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 Share 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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