The “Big Data Market with COVID-19 Impact Analysis, by Component, Deployment Mode, Organization Size, Business Function (Finance, Marketing & Sales), Industry Vertical (BFSI, Manufacturing, Healthcare & Life Sciences) and Region – Global Forecast to 2026″ report has been added to ResearchAndMarkets.com’s offering.
The Big Data market size is projected to grow from USD 162.6 billion in 2021 to USD 273.4 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period.
Based on Component, the service segment is expected to grow at a higher CAGR during the forecast period
The service segment of the Big Data market is further segmented into professional services (consulting, support and maintenance, and deployment and integration) and managed services. This section discusses each service subsegment’s market size and growth rate based on type (for selected subsegments) and region.
Based on deployment mode, on-premises segment is segmented to account for a larger market size during the forecast period
Most cloud computing refers to the storage, management, and processing of data via networks of remote servers, which are typically accessed via the Internet. Enterprises mostly in heavily regulated industry verticals, such as BFSI, healthcare and life sciences, and manufacturing, opt for the on-premises deployment model of big data solutions. Furthermore, large enterprises with sufficient IT resources are expected to opt for the on-premises deployment model. On-premises is the most reliable deployment mode, which an enterprise can rely on for a high level of control and security. Enterprises need to purchase a license or a copy to deploy cloud-based solutions.
Based on business function operations segment to grow at a higher CAGR during the forecast period
The Big Data market based on business function is segmented into Finance, Marketing and Sales, Human Resources and Operations. The operations segment is expected to grow at a rapid pace during the forecast period. Big Data can help to improve the performance of order picking and stock-taking process in warehouse management with high accuracy. It aims at improving operational efficiency and effectiveness by enabling data-driven decisions at strategic, operational, and tactical levels. It assists companies in delivering revenue growth, improving margins, managing working capital in a better way, and enhancing overall control points across the supply chain.
Based on organization size, large enterprise segment to account for a larger market size during the forecast period Most 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 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
APAC is expected to grow at a higher CAGR during the forecast period
Asia Pacific (APAC) has continually presented lucrative market opportunities for Big Data Solutions and service providers with a notable increase in Big Data across its developed and emerging countries., Japan, China, and India have displayed ample growth opportunities in the Big Data market. Owing to a rapidly proliferating technology-backed economical structure, APAC is expected to emerge as the fastest-growing region in Big Data software and services demand during the forecast period.
Market Dynamics
Drivers
- Sharp Increase in Data Volume
- Rise in Data Connectivity Through Cloud Computing
- Incorporation of Digital Transformation in Top-Level Strategies
Restraints
- Data Security Concerns and Stringent Data Security Regulations
- High Big Data Handling Costs
Opportunities
- Rise in Adoption of Technologies and Big Data Analytics
- The Growth of Investment in It Sectors by the Businesses
Challenges
- Data Silos and Poor Data Quality
- Lack of Data Professionals
Companies Mentioned
- IBM
- Oracle
- Microsoft
- Sap
- Sas
- Cloudera
- Teradata
- Tibco
- Aws
- Alteryx
- Informatica
- Sisense
- Salesforce
- Hpe
- Qlik
- Splunk
- Vmware
- Accenture
- Ataccama
- Cogito
- Centerfield
- Rib Datapine
- Fusionex
- Bigpanda
- Bigeye
- Imply
- Rivery
- Yugabyte Db
- Airbyte
- Cardagraph
- Firebolt
- Syncari
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.
