Big data Size was valued at USD 100.4 billion in 2021. The big data industry is projected to grow from USD 114.9 Billion in 2022 to USD 297.0 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.5% during the forecast period (2024 - 2030).
Increased internet penetration and increased government investments to upgrade digital technologies and expand access are the key market drivers enhancing the market growth.
Figure 1: Big Data Market Size, 2024-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Data is significantly growing as a result of the expanding use of digital solutions globally in industries like banking, healthcare, BFSI, retail, agriculture, and telecommunications and media. For instance, the use of artificial intelligence in agriculture has a significant impact on pest control, precision farming, and risk management.
The amount of data produced by smart machines, soil sensors, and GPS-equipped tractors is enormous. Big data analytics is being used in agriculture to analyse enormous data sets, including advanced risk assessment, supply tracks, natural trends, ideal crops, and more.
Similar to how businesses are using bots to modernise and automate working processes. Additionally, virtual assistants like Apple's Siri, Google Assistants, and Amazon Alexa produce a tonne of data.
For instance, the number of digital voice assistants is predicted to reach 8.2 billion, according to a Statista report released in January 2021. social media usage has increased as a result of improvements in smartphone technology and network connectivity. Facebook, WhatsApp chats, YouTube videos, Instagram, Snapchat, and other platforms generate enormous amounts of data. Therefore, it is anticipated that the industrial revolution will result in enormous databases thanks to advanced technologies in the industries, growing smart application adoption, and emerging social media platforms. Therefore, it is predicted that growing databases across industries will drive the market for big data analytics.
The big data segmentation, based on component, includes hardware, software, service The software segment has the highest revenue share and is expected to grow at the highest AGR during the forecast period, owing to its diverse solution offerings such as credit risk management, business intelligence solutions, CRM analytics, compliance analytics, workforce analytics, and others. Organizations migrating to digital platforms are implementing business intelligence solutions, customer relationship management, and workforce analytics. These solutions provide businesses with real-time insights, foresight, and visualisation, as well as advanced decision-making capabilities.
The big data segmentation, based on technology, includes Predictive Analytics, Machines Learning, Hadoop. During the projected period, the machine learning sector will dominate the market. This will be followed by a discussion of Hadoop.
The big data market , The organization size is divided between SMEs and large companies. Over the forecast period, the SME sector will lead the market, followed by the large enterprise.
Based on development, the big data industry has been segmented into on-premise and on-cloud. The on-cloud segment will command the largest share in the market over the forecast period for its functional efficiency and cost benefits.
The big data segmentation, based on end user,. This segment divided into four categories: BFSI, Manufacturing, IT, Government. The BFSI segment is expected to have the highest revenue share in the industry vertical due to its rapidly growing customer base. Implementing big data analytics is assisting the BFS industry in efficiently acquiring, developing, and retaining customers. For example, to serve more than 47 million customers in 30 countries, financial services provider BBVA implemented a social media analytic tool to gain product and brand image insights. Similarly, Singapore-based Citibank offers retailing discounts based on transaction patterns in order to retain customers.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. During the projection period, North America will lead the market. It is expected to grow CAGR. Rapid adoption of advanced information technologies, increased focus on this technology application in Canada and the United States, the presence of some top market players, and increasing adoption of internet of things devices by various businesses are all contributing to the region's big data market growth.
Further, the major countries studiedin the market reportare: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: BIG DATA MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe big data accounts for the second-largest market share because of the widespread use of cutting-edge communication, networking technologies, electronic devices, social media, connected devices, and more. The region's rapidly expanding data is likely to drive up demand for analytics tools. According to a report by the European Parliament, data analytics practises in Europe should increase industry productivity. Further, the Germany Big Data Market held the largest market share, and the UK big data was the fastest growing market in the European region
The Asia-Pacific big data is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the growth of BFSI, retail, healthcare, the automotive industry, and other sectors. Additionally The market share of big data analytics is likely to increase as a result of the expanding social media ecosystem, widespread smartphone and internet use, improvements in communication technologies, and digitalization. Moreover, China big data held the largest market share, and the India big data was the fastest growing market in the Asia-Pacific region
Major industry players are investing heavily in R&D to expand their product lines, allowing the big data market to expand even further. Key market developments include new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other companies. To expand and thrive in a more competitive and rising market climate, competitors in the big data industry must offer cost-effective merchandise.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the big data industry to benefit customers and develop the market sector. In recent years, the worldwide big data industry has offered some of the most significant advantages to medicine. Major big data players such as Hewlett Packard Enterprise Company, Tableau Software, SAP SE, Hitachi Ltd, Oracle Corporation, Dell Technologies, IBM Corporation and others.
Oracle Corporation is a multinational computer technology company based in Austin, Texas. Oracle was the world's third-largest software firm by sales and market capitalization in 2020. Database software and technology (particularly its own brands), cloud engineered systems, and enterprise software products such as enterprise resource planning (ERP) software, human capital management (HCM) software, customer relationship management (CRM) software (also known as customer experience), enterprise performance management (EPM) software, and supply chain management (SCM) software are all sold by the company. In December 2021, The digital information systems company Cerner, which supplies systems used in hospitals and health systems, was purchased by Oracle Corporation. To process and store the patient's data, Cerner employs big data analytics. Additionally, this acquisition will make it possible for healthcare providers to provide communities and individual patients with better care.
Salesforce.com is a cloud-based software corporation situated in San Francisco, California. It offers CRM software and apps for sales, customer support, marketing automation, analytics, and application development. In February 2021, Salesforce purchased Acumen Solutions, a provider of industry solutions based in the United States, in order to boost sales, customer engagement, and employee productivity. The company hopes to accelerate and deliver innovations through its Customer 360 Platform through this acquisition.
Fair Isaac Corporation
Accenture PLC
Cloudera Inc.
Teradata Corporation
Microsoft Corporation
Splunk Inc.
Amazon Web Services
Cisco Systems Inc.
Hewlett Packard Enterprise Company
Tableau Software
SAP SE
Hitachi Ltd.
Dell Technologies
In December 2021, The Azure Data Lake Storage soft delete for blobs feature was introduced by Microsoft. This function prevented accidental deletion of files and folders by temporarily storing lost data in the system. Throughout the retention period, users could go back and restore a softly deleted object, like a file or directory, to its prior state. After the retention period has expired, the item would be permanently deleted.
In December 2021, Snowflake will be supported as a data source in Azure Purview, enabling users to use automated data discovery to build a detailed map of the data environment. Users could quickly import information from Snowflake databases through a quick scan into the Azure Purview data map, then manage and control the Snowflake data in Azure.
In January 2022, With a fresh new look, more space, and typefaces appropriate for dense data, Oracle's new redwood design experience will help users identify, display, and act on crucial insights when it updates Oracle Analytics Cloud
Hardware
Software
Service
Predictive Analytics
Machines Learning
Hadoop
Large Enterprise
SMEs
On-Premise
Cloud
BFSI
Manufacturing
IT
Government
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 100.4 billion |
| Market Size 2022 | USD 114.9 billion |
| Market Size 2030 | USD 297.0 billion |
| Compound Annual Growth Rate (CAGR) | 14.5% (2024-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | component, technology, organization size, development, End User and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Abbott Laboratories, Inc., Sonic Healthcare Ltd., Quest Diagnostics, Inc., Siemens Healthineers, OPKO Health, Inc and others. |
| Key Market Opportunities | Growing Enterprise Adoption to Provide Robust Opportunities |
| Key Market Dynamics | Increasing government investments in digital technology and expanding access |
Big Data Market Highlights:
Frequently Asked Questions (FAQ) :
The big data size was valued at USD 100.4 Billion in 2021.
The market is projected to grow at a CAGR of 14.52% during the forecast period, 2024-2030.
North America had the largest share in the market
The key players in the market are Hewlett Packard Enterprise Company, Tableau Software, SAP SE, Hitachi Ltd, Oracle Corporation, Dell Technologies, IBM Corporation and others.
The SME sector is expected to grow faster.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
