Big Data Market Outlook 2031
The global big data market size was valued at USD 180.49 Billion in 2022 and is anticipated to reach USD 461.70 Billion by 2031, expanding at a considerable CAGR of 11% during the forecast period, 2023-2031. The growth of the market is attributed to the increasing usage and popularity of social media.
Big data can be defined as the diverse and large sets of information, which grow at ever-increasing rates. It includes the data volume, the velocity at which it is gathered and created, as well as the scope or diversity of the data points covered. It is frequently derived by data mining and is offered in a variety of formats.
Businesses are inundated with a massive volume of both structured and unstructured data sets is known as big data. This technology is an integration of several software tools, such as Hadoop and Apache Spark, as well as application markets with the functionality to organize, deliver, manage, collect, analyze, and access structured along with unstructured data.
The impact of COVID-19 has been positive on the big data market. Governments and organizations are utilizing the big data technology for storing data and information of infected people.
Due to its ability to store a large amount of data digitally in real-time, it is helping people affected with the virus with their treatment and providing relevant updates related to their condition. Additionally, it also helps in revealing information related to both into the control of the virus and also the spread of it.
Big Data Market Trends, Drivers, Restraints, and Opportunities
- Increasing government investments for enhancement in digital technology is one of the key factors driving the market growth.
- Rising awareness of the Internet of Things technology enabled devices amid organizations globally is expected to boost the market growth in the coming years.
- Integrating technologies, such as Artificial Intelligence, machine learning, and data analytics into big data is likely to fuel the market growth during the forecast period.
- Issues concerning to data breach and cyber-attacks present a major challenge. This is anticipated to hamper the market expansion in the projected period.
- Growing adoption by several enterprises, majorly by small & medium enterprises is projected to create significant growth opportunities for the market in the near future.
Scope of Big Data Market Report
The report on the global big data market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Big Data Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Services (Training & Development, Deployment & Maintenance, and Consulting), Software (Distribution Tools, Visualization, Analytics, Database, and Others), Hardware (Server, Storage, and Network Equipment), and End-users (Gaming, Media & Entertainment, Healthcare, BFSI, Manufacturing, Retail, Telecommunication, Government, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Oracle Corp.; Splunk Inc.; Teradata Corp.; Accenture PLC; EMC Corp.; Hewlett-Packard Co.; IBM Corp.; Mu Sigma Inc.; Opera Solutions, LLC; and Cloudera, Inc.
Big Data Market Segment Insights
Services Segment Analysis
Based on services, the global big data market is divided into training & development, deployment & maintenance, and consulting. The training & development segment is expected to grow at a rapid pace during the forecast period owing to heavy investment by enterprises in staff, analytics tools, and expertise to make enhanced business decisions.
However, the consulting segment is anticipated to hold a key share of the market in the coming years due to the ever-increasing demand for technology consultants.
Software Segment Analysis
On the basis of software, the market is segregated into distribution tools, visualization, analytics, database, and others. The visualization segment is projected to expand at a considerable CAGR during the forecast period attributed to the rising demand for consumers to access data as and when required.
On the other hand, the analytics segment is anticipated to account for a major market share during the forecast period due to the rise in need to make fact-based strategic business decisions with an effort to excel in this highly competitive environment and reduce the risk of failure.
Hardware Segment Anlaysis
In terms of hardware, the global big data market is segmented into server, storage, and network equipment. The network equipment segment is anticipated to hold significant market share in the coming years owing to the increased emphasis on enhanced security needs along with the reinforcement of a new network security paradigm globally.
However, the storage segment is expected to register a considerable CAGR during the forecast period due to increasing demand for public and hybrid clouds.
End-user Segment Analysis
Based on end-users, the market is fragmented into gaming, media & entertainment, healthcare, BFSI, manufacturing, retail, telecommunication, government, and others.
The BFSI, telecommunication, and retail segments are expected to grow at a rapid pace during the forecast period attributed to the major investment by companies in these solutions for operational optimization and effective data traffic management. Moreover, need for tools in management of substantial data amount is further expected to drive the segment growth.
In terms of regions, the global big data market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to vast usage of big data across the retail and healthcare sector in the region.
However, the market of Europe is anticipated to expand at a rapid pace during the forecast period attributed to growing focus by administrative and government sectors on improving operational efficiency with increasing big data usage.
The global big data market has been segmented on the basis of
- Training & Development
- Deployment & Maintenance
- Distribution Tools
- Network Equipment
- Media & Entertainment
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Oracle Corp.
- Splunk Inc.
- Teradata Corp.
- Accenture PLC
- EMC Corp.
- Hewlett-Packard Co.
- IBM Corp.
- Mu Sigma Inc.
- Opera Solutions, LLC
- Cloudera, Inc.
Key players competing in the global big data market are Oracle Corp.; Splunk Inc.; Teradata Corp.; Accenture PLC; EMC Corp.; Hewlett-Packard Co.; IBM Corp.; Mu Sigma Inc.; Opera Solutions, LLC; and Cloudera, Inc.
As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.