Market Analysis
The global big data
market will touch USD 81,500 million at a 13.35% CAGR in the forecast period
2020- 2027, states the latest Market Research Future (MRFR) analysis. Big data,
put simply, is a huge volume of data that is structured, unstructured, or
semi-structured- which inundates a business on a daily basis. It can be
described through the following characteristics- variability, velocity,
variety, and volume.
Various factors are fueling
the global big
data market demand. As per the recent MRFR market estimates, such
factors include the rising penetration of the internet, increase in virtual
online offices, increasing popularity of social media, growing awareness about
IoT devices among organizations, surging need for cloud big data technology,
burgeoning need for big data tools, rising government investments to enhance
digital technologies, increasing accessibility of data across organizations,
and the increasing adoption of big data across enterprises. Besides, increasing
use of big data in the healthcare sector during the COVID-19 pandemic to store
data and information of COVID infected people (infected, recovered, and
expired) is also adding market growth.
On the contrary, high
implementation price, shortage of skilled workforce, and growing concern about
information security and privacy may limit the global big data market growth
over the forecast period.
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Market
Segmentation
The MRFR report throws
light on an inclusive segmental analysis of the global big data market based on
component, organization size, technology, end user, and deployment.
Based on components,
this market has been categorized into software, service, and hardware. The
hardware component is again bifurcated into server, storages, and network equipment.
The software component is again bifurcated into analytics, Hadoop distribution
products and tools, data discovery and visualization, and data management. The
service segment is again bifurcated into deployment and integration service,
consulting services, analytics as a service, and data as a service. Among
these, the service component will dominate the market over the forecast period.
By technology, the
market is bifurcated into stream processing, Hadoop predictive analytics, MPAD,
machine learning and data mining, natural language processing, and NoSOL. Among
these, the machine learning & data mining technology will lead the market
over the forecast period.
Based on the
organization size, this market has been classified into both large enterprises
& SMEs. Among these, the SMEs organization size will have the lions share
in the market in the forecast period.
By deployment, the
market is bifurcated into on-cloud and on-premise. Among these, the on-cloud
deployment will spearhead the market over the forecast period for both its cost
benefits & functional efficiency.
Based on end user, the
market is bifurcated into healthcare, energy and utilities, IT, government,
telecommunications, transportation, retail, manufacturing, and others. Among
these, the IT end user will command the market in the forecast period.
Regional
Analysis
Based on region, the
global big data market covers the recent trends and growth opportunity across
Europe, North America, the Asia Pacific (APAC), and Rest of the World (RoW). Of
these, North America will spearhead the market over the forecast period and at
a 12.4% CAGR. Increasing adoption of IoT devices by various businesses, the presence
of several leading players, increasing focus towards the application of data in
the US and Canada, and quick adoption of advanced information technologies are
fueling the big data market growth in this region.
In the APAC region,
the market is likely to grow at a fast pace in the forecast period. The
penetration of latest technologies like connected devices, development of the
banking and insurance industry, increasing use of IoT devices, and increasing
adoption of big data technologies like Hadoop and Apache are adding to the
growth of the global big data market in this region.
Key Players
The leading players
profiled in the global big data market report include Oracle Corporation, Fair
Isaac Corporation, Cisco Systems Inc., IBM Corporation, Teradata Corporation,
Hewlett Packard Enterprise Company, Dell Technologies, Accenture PLC, Amazon
Web Services, Hitachi Ltd., Cloudera Inc., Tableau Software, Microsoft
Corporation, SAP SE, and Splunk Inc., among others.
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Big Data Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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