The Global Big Data Market is expected to reach USD 261.92 Billion by 2027, according to a new report by Reports and Data. The enormous growth of data is a significant factor driving the growth of the big data market. Organizations across all disciplines worldwide face a grave issue pertaining to data management for data retention, comprehending dark data, and data integration for analytical purposes, among others. Therefore, the big data could assist enterprises and organizations in data management by sorting of dark data, making decisions about discarding of unwanted data, proper data aggregation, and data storage organization, among others. Additionally, the proliferation of the internet and the increasing popularity of IoT devices is playing a crucial role in boosting market demand. Cellular IoT connections are estimated to rise from 1.00 billion in the year 2018 to 4.10 billion by the year 2024, which along with the evolution of 5G connectivity, will create a surge in the volume of unstructured data that may be used by the organizations to forecast market trends.
Data in the healthcare sector has been growing at an accelerated rate, fuelled by a drop in storage costs, the advent of cloud storage, and rising regulatory mandates, as well as government initiatives to support the implementation of healthcare information systems. The growing usage of at-home testing services, wearable devices, and m-health applications that are enabling patients to manage their health are also responsible for the generation of an enormous pool of personal health-related data. The accessibility to large volumes of health information has led to substantial advances in the development of precision medicine, clinical research, clinical decision support tools, faster drug discovery, and a meticulous view of population health, which has provided novel ways for chronic disease management.
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COVID 19 : The rapid, worldwide spread of COVID-19 has pushed big data analytics at the fore-front with institutions and individuals from all domains of the healthcare industry are pursuing to monitor and lessen the impact of coronavirus. Researchers and developers are ever more deploying AI, machine learning, and NLP (natural language processing) to track and curb the spread coronavirus, along with get a more comprehensive understanding of this deadly disease. Researchers have been putting great efforts to uncover the nature of the virus to help limit the spread, by tracking where the disease is likely to go next, by use of big data and analytics to get a better understanding of this virus from various aspects.
Competitive Landscape
Oracle, IBM, Google, Salesforce, AWS, SAP, Teradata, SAS Institute, Adobe, and HPE, among others.
Some of the start-up companies in the market are Abile, Alluxio, dotDATA, and Starburst Data, among others.
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The study throws light on the Big Data Software market mainly focusing on the growth factors and even the restraining factors. The restraining factors are also provided with the best solutions which also prove to be a counteract to the drawback and help increase the market demand. Applications, types, technology and many other segmentations are studied to give a depth of knowledge for further market investment. Key driving forces for Big Data Software market is explained to help give an idea for a detailed analysis of this market.
The report also implements primary and secondary research techniques for gathering the most crucial pieces of professional information, and applies a number of industry-best techniques upon the data for projecting the future state of the global Big Data Software market. Based on current market development, the report includes an analysis of how activities such as mergers and shapes the market’s future.
Conclusively, all aspects of the Big Data Software market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
