Big Data Market

Big Data Market Size, Share, Growth (2023-2028)

Big Data market size is expected to reach from USD 157.9 billion in 2022 to USD 268.4 billion by 2028, at a CAGR of about 12% over the forecast period.

Big Data Market Overview:

Big data comprises large data volumes, the size of which (petabytes and exabytes) exceeds the capacity of commonly employed software tools to purchase, manage and process data, over time. Although big data does not refer to explicit amounts, the term is nonetheless commonly used when it comes to handling of large amounts of data. There has been an increment in the Big Data and AI ecosystem with many large and small companies in recent years. As a result, India is set to become among the largest Big Data analytics markets in the world with improved use cases and significant options for data scientists in the coming years. Big Data can enable businesses to increase operational efficiency and reduce costs. Many companies are implementing Big Data solutions and services to assess their internal processes and improve their operations. The implementation of Big Data helps companies find the right balance between operational costs, speed, flexibility and quality. The big data analytics segment is expected to maintain the largest size over the forecast period in this industry.

Recent developments:

• May 2019: Mphasis, a software solutions and services company based in Bengaluru, declared a collaboration with Esgyn Corporation, a leader in Big Data solutions to offer personalized solutions to companies looking to implement Big Data for their operational and strategic needs of the company.

• January 2019: Apax Partners made a deal to fund $ 200 million in the second largest Big Data company in India, Fractal Analytics. The company will use this investment for advances in artificial intelligence and research.

• June 2018: the Cross-Tab group announced the joint venture of two of its Blueocean Market Intelligence and Cross-Tab entities to form a new enterprise, namely Course5. It will lead the data revolution for your clientele through analysis, information and artificial intelligence.

Big Data Market growth and trends:

The proliferation of the Internet will drive this increase in the number of devices. The Internet is the main reason why we are experiencing this data boom. According to the Cisco VNI report, there will be approximately 4.8 billion Internet users in 2022, or 60% of the global population. The other significant aspect in the growth of data consumption will be the rise in average Wi-Fi speed, which should be twice in Asia-Pacific in 2022 compared to 2017, according to the Cisco VNI Global IP Traffic Forecast.The need for big data has evolved to manage relational database management systems, desktop statistics, and visualization packages to manage large amounts of data. For large organizations, managing huge volumes of data requires the need for an effective data management solution.

Big Data Market Drivers and Restraints:

The global big data market is majorly supported by the growing market for consumer and machine data. The increased detail and volume of data collected by business, the growth of multimedia, social media, and the IoT are likely to fuel the growth of the global big data market in the future. Some other drivers of Big Data market growth are new applications that take advantage of Big Data and the demand for unified platforms.The IoT market is growing at a significant pace, which has led to an increase in the number of smart devices interconnected via the Internet, which, in turn, has contributed to the data explosion. According to the 2018 Ericsson Mobility Report, total mobile data usage in India is expected to increase by 26% year on year from 2018 to 2024.

BIG DATA MARKET REPORT COVERAGE:

Big Data Market Segmentation:

The global Big Data market can be segmented by types, deployment mode, organization size, business function and industry verticals.

By Type:

• Hardware

• Software

• Services

The software segment can be further segmented into discovery and visualization tools, databases, Hadoop distribution tools and products, system software and others. The hardware segment can be divided into storage, servers and network equipment. Services can be classified into several categories: consulting services, integration and deployment services, training and outsourcing services.

By Deployment Mode:

• On-Premises

• Cloud

By Organization Size:

• Large Enterprises

• SMEs

By Business Function:

• Operations

• Finance

By Industry Vertical:

• BFSI

• Manufacturing

• Healthcare and Life Sciences

• Telecommunications

• Energy and Natural Resources (Oil And Gas)

• Business

• Logistics and Distribution

• Transportation

• Research and Education

• Consumer and Retail        

Big Data Market Regional Analysis:

• Asia Pacific

• Europe

• Middle East and Africa

• North America

• Latin America

North America is envisioned to have the largest share of the global big data market, while Asia Pacific (APAC) will expand at the most substantial CAGR over the outlook period. North America is a significant contributor in terms of revenue in the global market. The area is experiencing notable developments in the big data business. In North America, the development rate can be credited to the surge in the adoption of IoT devices by several companies in the region. Companies, especially in the United States, have begun to use Big Data solutions to create information to make strategic business decisions and stay ahead in the global market.

Big Data Market Key players:

1. Microsoft (United States)

2. Teradata (United States)

3. IBM (United States)

4. Oracle (United States)

5. SAS Institute (United States)

6. Google (United States))

7. Adobe ( United States)

8. Talend (United States)

9. Qlik (USA)

10. TIBCO Software (USA)

11. Alteryx (USA)

12. Sisense (USA)

13. Informatica (USA)