Big data is a term used to describe large, complex, and diverse data sets that are difficult to manage and analyze using traditional data processing techniques. The term is often associated with the three Vs: volume, velocity, and variety. Big data can include structured, semi-structured, and unstructured data, and may come from a variety of sources such as social media, sensor networks, and transactional systems. The analysis of big data can provide valuable insights and opportunities for businesses and organizations to optimize their operations and decision-making processes. Big data analytics involves the use of advanced techniques and technologies to sift through large data sets in order to discover patterns, uncover hidden insights, and gain a deeper understanding of complex phenomena.
Big data market share was valued at USD 100.4 billion in 2021. The big data industry is projected to grow from USD 114.9 Billion in 2022 to USD 297.0 billion by 2030,exhibiting a compound annual growth rate (CAGR) of 14.5% during the forecast period (2022 – 2030). Increased internet penetration and increased government investments to upgrade digital technologies and expand access are the key market drivers enhancing the market growth.
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Market Scope:Â big data is defined as the data containing a larger variety, landing in boosting volumes and with more velocity. In simple terms, big data is more extensive, more complicated data sets, especially from novel data sources. These data sets are so big that conventional data processing software can’t handle them. But this humongous data can be employed to deal with business troubles you wouldn’t have been able to challenge before.
Two more Vs. have risen over the past few years:Â veracity and value. Data has underlying value. Big data has gained massive significance in recent times. A massive portion of the major tech companies’ value comes from their consistently examining data to generate more efficiency and develop new products. Recent technological developments have exponentially lowered the cost of data storage and computing, making it more straightforward and cost-effective to store more data than ever.
Competitive Analysis
The global market for big data has top participants such as:
- Hewlett Packard Enterprise Company
- Fair Isaac Corporation
- IBM Technologies
- Accenture PLC
- Dell Technologies
- Cloudera Inc.
- Oracle Corporation
- Teradata Corporation
- Hitachi Ltd.
- Microsoft Corporation
- Cisco Systems Inc.
- Splunk Inc.
- SAP SE
- Amazon Web Services
- Tableau Software
Market USP Covered
Market Drivers
The global market for big data has increased in recent times owing to the aspects such as increased penetration of the internet, rising awareness of the IoT devices among organizations, growing need for big data tools, and growing need for cloud big data technologies.
Market Restraints
On the other hand, the factors such as growing concerns about privacy & information security and the high price of implementation may restrict the market’s growth.
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Segment Analysis
Based on component, the service segment is anticipated to dominate the global market for big data over the coming years. it is further segregated into data as a service, deployment and integration service, analytics as a service, Hadoop as a service, and consulting services.
Among all the technologies, the machine learning segment will likely lead the global big data market over the assessment timeframe. On the other hand, the Hadoop segment is projected to grow at the highest Pace over the coming years.
Based on the organization size, the SME segment is anticipated to lead the global market for big data over the coming years. Conversely, the large enterprise segment will likely exhibit the fastest CAGR over the review timeframe.
Among the deployment modes, the on-cloud segment is anticipated to dominate the global market for big data during the assessment era.
Among all the end-users, the IT segment is projected to dominate the global market or big data over the review timeframe.
Regional Analysis
The global market for big data is analyzed across five major regions: North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa.
The MRFR research reports suggest that the North American region is anticipated to lead the global market for big data over the coming years. the regional market is anticipated to flourish at a robust CAGR of approximately 12.4% over the assessment timeframe. The rapid adoption of advanced information technologies is the main factor causing a rise in the growth rate of the regional market. Furthermore, the growing emphasis on this technology application across the US and Canada is also likely to boost the regional market’s growth over the forecasted era. Moreover, the factors such as the rising adoption of internet of things devices by different businesses and the presence of this technology application in some top market players are also anticipated to influence the growth of the regional market.
The big data market for the Asia-Pacific region is anticipated to witness the highest CAGR over the assessment era. The rising adoption of big data technologies such as Hadoop and Apache are the primary factor supporting the regional market’s growth. Furthermore, aspects such as penetration of new technologies, development of the insurance and banking industry, and increasing use of IoT devices are also predicted to catalyze the regional market’s growth over the assessment timeframe.
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