Overview
The big data market is projected to grow at a CAGR of 14.52% during the forecast period. As per the big data market research report, the global market for big data is projected to grow swiftly by 297.28 Billion by 2030. According to analysts, increased internet penetration as well as growing adoption across enterprises will drive the market growth during the forecast period. The big data market research report offers a comprehensive analysis of the global big data market and its component, deployment, organization, technology, and end user segments. The privacy and security concerns along with the high cost of implementation are the elements that could influence the Big Data Industry advancement throughout the forecast period. The big data market research report by expert analysts is developed to assist organizations in the big data market.
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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.
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-premises. 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 Overview
North America, Europe, Asia Pacific, and the rest of the world regional market for big data are predominantly covered in the global big data market research report. Country-level big data markets spread across North America – the United States, Canada, and Mexico are also covered in the report. In South America – Brazil and other country-level big data markets are covered in the report. In Asia-Pacific (APAC) region, the country-level big data markets covered are Japan, India, China, and others. The big data market research report also explores the regional market for big data present in Europe in the United Kingdom, France, Italy, Spain, and Germany, etc. The big data market research report also covers regional markets from the rest of the world alongside big data markets of Africa and the Middle East.
Competitive Landscape:
Growing numbers of enterprises strengthening their IT infrastructure are presumed to drive the big data market growth worldwide. The global big data market could be challenged by vulnerabilities and liabilities, nevertheless, organizations in the big data market will carry the growth rate forward. The big data market research report presents company profiles of major companies active in the big data market globally. Furthermore, the global big data market report offers an all-inclusive analysis of the market collected from the big data market’s primary and secondary sources covering both decision makers and thought leaders. The big data market research report highlights such key areas assisting businesses operating in the big data market to build better growth strategies.
Industry News:
Databricks, a start-up whose software helps businesses process vast sets of data quickly and get it ready for analysis, said it raised $1 billion in new cash on Monday, including from a few influential corporate investors. According to one statement, Amazon Web Services, Alphabet's CapitalG venture arm and Salesforce Ventures all joined in. Microsoft, which previously invested in Databricks, is also involved in the new round, the declaration said. The deal, priced at $28 billion by Databricks, indicates that the top three U.S. cloud companies understand that the business represents an opportunity close to Snowflake, another cloud computing company that helps businesses manage data.
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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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