Big Data Market

Analysts at GMI Research estimates that the Big Data Market was worth USD 170 billion in 2022, and forecast to touch USD 378 billion in 2030, growing at a CAGR of 10.5% from 2023-2030.

Big data is a specific term used for a collection of data that is huge in volume and expanding with time. It encompasses the total volume of data, the velocity or speed at which it is created and collected, and the scope of data points that are covered under it. Big data is basically categorized into structured and unstructured data. The structured data consists of information that is already managed by the company in their spreadsheets and databases. On the other hand, unstructured data is defined as the information that is unorganized and does not come under a pre-determined model or format.

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Major Big Data Market Drivers

Big data market is projected to witness a promising growth over the forecast period, owing to the increasing adoption of big data solutions by various organizations for the effective management of large volume of raw data. The solutions help in reducing cost, streamlining business operations, and minimizing the chances of frauds, which augments the global big data market growth. In addition, various factors like the development of open-source big data software system, rising data volume, and accelerating internet penetration are projected to expand the market growth. Increasing initiatives by the government to encourage the adoption of big data solutions is another factor fueling the market size. For example, the government of Dubai, initiated “Dubai Pulse” a central platform to offer storage, big data, and core analytics services, to various organizations in the UAE, with an intent to use data to improve the living standards of the UAE citizens.

Moreover, the incorporation of advanced technologies such as Machine Learning, Artificial Intelligence, blockchain, and Internet of Things with big data has helped organizations in improving their analyzing capabilities, which will propel the big data market share. The ongoing technological advancements and increased network connectivity have encouraged the adoption of cloud computing, generating a huge volume of data, which will further surge the demand for big data to keep pace with data explosion. However, lack of trained professionals and rising data safety concerns might hamper the big data market size.

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Based on component, the market has been segmented into solutions and services. Among these, the solution segment is anticipated to witness a higher CAGR during the forecast period. The strong demand for big data analytics among large organizations to accelerate their operational efficiencies and decrease their cost, is a significant factor that is boosting the growth of the segment. Various companies are increasingly implementing big data tools and solutions to analyze their internal processes and strike perfect balance between speed, flexibility, operation cost, and other factors.

On the basis of deployment mode, the market has been segmented into on-premises and cloud. The cloud segment is projected to grow at a higher CAGR during the forecast period. This is attributed to the growing adoption of cloud-based big data tools and solutions as they offer several remarkable advantages such as higher flexibility, scalability, highly cost-effective, and acts as an effective management solution. Moreover, the large organizations are opting for cloud-based big data tools as they help in framing regional, cross-regional, and cross-country data recovery strategies.

Based on the Industry Vertical, the telecommunications and information technology segment is anticipated to grow at a higher CAGR during the forecast period. The increasing application of big data for predictive analytics, relationship management, and for building brand reputation is a key driver that is propelling the demand of the market. Various organizations are heavily investing in these solutions for effective management of data traffic and optimizations of operations.

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Regional – Segment Analysis     

Based on the region, North America region is expected to dominate the market during the forecast period. This is mainly due to the emergence of big data technology which is creating opportunities for the growth of the big data market. The rising adoption of IoT devices among various business in North America is further propelling the growth market. The leading organization in the US are increasingly opting for big data solutions to extract valuable insights which is helpful in building strategic business decision and for coping up with the growing competition in the market. All these factors are responsible for the growth of the market in the coming years.

Top Market Players

Various notable players operating in the market include Microsoft Corporation, Teradata, IBM, Oracle, Google, Amazon Web Services (AWS), SAP SE, Salesforce.com, Inc., SAS Institute, and MicroStrategy, Inc., among others. 

Key Developments: 

• • In 2021, IBM introduced IBM Db2-based, to be used in traditional corporate and containerized micro-service environments. The IBM Db2 will also power other single-container Db2-based products.
  • In 2022 Oracle updated Oracle Analytics Cloud. The latest redwood design experience will help users to display, and act on important insights with a new style, greater space, and typefaces that are suitable for dense data.
  • In 2021, Microsoft introduced the Azure Data Lake Storage soft delete for blobs feature to protect files and folders from accidental deletion by storing data in the system for a specific time period. Users can restore a soft-deleted object throughout the retention period.
  • In 2021, Azure Purview started using Snowflake as a data source to allow users generate a comprehensive map of the data environment using mechanized data discovery. Users can scan Snowflake databases to quickly import information into the Azure Purview data map and then manage and the Snowflake data in Azure Purview.
  • In 2020, IBM entered into a partnership with Vodafone Idea, with an aim to improve Vodafone Idea’s customer experience. Through this agreement, Vodafone Idea will have access to the selected IBM’s open-source on big data platform, based on Hadoop technology.
  • In 2019, Terdata announced a strategic partnership with Digital X to support the digital transformation goals of the SMBs in Germany. This partnership will provide access to the enormous potential of data analytics in order to gather insights needed for growth and innovation.

Segments covered in the Report:

The global Big Data Market has been segmented on the basis of component, deployment mode, organization size, business function, industry vertical, and key regions. Based on component, the market is segmented into services and solutions. The services segment is further categorized into managed services and professional services. The professional services is further segmented into support & maintenance, consulting, and deployment & integration. The solutions segment is further categorized into data discovery, big data analytics, data management, and data visualization. Based on deployment mode, the market is segmented into cloud and on-premises. The cloud segment is further categorized into private cloud, public cloud, and hybrid cloud. Based on organization size, the market is segmented into small & medium-sized enterprises and large enterprises. Based on business function, the market is segmented into operations, marketing & sales, finance, and human resources. Based on industry vertical, the market is segmented into government & defense, banking, financial services, & insurance, manufacturing, healthcare & life sciences, media & entertainment, retail & consumer goods, transportation & logistics, telecommunications & information technology, and others. 

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Key questions answered in this research report:

• • At what pace is global Big Data Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Big Data Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Big Data Market?
  • Which component generated maximum revenues in 2022 and identify the most promising components during the forecast period?
  • What are the various industry verticals of global Big Data Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Big Data Market by Component

• • Services
    • Managed services
    • Professional services
      • Support & Maintenance
      • Consulting
      • Deployment & Integration
    • Solutions
      • Data Discovery
      • Big Data Analytics
      • Data Management
      • Data Visualization

Global Big Data Market by Deployment Mode

• • Cloud
    • Private Cloud
    • Public Cloud
    • Hybrid Cloud
  • On-Premises

Global Big Data Market by Organization Size

• • Small & Medium-Sized Enterprises
  • Large Enterprises

Global Big Data Market by Business Function

• • Operations
  • Marketing & Sales
  • Finance
  • Human Resources

Global Big Data Market by Industry Vertical

• • Government & Defense
  • Banking, Financial Services, & Insurance
  • Manufacturing
  • Healthcare & Life Sciences
  • Media & Entertainment
  • Retail & Consumer Goods
  • Transportation & Logistics
  • Telecommunications & Information Technology
  • Others

Global Big Data Market by Region

• • North America Big Data Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Business Function
    • By Industry Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Big Data Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Business Function
    • By Industry Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Big Data Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Business Function
    • By Industry Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Big Data Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Business Function
    • By Industry Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Big Data Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Microsoft Corporation
  • Teradata
  • IBM
  • Oracle
  • Google
  • Amazon Web Services (AWS)
  • SAP SE
  • com, Inc.
  • SAS Institute
  • MicroStrategy, Inc.