Big Data Market worth $273.4 billion by 2026, growing at a CAGR of 11.0%: Report by MarketsandMarkets™
Chicago, Dec. 12, 2023 (GLOBE NEWSWIRE) — The Big Data Market size is projected to grow from USD 162.6 billion in 2021 to 273.4 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period, according to a new report by MarketsandMarkets™. The Big Data industry is driven by sharp increase in data volume. However, rise in data connectivity through cloud computing and incorporation of digital transformation in top-level strategies.
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Big Data Market Dynamics:
- Sharp increase in data volume
- Rise in data connectivity through cloud computing
- Incorporation of digital transformation in top-level strategies
- Data security concerns and stringent data security regulations
- High big data handling costs
- Rise in adoption of technologies and big data analytics
- The growth of investment in IT sectors by the businesses
List of Key Players in Big Data Market:
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According to SAS Institute, big data refers to the large volume of data—both structured and unstructured—that inundates a business on a day-to-day basis. But it is not the amount of data that is important; it is what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves. Big data solutions include big data analytics, data discovery, data visualization, and data management solutions. Various organizations are deploying big data solutions to harness the power of big data by managing it efficiently and analyzing it to get actionable insights. The massive growth of data and an increase in the number of mobile apps and Internet of Things (IoT) devices are the major factors driving the Big Data Market.
The Big Data Market has been segmented by component into solutions and services. The services segment comprises professional services and managed services. Solution type is segmented into Solution Big Data Analytics, Data Discovery, Data Visualization, Data Management. The business function includes Finance, Marketing and Sales, Human Resources, Operations. The deployment type is segmented into cloud (public cloud, private cloud and hybrid cloud) and on-premises. Organization size is segmented into SMEs and large enterprises. Verticals in the report include BFSI, Government and Defense, Healthcare and Life Sciences, Manufacturing, Retail and Consumer Goods, Media and Entertainment, Telecommunications and IT, Transportation and Logistics, Other Verticals (real estate, energy and utilities, travel and hospitality, and education and research). The regional analysis of the Big Data Market covers North America, Europe, APAC, MEA and Latin America.
Among the component segment, the services segment in the Big Data Market is expected to witness the highest CAGR during the forecast period. The demand for professional services is seen to drive the market for Big Data solutions.
Among deployment type, the cloud Big Data segment is estimated to grow with the highest CAGR during the forecast period. The increasing generation of data leads to various challenges for several organizations. These challenges include storage, privacy, and affordability.
Among solution, big data analytics segment to grow at a higher CAGR during the forecast period. The adoption of Big Data analytics among large enterprises is high as it provides an almost limitless source of business and informational knowledge, which can lead to operational improvements and new income prospects for businesses in practically any industry. The value hidden in company data has firms trying to develop a cutting-edge analytics operation for use cases like consumer personalization, risk reduction, fraud detection, internal operations analysis, and other new use cases arising on a near-daily basis.
Among the organization size, the large enterprises are projected to dominate the market, while the SMEs segment is projected to record a higher growth rate during the forecast period. The adoption of Big Data software and services among large enterprises is high due to the ever-increasing adoption of the cloud, and the trend is expected to continue during the forecast period. Large enterprises accumulate huge chunks of data that can be attributed to the widespread client base. In large enterprises, data plays a major role in evaluating the overall performance of organizations. Large enterprises are leveraging real-time data coming from various sources; for instance, social media feeds or sensors and cameras, each record needs to be processed in a way that preserves its relation to other data and sequence in time.
Based on vertical, the healthcare and life science segment is expected to grow at a higher CAGR during the forecast period, big Data are gaining acceptance among all verticals to improve profitability and reduce overall costs. The major verticals adopting Big Data software are BFSI, Government and Defense, Healthcare and Life Sciences, Manufacturing, Retail and Consumer Goods, Media and Entertainment, Telecommunications and IT, Transportation and Logistics, Other Verticals (real estate, energy and utilities, travel and hospitality, and education and research). Healthcare and life science, by vertical segment, is expected to grow at a higher CAGR during the forecast period.
The Big Data Market is studied across five major regions: North America, Europe, MEA, APAC, and Latin America. North America is estimated to account for the largest market share during the forecast period. In North America, big data analytics and data discovery solutions are considered highly effective by most organizations and verticals. On the other hand, Europe is gradually incorporating these advanced solutions within its enterprises. APAC is expected to grow at the highest CAGR.
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