The big data market is growing profusely, witnessing the rising demand to manage and process structured and unstructured data. A massive amount of unstructured data gets generated by industries every day, especially by IT service proving companies. Big data analytics enable the development of data-driven applications targeted to improve business agility. Besides, the continually increasing adoption of big data analytics across the end-user sectors drives the growth of the market.
There is tremendous application potential for big data as enterprises are increasingly investing in the technology to streamline their business operations. Moreover, the rising uptake of big data analytics and services, such as descriptive and predictive/ prescriptive to handle massive data sets, escalate market growth. According to Market Research Future (MRFR), the global Big Data Market is poised to create a valuation of USD 17,278.13 MN by 2023, posting a whopping double-digit CAGR of 20.69 % during the forecast period (2017-2023).
Additionally, the rapid developments of IT infrastructures foster the growth of the big data industry. Moreover, the cost benefits offered by the deployment of cloud-based big-data infrastructures propel the big data software market growth. Most enterprises harness big data capabilities for product cross-selling, financial risk management, regulatory compliance management, and other purposes, increasing the adoption of big data analytics.
Also, the increasing numbers of businesses substantiate the market size. Rising awareness about the advantages and diversity of big data analytics accelerate market growth. Government initiatives and funding to support research activities increase the global big data market shares.
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The distinguished companies in the Big Data Market are IBM Corporation, Microsoft Corporation, Cloudera Inc., Hitachi Ltd., Teradata Tableau Software, Hewlett Packard Enterprise Company, Dell Technologies, Amazon Web Services, Cisco Systems Inc., Oracle Corporation, Corporation, SAP SE, Accenture PLC, Fair Isaac Corporation and Splunk Inc.
The report is segmented into six dynamics;
- By Component: Hardware, Software, and Services.
- By Technology: Predictive Analytics, Machines Learning & Data Mining, Natural Language Processing, Stream Processing, Hadoop, NoSQL, MPAD, and others.
- By Organization Size: SMEs and Large Enterprise.
- By Deployment: On-Premise and On-Cloud.
- By End-User: Manufacturing, BFSI, IT & Telecommunications, Government, Transportation, Energy & Utilities, Healthcare, Retail, and others.
- By Regions: Americas, Europe, APAC, and Rest-of-the-World.
North America dominates the global big data market. The significant market share attributes to the increasing advances in information technology and the early adoption of advanced technologies. Besides, the strong presence of many notable players and well-established healthcare sectors in the region foster market growth.
Moreover, high R&D expenditures to develop and implement big data solutions in the region positively impact the growth of the market. The North American big data market is projected to retain its dominance, growing at 12.4% CAGR throughout the estimated period.
Europe holds the second-significant share in the global big data market. The market growth is propelled by the presence of many big data companies and well-established development centers, allowing the early adoption of advanced technologies. Additionally, augmenting demand for data analytics to manage the vast amount of big data substantiates regional market growth. The European big data market is forecasted to create a substantial revenue pocket during the assessment period.
The Asia Pacific big data market is growing rapidly. Factors such as increasing R & D activities and investments in big data analytics developments influence the big data software market. China and India account for leading shares, driving the growth of the regional market. The APAC big data is expected to grow at an impressive CAGR during the review period.
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Key questions addressed by the report
- Which applications / segments provides the maximum growth opportunity?
- What are the emerging technologies and how it would disrupt the market?
- Who are the key players dominating the market, followed by other prominent vendors and strategies adopted by them?
- What was the market size and what would be the forecast in next few years?
- Regional and country attractiveness: mid to long term outlook?
- Market dynamics including trends, opportunities, drivers, challenges and how this would impact the market eco-system?
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