Big Data Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics

Big Data Market Overview:

The Big Data market is segmented into Component, Deployment Mode, Application, Industry Vertical and Region. On the basis of component, the Big Data Market is further segmented into Hardware, Software and Services. On the basis of Deployment mode, the market is segmented into On-premise and Cloud Based systems. On the basis of Application, the Big Data Market is segmented into Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics and Transportation Analytics. On the basis of Industry Vertical, the market is segmented into BFSI, Manufacturing, Healthcare, Government, Energy & Utilities, Transportation, Retail & E-commerce, IT & Telecom, Education and Others

 

 

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Big Data Market Dynamics:

The Big Data Market is projected to experience significant growth during the forecast period. As businesses from many industrial sectors are implementing big data solutions to take advantage of the potential of big data by managing it effectively and analyzing it to produce insights that can be put to use. The market for big data is growing at a significant rate as a result of the enormous growth in data as well as the rise in mobile apps and Internet of Things (IoT) devices. Many different sectors, including banking, financial services, and insurance (BFSI), government, defense, healthcare, life sciences, manufacturing, retail, and consumer goods, as well as media and entertainment, telecommunications and IT, transportation, and logistics, among others, use big data extensively (real estate, energy and utilities, travel and hospitality, education, and research).

 

One of the prime drivers of the Big Data Market is the analytics that are being used by businesses to maximize their growth due to the steadily rising level of competition amongst them. Additionally, as Big Data analytics software helps businesses to investigate the elements that are influencing outcomes and provides the capacity of decision optimization, the growing requirement for insights for company planning is estimated to present attractive chances for market advancement. Moreover, big data analytics enables businesses to improve consumer engagement and operational efficiency through real-time data. Big data analytics is also used by a variety of decision-makers to enhance organizational decision-making and optimize sales techniques. "Democratization" is one of the new words gaining popularity in the Big Data Market. Scale is thought to be largely dependent on getting analytics out of the hands of the statistics experts and into the hands of a large number of frontline users. Frontline users of new technological solutions can link data from many sources (including external ones) and perform predictive analytics without knowing a single line of code. By making it simple to slice and dice data, define the data exploration required to address business concerns, and support decision making, visualization tools, on the other hand, are giving business users authority over the analytics tools. To democratize the use of analytics, organizations like American Express, Procter & Gamble, and Walmart have made significant investments in these kinds of technologies.

 

With the growth of social media, the Internet of Things (IoT), and multimedia, which have generated an overwhelming flow of data in either structured or unstructured format, the amount of data that enterprises collect is always rising which is driving the growth of Big Data Market during the forecast period. For instance, in the last few years, about 90% of the world's data has been produced. The growth rate of machine-based and human-generated data is generally ten times greater than that of traditional business data. For instance, the growth rate of machine data is exponential and 50 times quicker. Big Data Market is mostly consumer-driven and -oriented; the majority of global data is produced by consumers who are "always-on." The average person spends 4 to 6 hours each day generating and consuming data via various gadgets and (social) applications. New data is added to a database somewhere in the world with each click, swipe, or communication. Because everyone now has a smartphone, enormous volumes of data are being created.

           

A significant amount of structured and unstructured data is eventually produced as a result of the rising volume of company data, quickening technical advancements, and dropping average selling prices of smart gadgets. Majority of the information that businesses gather is not stored in a typical relational database. It is instead buried in unstructured papers, posts on social media, machine logs, pictures, and other sources. Managing this avalanche of unstructured data presents difficulties for many firms. Particularly in the age of cloud computing, big data solutions are essential for handling data for businesses of all sizes. Unquestionably, a framework is required to gather and handle various sources of big data and data analytics and to maximize value. Big data analytics play a significant role in businesses because they enable them to manage, organize, and streamline huge datasets in real time while also enhancing their capacity for decision-making.

 

A key goal of big data and business analytics is to assist enterprises in strengthening their marketing campaigns by assisting them in better understanding their target audiences and customers. To examine the enormous number of data produced by offline and online transactions, several sectors are also implementing big data and business analytics. Furthermore, customers can access all the data online from any location in the world thanks to the development of big data and business analytics on the cloud. This gives different big data service providers an advantage over rival service providers and allows them to enhance their investment in cloud technologies.

 

Big Data Market Segment Analysis:

On the basis of Component, service segment is projected to dominate the Big Data Market during the forecast period. This is due to the increasing focus on service-based apps and technologies that prove to be the unique selling points in the highly competitive market.

 

On the basis of application, Marketing Analytics segment is projected to dominate the Big Data Market during the forecast period owing to increasing focus of all major organizations on generating customer insights from the vast amount of data is collected from current and prospective customers however Big Data is required to segregate, analyse and conclude with the interpretation.  Large enterprises engage in several marketing channels, which results in the generation of large datasets. Big Data enabled cloud computing technology allows the marketers to organize and analyse structured and non-structured data using marketing analytics platforms in a cost-effective manner. The popularity of cloud-based marketing analytics software has increased owing to benefits, such as better functionality and cost-effectiveness, and this has encouraged service providers, such as Oracle Corporation and Adobe Inc., to offer cloud analytics solutions to marketers thus driving the Big Data Market upwards during the forecast period.

 

 

On the basis of deployment mode, Cloud based segment is projected to dominate the Big Data Market owing to the technical advantages that cloud based systems offer as they offer enhanced usability and accessibility which gives prominent advantage over the conventional systems. One of the advantages of cloud-based systems is that Instead of waiting weeks or months for IT to respond to a request, buy and configure supplementary gear, and install software, any firm may begin using corporate applications in the cloud in only a few minutes. Additionally, the cloud enables an organisation to give specific users—more especially, developers and data scientists—free access to software and support infrastructure.

 

Big Data Market Regional Insights:

North America region is projected to dominate the Big Data Market during the forecast period. The increased usage of smartphones, wearable technology, and other smart connected gadgets are the factors responsible for this growth rate. However, due to the enormous volume of data generated by rapid digitalization and the rise in the use of electronic devices & networks among the companies, Asia-Pacific is predicted to have substantial development throughout the projected period and is estimated to grow at a significant rate. Europe region is also projected to witness significant growth during the forecast period. The growth of the Big Data Market in Europe is largely attributed to the increase in the use of big data analytics software by various organizations to enable better and faster decision-making and to provide a competitive edge through the timely analysis and application of information. Additionally, the expansion of big data and business analytics in Europe is positively impacted by the boom in demand for cloud-based big data analytics software among small and medium-sized businesses.

 

Middle East and Africa region is also projected to witness significant growth during the forecast period. The local e-commerce industry in this area has grown rapidly in past few years because of the increased internet service availability. Big Data Market solutions improve customer management programmes as well as supply chain management. The Middle East and Africa region Big Data Market has grown as a result of the fast adoption of cloud and IoT technologies. A major barrier limiting market growth is the fact that many firms are still ignorant of the possibilities of big data solutions and services. The majority of these firms lack a strong understanding of advanced data analytics, Big Data solutions, and related services. To achieve the greatest benefits, this knowledge gap across the various industries must be closed.

 

The objective of the report is to present a comprehensive analysis of the Big Data market to the stakeholders in the industry. The report provides trends that are most dominant in the Big Data market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Big Data Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Big Data market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Big Data market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Big Data market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Big Data market. The report also analyses if the Big Data market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Big Data market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Big Data market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Big Data market is aided by legal factors.

 

Big Data Market Scope:

Big Data Market
Market Size in 2023	USD 230.21 Bn.
Market Size in 2030	USD 518.55 Bn.
CAGR (2024-2030)	12.3%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Component Hardware Software Services
	By Deployment Mode On-premise Cloud-Based
	By Application Customer Analytics Supply Chain Analytics Marketing Analytics Pricing Analytics Spatial Analytics Workforce Analytics Risk & Credit Analytics Transportation Analytics
	By Industry Vertical BFSI Manufacturing Healthcare Government Energy & Utilities Transportation Retail & E-commerce IT & Telecom Education Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Big Data Market Key Players

• IBM (US)
• Google (US)
• Oracle (US)
• Microsoft (US)
• SAS(US)
• SAP(Germany)
• Alteryx (US)
• TIBCO(US)
• Cloudera (US)
• Teradata (US)
• AWS(US)
• Informatica (US)
• Sisense (US)
• Salesforce (US)
• Firebolt (US)