MDB have increased 46.6% YTD.

Datadog:

It offers a monitoring and analytics platform for developers, IT operations teams and business users in the cloud age. The company’s business runs around its portfolio of over 400 out-of-the-box integrations including public cloud, private cloud, on-premise hardware, databases and third-party software.

Datadog carries a Zacks Rank #3 at present. The Zacks Consensus Estimate for its 2021 earnings has been revised upward by 48% to 40 cents per share over the past 60 days. Shares of DDOG have gained 67.3% YTD.

Zacks Top 10 Stocks for 2022

In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022?

From inception in 2012 through November, the

Zacks Top 10 Stocks

gained an impressive +962.5% versus the S&P 500’s +329.4%. Now our Director of Research is combing through 4,000 companies covered by the Zacks Rank to handpick the best 10 tickers to buy and hold. Don’t miss your chance to get in on these stocks when they’re released on January 3.

Be First to New Top 10 Stocks >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.

Click to get this free report

To read this article on Zacks.com click here.

Zacks Investment Research