Big Data Market Forecasts to 2028 - Global Analysis By Deployment Model (On-Demand, On-Premises), Type (Semi-Structured Data, Unstructured Data, Structured Data), Component (Services, Software), End User, and By Geography
According to Stratistics MRC, the Global Big Data Market is accounted for $97.18 billion in 2022 and is expected to reach $224.79 billion by 2028 growing at a CAGR of 15.0% during the forecast period. Big data not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data, to solve complex problems. Big data solutions enable organizations to effectively manage large data volumes thereby reducing cost. It is initially emerged as a term to describe datasets whose size is beyond the ability of usual databases to capture, store, manage and analyze.
In 2021, Apache Hadoop led the global big data processing industry as the top technology with a market share of 18.79 percent. Other noteworthy technologies in the big data processing sector included Apache Kafka and Apache Apex with 12.78 and 7.36 percent of the market, respectively. According to a recent survey, around 19 percent of respondents indicated having established a data culture in their organization. On the other hand, there are approximately 56 percent of respondents that reported driving business innovation with data.
Rising Internet Penetration
The implementation of cloud computing has eased the storage space of data, making it more cost effective, flexible, and secure. Reasonable storage services and rapid technological services have improved the ease of access of the internet and data has increased the demand for big data. The emergence and adoption of Internet of Things are also approaching the market forward. Managing vast volumes of data and extracting value and business insights from the same is pushing business in unprecedented ways. Investing in research and development such as Face book is boosting the demand for big data. The market for big data is expected to grow at a fast rate in rising economies in the forecast period.
Shortage of skilled professionals
The shortage of skilled professionals is a major aspect hindering the market. Developing hardware, software and system addition need trained and specialized resources to handle data preparation, create predictive models, and integrate these into applications. The resources are either unavailable or too luxurious to take into service, which stifle the growth of the big data market. However, the lack of a skilled workforce to occupy the job vacancies restrains market growth.
Exponential Growth in Data Availability
Due to the increase in the attractiveness of social media, the Internet of Things (IoT), that have been produced in an excessive flow of data, the volume of data gathered by enterprises is continuously increasing. The expansion of data creation has been exponential in the past few years, especially after the wide proliferation of smart phones and social media. Machine data is growing at a much quicker rate than human data. Big data is predominantly consumer-driven and oriented; most of the data in the world is created by customers. Typically, people spend a enormous section of each day using a range of gadgets and social applications to consume and generate data.
Concerns Regarding Data Privacy
The biggest threat with Big Data is the susceptible issue of data privacy and security, which most of the organizations are facing. Privacy concerns are cropping up as companies nourish more and more consumer and vendor data into advanced, to affected consumers and employees. This is especially prevalent in smart city sector where an important amount of consumer data is present and where consumer data collection has been at the forefront in terms of big data challenges. These data privacy concerns threaten the adoption of Big Data in Smart Cities solutions.
The COVID-19 pandemic displayed a major impact on this market. Artificial Intelligence technology is being executed in asset management, inventory management, predictive maintenance, network manufacturing, real-time alerts, and more to magnify the growth of the production sector during challenging business conditions. In healthcare, the adoption of AI-driven advanced reporting, healthcare business intelligence, electronic medical records, and others drives the growth of the market. Similarly, organizations of a variety of sectors shifted to remote work and implemented advanced analytics to understand the new trends during the pandemic.
The software segment is expected to be the largest during the forecast period
The software segment holds the largest share, owing to its huge explanation offerings such as credit risk management, business intelligence solutions, CRM analytics, compliance analytics, workforce analytics etc. Organizations shifting to digital platforms are adopting business intelligence solutions, customer relationship management, and workforce analytics. These solutions hold up businesses with real-time insights, foresight, and visualization that provide advanced decision-making capabilities. Organizations are increasingly adopting these solutions owing to the growing need to make fact-based strategic business decisions in an attempt to reduce the risk of failure and excel in this highly competitive environment.
The BFSI segment is expected to have the highest CAGR during the forecast period.
The BFSI segment holds the highest share, owing to its huge implementation of big data analytics is serving the Banking industry to get hold of, and retain customers efficiently. Predictive analytics, relationship management, and brand reputation are the major emerging application areas. Companies invest heavily in these solutions for effective data traffic management and operational optimization.
Region with highest share:
North America holds a highest share of the market and will go on to do so, among regional markets for big data. North America experiences quick developments in the big data market, mainly due to the increasing adoption of allied services by major industrial sectors. Companies and organizations have started exploiting big data to produce strategies and business decisions to remain aggressive. This trend is increasingly being adopted by major players in the developing regions as well.
Region with highest CAGR:
Asia Pacific witnessed extraordinary CAGR throughout the forecast period due to the expansion of BFSI, retail, healthcare, automotive, and other industries. With crashing countries, the market's expansion potential is widespread in this region. The mounting social media platform, contact to the internet and smart phone, advancement in communication technologies, and digitalization are probable to boost the big data analytics market share in this region.
Key players in the market
Some of the key players profiled in the Big Data Market include International Business Machines (IBM) Corporation, Oracle Corporation, Microsoft Corporation, Hewlett-Packard Enterprise, SAP SE, Amazon Web Services, SAS Institute, Dell, Inc., Teradata Corporation, Splunk, Palantir Technologies, Inc, Guavus, Inc., Hitachi, Ltd, Cloudera, Inc., Hortonworks, Inc., Google Inc., Accenture plc, Fujitsu, Datameer, Inc., Actian.
In May 2018, IBM announced that the company has launched new cloud service called Cloud Private Data that was designed for helping organizations to use machine learning and data science techniques.
In January 2020, SAS Institute's Intelligent Planning Suite solution infused Artificial Intelligence (AI) and cloud agility capabilities for enhancing customer experience. The multi-cloud solution would help retail IT executives to anticipate customer demand and enhance customer experience.
In August 2019, IBM announced the expansion of its global cloud footprint with the launch of IBM Cloud Multizone Region (MZR) in Latin America in 2020. This expansion will help clients to quickly deploy mission-critical workloads across hybrid cloud environments.
On 29 March 2022, Oracle announced that Oracle MySQL HeatWave now supports in-database machine learning in addition to the previously available transaction processing and analytics. MySQL HeatWave fully automates the machine learning lifecycle and stores all trained models inside the MySQL database, eliminating the need to move data or the model to a machine learning tool or service. Eliminating Extract, Transform, and Load (ETL) reduces application complexity, lowers cost, and improves security of both the data and the model.
In March 2022, SAP SE announced the availability of a new concept within the SAP signavio software that aggregates experience data obtained from end-user surveys (customer, supplier, or employee) with core IT systems. This will enable enterprises to enhance their end-to-end business processes and boost operational efficiency and customer experience.
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9.2 Marketing And Sales
9.4 Human Resources
10.2 Small And Medium-Sized Enterprises
10.3 Large Enterprises
NOTE: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa are represented in the same manner above.