As per the report published by Fior Markets, the global big data market is expected to grow from USD 160.18 billion in 2021 and to reach USD 491.02 billion by 2029, growing at a CAGR of 15.03% during the forecast period 2022-2029.
The big data market is witnessing significant growth in the past years. This growth is attributed to the rising availability of data over the association to gain deeper insights to remain competitive, rising demand for improving the association’s internal efficiency, growing cloud adoption, increase in the data volume generated, a surge in the adoption of big data software tools in associations, companies to discover business intelligence & analytics, and growing adoption of wearable computing technologies, mHealth, eHealth, and demand for the big data analytics solution.
Big data can be described as the applications in problem-solving where ‘game mechanics’ and ‘game thinking’ are utilized in non-game scenarios for the intent of engaging users. Big data leads to the heterogeneous group of digital data built by individual organizations whose features (different forms, large volume, speed of processing) need specific and increasingly sophisticated computer storage & analysis tools. Big data mainly concentrates on solving old problems or new problems in better & effective ways.
The global big data market is expected to witness significant growth due to the increase in the adoption of big data analytics software by various associations to deliver improved, growing adoption of artificial intelligence, social, mobile & IoT based services faster decision-making and to provide competitive benefit by examining & acting upon information on time. Further, the rising applications of big data in healthcare, government, BFSI, and other industries, high internet availability, expanded usage of technologies like 5G networks, cybersecurity, and internet of things (IoT) are also expected to propel the market growth during the forecast period. The data protection concern is expected to hinder the market growth. The increasing adoption of big data across industries and the increase in the need to gain better insights for industry planning & emerging trends like social media analytics are expected to be opportunities for market growth. The lack of technically skilled personnel is a challenge for the market growth.
Key players operating in the global big data market include Teradata, Microsoft, SAS Institute, IBM, Adobe, Oracle, TIBCO Software, Sisense, Qlik, Google, Cloudera, Alteryx, Talend, Palantir, Hitachi Vantara, Fusionex, SAP, Micro Focus, Information Builders, MicroStrategy, Splunk, Data managementforce, AWS, ThoughtSpot, Yellowfin, and HPE, and among others. To gain a significant market share in the big data market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Big data analytics segment dominated the market and held the largest market share of 31.14% in the year 2021
On the basis of component, the global big data market is segmented into data management, big data analytics, data visualization, and data discover. Big data analytics segment dominated the market and held the largest market share of 31.14% in the year 2021. This growth is attributed to the rise in competition among the key vendors to provide better consumer satisfaction & personalized experience. Moreover, the big data solutions permit more precise segmentation of potential consumers & promote a more profound sense of those buyers, their requirements, and motivations by examining the data caused from different sources like call logs, social media, and service forms are also helps to boost the segment’s growth.
Cloud segment dominated the market and held the largest market share of 57.05% in the year 2021
On the basis of deployment model, the global big data market is segmented into cloud and on-premise. Cloud segment dominated the market and held the largest market share of 57.05% in the year 2021. This growth is attributed to the adoption of cloud-based big data solutions.
SMEs segment dominated the market and held the largest market share of 60.12% in the year 2021
On the basis of organization size, the global big data market is segmented into large enterprises and SMEs. SMEs segment dominated the market and held the largest market share of 60.12% in the year 2021. This growth is attributed to the expanded volume of data and consumer interactions.
BFSI segment dominated the market and held the largest market share of 21.10% in the year 2021
On the basis of vertical, the global big data market is segmented into retail, energy & utilities, government & defense, BFSI, manufacturing, healthcare, IT & telecom, and others. BFSI segment dominated the market and held the largest market share of 21.10% in the year 2021. This growth is attributed to integrating advanced abilities such as machine learning.
