Market Insights - Industry Research Report

Big Data Market

Big Data Market by Component (Solutions, Big Data Analytics, Data Discovery, Data Visualization, Data Management, Services, Support and maintenance, Consulting), by Deployment Mode (Cloud, Public Cloud, Private Cloud, Hybrid Cloud, On-premises), by Vertical (BFSI, Government and Defense, Healthcare and Life Sciences, Manufacturing, Retail, and Consumer Goods, Media and Entertainment, Telecommunications and IT, Transportation and Logistics), Geography Analysis and Competitive Landscape: Premium Insights Industry Size, Share, Growth, Research, and Forecast From 2022 to 2028

Big Data Market Overview

The global Big Data Market size was valued at USD 164.5 billion in 2021 and is projected to reach USD 337.2 billion by 2028, growing at a CAGR of 10.8 % during the forecast period.

Big Data is a collection of structured, semi-structured, and unstructured information that is complex and high in volume to deal with traditional data-processing application software. The big data market is increasingly gaining high traction among a wide range of end-use sectors to efficiently manage large quantities of data. The exponential rise in data volume and increasing integration of digital transformation in top-level strategies, coupled with the surge in data connectivity through cloud computing are the primary factors that are attributing to the market growth around the world. In addition, the rising proliferation of technologies and big data analytics, as well as growing investment in IT sectors by businesses are further presenting various growth prospects for the global market growth over the forecasting years.

COVID-19 Impact Analysis

The outbreak of COVID-19 has drastically impacted the global economy and various business operations. During this pandemic, the utilization of big data has been accelerated among various businesses and governments to digitally store real-time data and information about infected people. In addition, the rising trend toward digital transformation in the industrial, healthcare, retail, and other sectors are augmenting data generation. Automation in the manufacturing sector is fueled by the industrial internet of things (IoT) and artificial intelligence (AI), which helps in network manufacturing, inventory management, real-time alerts, asset management, and predictive maintenance. Accordingly, the deployment of this technology supports effectively reducing the danger of coronavirus spread. Big data systematically preserve all data associated with the patients who have been infected, recovered from, and died due to coronavirus. It also assists epidemiologists, medical professionals, and scientists by allowing them to create informed decisions. However, limited consumer and corporate spending across further end-use industries including retail, transportation, and others is anticipated to hamper the market development.

Big Data Market Segmentation

The global Big Data Market is segmented based on Components (solutions, big data analytics, data discovery, data visualization, data management, services, support and maintenance, and consulting), based on Deployment Mode (Cloud, Public Cloud, Private Cloud, Hybrid Cloud, On-premises), based on by Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), based on by Business Function (Finance, Marketing, and Sales, Human Resources, Operations), based on by Vertical (BFSI, Government and Defense, Healthcare and Life Sciences, Manufacturing, Retail, and Consumer Goods, Media and Entertainment, Telecommunications and IT, Transportation, and Logistics, Other Verticals)

The public cloud segment is expected to be the largest segment of the Big Data Market

Based on Deployment Mode, the public cloud segment dominates the global big data market with the highest number of shares. A public cloud is a set of hardware, services, storage, networking, apps, and interfaces that are owned, managed, and provided to other companies and third parties. The cloud service provider can use various locations to assist a large number of clients and also offer them computing storage or services optimized to accommodate their workloads. Thereby, the public cloud makes big data technologies affordable, and more scalable to both large enterprises and/or small and medium-sized enterprises, which is fueling the segment growth in the global market.

The retail and consumer goods segments are expected to witness the highest CAGR over the forecast period

Based on vertical, the market is segmented into BFSI, government and defense, healthcare and life sciences, manufacturing, retail, consumer goods, media and entertainment, telecommunications and IT, transportation and logistics, and other verticals. The BFSI segment is dominating the global market owing to the strong need for real-time monitoring of customer service feedback. In addition, big data analytics application is assisting the BFSI sector in effectively acquiring, retaining, and growing its customer base. For instance, Singapore-based Citibank provides retailing discounts based on customers’ past transactional habits.

On the other hand, retail and consumer goods are expected to attain maximum revenue share over the forthcoming scenario. Retailers are highly adopting cutting-edge analy0074ical technologies to better understand consumer preferences and shifting market trends. Accordingly, rising focus on gathering and accumulating data in the retail and consumer goods segment to gain better insights. This helps in analyzing the data and making accurate judgments that improve operational effectiveness, risk management, and cost containment, which is augmenting the segment growth shortly.

Big Data Market Dynamics:

Drivers:

High adoption of technologies and big data analytics across various industries

The rapid proliferation of digital solutions and technologies such as Artificial Intelligence (AI), Machine Learning (ML), Internet of things (IoT), blockchain, and data analytics is shifting trend towards the big data technology. According to International Data Corporation (IDC), the total expenditure on IoT is projected to reach USD 1.2 trillion in 2022. Also, Cisco reported that it was estimated that approximately 500 billion devices are likely to be connected to the internet by 2030. Accordingly, the incorporation of these technologies assists organizations to improve their visualization capabilities to create complicated data usable and more accessible in a visual representation. Business intelligence tools are used by ML tools to analyze both structured and unstructured data and make insights regarding the sales, price, and quantity to reach the target customers. Therefore, various key market players are emphasizing introducing advanced solutions based on core technologies like AI and others. For instance, in May 2020, HSBC Holdings Plc announced that the company entered into a partnership with IBM Watson and EquBot, Inc. to introduce the company’s US Equity Index (AiPEX) family powered by AI and big data. The primary objective of this initiative is to present value-driven retirement solutions for the retail market. Hence, these factors are acting as catalyzing factors that are stipulating the market demand, which is augmenting the market expansion across the globe.

Regional Analysis:

Asia Pacific is expected to grow at the highest CAGR over the forecasting years

APAC is anticipated to grow at the highest in the forecasting period owing to the rising acceptance of emerging technologies, as well as the increasing requirements to gain insights for business planning. In addition, the rapid penetration of IoT devices and the increasing adoption of connected devices are also attributed to the growth of the big data market. Growing industrialization leads to a high rise in business deals including joint ventures, mergers, and acquisitions in the various industry verticals. As a result, to manage their important data, improve data security, and maximize company productivity, enterprises are progressively adopting big data. Moreover, the presence of emerging economies such as India and China are further leveraging various opportunities, which are responsible for the growth of the regional market.

Key Market Players and Competitive Landscape
Some of the key market players performing in the global Big Data market are:
  • Google Inc. (US)
  • Microsoft Cooperation (US)
  • Sisense (US)
  • COGITO (US)
  • SAP SE (Germany)
  • Firebolt (US)
  • IBM (US)
  • Cloudera (US)
  • Informatica (US)
  • AWS (US)
  • Oracle Cooperation (US)
  • Accenture (Ireland)
  • Teradata (US)
  • TIBCO (US)
  • Salesforce (US)
The Beyond Market Insights research has segmented the Global Big Data Market report based on Component, Deployment Mode, Organization Size, Business Function, Vertical, and region

Big Data Market, Component Outlook:

  • Solutions
  • Big Data Analytics
  • Data Discovery
  • Data Visualization
  • Data Management
  • Services
  • Support and maintenance
  • Consulting
Big Data Market, Deployment Mode Outlook
  • Cloud
  • Public Cloud
  • Private Cloud
  • Hybrid Cloud
  • On-premises
Big Data Market, Organization Size Outlook
  • Small and Medium-Sized Enterprises
  • Large Enterprises
Big Data Market, Business Function Outlook
  • Finance
  • Marketing and Sales
  • Human Resources
  • Operations
Big Data Market, Vertical Outlook
  • BFSI
  • Government and Defense
  • Healthcare and Life Sciences
  • Manufacturing
  • Retail and Consumer Goods
  • Media and Entertainment
  • Telecommunications and IT
  • Transportation and Logistics
  • Other Verticals
Big Data Market, Regional Outlook
  • North America
    • United Staes
    • Canada
  • Europe
    • France
    • Germany
    • United Kingdom
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of the APAC
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa
    • Rest of the Middle East & Africa

Scope Of the Big Data Market Report

Report Attribute Details
Market size value in 2022 USD 164.5 billion
Revenue forecast in 2028 USD 337.2 billion
Growth Rate CAGR of 10.8 % from 2022 to 2028
Base year for estimate 2021
Historical data 2017 – 2021
Forecast period 2022 – 2028
Quantitative units Revenue in USD million and CAGR from 2022 to 2028
Report Coverage Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
Segments Covered Component, Deployment Mode, Organization Size,
Business Function, Vertical, Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
Key companies profiled Google Inc. (US), Microsoft Cooperation (US), Sisense (US), COGITO (US), SAP SE (Germany)
Firebolt (US), IBM (US), Cloudera (US), Informatica (US), AWS (US), Oracle Cooperation (US)
Accenture (Ireland), Teradata (US), TIBCO (US), Salesforce (US)

Frequently Asked Questions

The global Big Data market was valued at US$ 164.5 Bn in 2021.
The global Big Data market is projected to reach more than US$ 337 Bn by 2028.
The global Big Data market is anticipated to grow at a CAGR of 10.8% from 2022 to 2028.
Among the component segment, the services segment is expected to witness a more increased adoption rate in the forthcoming years.
Some prominent players include Google Inc. (US), Microsoft Cooperation (US), Sisense (US), COGITO (US), SAP SE (Germany), Firebolt (US), IBM (US), Cloudera (US), Informatica (US), AWS (US), Oracle Cooperation (US), Accenture (Ireland), Teradata (US), TIBCO (US), Salesforce (US)

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