Big Data and Data Engineering Services Market

Global Big Data and Data Engineering Services Market Size (2024 to 2029)

The global big data and data engineering services market size is anticipated to be worth USD 169.9 billion by 2029 from USD 75.55 billion in 2024, growing at a CAGR of 17.6% from 2024 to 2029.

Current Scenario of the Global Big Data and Data Engineering Services Market

Big Data and Data Engineering services help companies optimize their business processes by capturing and interpreting business data. They allow organizations to obtain information and move to fast and reliable decision-making. Most businesses are primarily driven by increased data consumption, competition, and explosion. The complexity and scalability of disparate data pose a challenge to traditional database and analytics technologies. Real-time processing of big data, using the cloud as a catalyst, has become the norm. The disruptive technologies that underpin SMAC - social, mobile, analytics, and cloud are leading to new business scenarios that make the most of data.

MARKET DRIVERS

Big data analytics in banking is set to grow dramatically in the future. As technology advances, the number of devices consumers use to initiate transactions (such as smartphones) also increases, increasing the number of transactions. This rapid data growth requires better acquisition, organization, integration, and analysis. Given the regional analysis of government regulations, the government's focus in each region varies in intensity. European banks are taking stricter regulatory approaches than their Asian counterparts. For example, in Europe, regulations have been a major catalyst for the boom in open banking. These include the implementation in Europe of its Second Payment Services Directive (PSD2) and the Open Banking Regulations of the UK Competition and Markets Authority (CMA). According to the Open Banking Implementation Entity (OBIE), API calls expanded to about 66.7 million in the month of June 2019 (PSD2 needs banks to create APIs (vehicles to add and share discrete data sets between organizations) for digital banking transactions. Danske Bank is the largest bank in Denmark, with a customer base of more than 5 million people. It uses its advanced internal analytics to identify fraud and reduce false positives. So, after implementing a modern business analytics solution, the bank achieved a 60% reduction in false positives, increasing true positives by 50%.

The main drivers of the global big data and data engineering services market growth include the rapid increase in the volume of unstructured data due to the phenomenal growth of interconnected devices and social networks. In the big data and data engineering services market by industry vertical, the BFSI vertical is expected to retain the largest size during the forecast period. As the volume and variety of data increases, so does the demand for keeping and managing these records of financial transactions in banks and other financial institutions. However, the inability of service providers to provide real-time information could limit market growth.

Impact of Covid-19 on the Global Big Data and Data Engineering Services Market

Software companies are increasingly focusing on on-demand technologies and are once again exploring innovative ways to serve their customers as the COVID-19 crisis creates challenges across multiple industries and reduces technology spending. With the COVID-19 crisis having a major impact on the manufacturing industry, it is likely that most of the company's existing suppliers will have a difficult time meeting urgent needs. From government health ministries to private medical device providers, the two are struggling to meet the sudden surge in demand for key safety equipment to counter COVID-19.

REPORT COVERAGE

REGIONAL ANALYSIS

North America is supposed to dominate big data and data engineering services business due to technological advancements and high implementation of these engineering services in the North American area.

KEY PLAYERS IN THE GLOBAL BIG DATA AND DATA ENGINEERING SERVICES MARKET

The major players covered by the Big Data and Data Engineering Services Market report are Amazon Web Services, Dell Inc., Hewlett Packard Enterprise Development LP, Microsoft, Oracle, SAP SE, SAS Institute Inc., Teradata, Datameer, Inc., Birst, Inc., Guardian Glass, LLC., Opera Solutions, LLC., Sisense Inc., MapR Technologies, Inc., Mirantis, Inc., Tele-Media Solutions, Kleiner Perkins, NORTHGATE, Wipro Limited , Red Hat, Inc., among other national and global players.

RECENT HAPPENINGS IN THE GLOBAL BIG DATA AND DATA ENGINEERING SERVICES MARKET

• In April 2020, Capgemini SE announces the acquisition of Advectas AB, a data science and business intelligence company that is based in Sweden. Advectas is integrated into the company's Insights and Data business unit as the company aims to capitalize on growing customer demand for data analytics services. Furthermore, in the future, the company expects continued growth of 4% by 2020 and aims to focus on its expansion in the intelligence industry market.

• In March 2020, Infosys Limited announced a USD 4.5 million investment in the US company Waterline Data Science through its innovation funds. The startup offers data discovery and governance software and also provides business analysts and data scientists with a self-service data catalog to help them understand the information.

DETAILED SEGMENTATION OF THE GLOBAL BIG DATA AND DATA ENGINEERING SERVICES MARKET INCLUDED IN THIS REPORT

This research report on the global big data and data engineering services market has been segmented and sub-segmented based on component, deployment mode, organization size, business function, vertical, and region.

By Component

• Solutions
  • Big Data Analysis
  • Data Discovery
  • Data Visualization
  • Data Management
• Services
  • Managed Services
  • Professional Services
    • Consulting
    • Support And Maintenance
    • Implementation
    • Integration

By Deployment Mode

• On-Premises
• Cloud
  • Public Cloud
  • Private Cloud
  • Hybrid Cloud

By Organization Size

• SMBs
• Large Enterprises

By Business Function

• Marketing and Sales
• Operations
• Finance
• Human Resources

By Vertical

• Commercial Applications
• BFSI
• Government And Defense
• Healthcare And Life Sciences
• Entertainment
• Telecommunications and IT
• Transport
• Logistics

By Region

• North America
• South America
• Europe
• Asia-Pacific (APAC)
• Middle East and Africa (MEA).