The new report by Expert Market Research titled, ‘Global Big Data Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global big data market, assessing the market based on its segments like components, hardware, deployment mode, organisation size, application, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 208 billion (Big Data and Business Analytics Market)
• Forecast CAGR (2023-2028): 10%
• Forecast Market Size (2026): USD 450 billion
Multiple businesses are switching to managing big data and exploiting information into developing business strategies and is driving profits on a global scale. Allied with technological advancements such as easily accessible internet and various interconnected devices, the demand for big data services has increased massively through these past years. Introduction of cloud computing has eased the storage of data market in the forecast period.
Industry Definition and Major Segments
Big data refers to large, diverse sets of data that are growing at an exponential rate. The volume of data, the velocity or speed with which it is created and collected, and the variety or scope of the data points covered are all factors to consider. Big data is frequently derived from data mining and is available in a variety of formats. Big data has three Vs: volume, variety, and velocity.
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The market is divided on the basis of component into:
• Solution
• Services
By hardware, the market is segmented into:
• Storage
• Network Equipment
• Server
• Others
The market is bifurcated in terms of deployment mode into:
• On-Premises
• Cloud
• Hybrid
The market is divided on the basis of organization size into:
• Large Enterprises
• Small and Medium-Sized Enterprises
The market is segregated on the basis of application into:
• Customer Analytics
• Operational Analytics
• Fraud Detection
• Compliance
• Data Warehouse Optimisation
• Others
The market is segmented on the basis of end use into:
• Manufacturing
• Retail
• Media and Entertainment
• Healthcare
• IT and Telecommunication
• Government
• Gaming
• Energy and Power
• Engineering and Construction
• Others
The regional markets for the product include:
• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa
Market Trends
As volume of data generated through various devices is growing at an exponential rate, the requirement for extracting value out of this data is the need of the hour. Introduction of cloud computing has eased the storage of data, making it more cost effective, flexible, and secure. Rising usage and penetration of internet in the developing countries is driving the market for big data in these regions at a fast pace. The emergence and adoption of IoT is also pushing the market forward.
Managing vast volumes of data and extracting value and business insights from the same is pushing business in unprecedented ways. The market for big data is expected to grow at a fast rate in emerging economies such as China in the forecast period.
Key Market Players
The major players in the market are IBM Corporation, Oracle Corporation, Microsoft Corporation, Hewlett Packard Enterprise Development LP, SAS Institute Inc., Amazon Web Services, and Accenture Plc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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