Global Big Data Market - Overview
According to Market
Research Future (MRFR), the global Big Data Market is poised to
create a valuation of USD 17,278.13 MN by 2023, posting a whopping double-digit
CAGR of 20.69 % during the forecast period (2017-2023). There is tremendous
application potential for big data as enterprises are increasingly investing in
the technology to streamline their business operations. Moreover, the rising
uptake of big data analytics and services, such as descriptive and predictive/
prescriptive to handle massive data sets, escalate market growth.
Major Players:
Players leading the global
big data market include IBM Corporation, Cisco Systems Inc., Microsoft
Corporation, Amazon Web Services, Dell Technologies, Oracle Corporation,
Hitachi Ltd., Teradata Corporation, Cloudera Inc., SAP SE, Tableau Software,
Accenture PLC, Fair Isaac Corporation, Splunk Inc., and Hewlett Packard
Enterprise Company, among others.
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Industry Highlights
The big data market is
growing profusely, witnessing the rising demand to manage and process
structured and unstructured data. A massive amount of unstructured data gets
generated by industries every day, especially by IT service proving companies.
Big data analytics enable the development of data-driven applications targeted
to improve business agility. Besides, the continually increasing adoption of
big data analytics across the end-user sectors drives the growth of the market.
Additionally, the rapid
developments of IT infrastructures foster the growth of the big data industry.
Moreover, the cost benefits offered by the deployment of cloud-based big-data
infrastructures propel the big data software market growth. Most enterprises
harness big data capabilities for product cross-selling, financial risk
management, regulatory compliance management, and other purposes, increasing
the adoption of big data analytics.
Global Big Data Market – Segments
The report is segmented
into six dynamics;
By Component : Hardware, Software, and Services.
By Technology : Predictive Analytics, Machines
Learning & Data Mining, Natural Language Processing, Stream Processing,
Hadoop, NoSQL, MPAD, and others.
By Organization Size: SMEs
and Large Enterprise.
By Deployment : On-Premise and On-Cloud.
By End-User : Manufacturing, BFSI, IT &
Telecommunications, Government, Transportation, Energy & Utilities,
Healthcare, Retail, and others.
By Regions : Americas, Europe, APAC, and
Rest-of-the-World.
Global Big Data Market – Geographical
Analysis
North America dominates the
global big data market. The significant market share attributes to the
increasing advances in information technology and the early adoption of
advanced technologies. Besides, the strong presence of many notable players and
well-established healthcare sectors in the region foster market growth.
Moreover, high R&D
expenditures to develop and implement big data solutions in the region
positively impact the growth of the market. The North American big data market
is projected to retain its dominance, growing at 12.4% CAGR throughout the
estimated period.
Europe holds the
second-significant share in the global big data market. The market growth is propelled by the
presence of many big data companies and well-established development centers,
allowing the early adoption of advanced technologies. Additionally, augmenting
demand for data analytics to manage the vast amount of big data substantiates
regional market growth. The European big data market is forecasted to create a
substantial revenue pocket during the assessment period.
The Asia Pacific big data
market is growing rapidly. Factors such as increasing R & D activities and
investments in big data analytics developments influence the big data software
market. China and India account for leading shares, driving the growth of the
regional market. The APAC big data is expected to grow at an impressive CAGR
during the review period.
Big Data Analytics in Healthcare Market –
Competitive Analysis
Highly competitive, the
global big data market appears fragmented, with several well-established
players forming a competitive landscape. To gain a larger competitive share,
players incorporate strategies, such as collaborations, mergers &
acquisitions, expansion, and product/technology launch. These technology
providers make substantial investments for the development of novel
technologies and upgrades. Industry players focus on optimized situational
awareness for customers to ensure their mission success.
Industry/Innovation/Related News:
October 13, 2020 ----
Vodafone Idea Limited (VIL), an Indian telecom operator, announced the
expansion of its partnership with IBM, selecting its open source at scale
across the enterprise by implementing the Big Data Platform on open-source
Hadoop framework. IBM has been a strategic IT partner to Vodafone Idea for more
than fourteen years now. VIL is looking to improve the customer experience for
its enterprise partners by adopting open source big data technology by US-based
IT services major IBM.
The partnership would build
on an existing collaboration between Vodafone Idea and IBM and Red Hat to
accelerate network and IT modernization. The partnership would also allow
Vodafone Idea, recently rebranded into VI, to accelerate digital transformation
for its enterprise customers.
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