Press Release

Ever-Increasing Use of IoT-enabled Connected Devices Boosts the Big Data Market

A recent research study by MarkNtel Advisors has revealed that the Global Big Data Market is set to record around 14.7% CAGR during 2023-28. The mounting use of connected devices integrated with the Internet of Things (IoT), i.e., backed by the ever-increasing adoption of Machine Learning (ML) algorithms, the Internet of Things (IoT), and Artificial Intelligence (AI), is the prime aspect projected to drive the market for big data solutions through 2028. In addition, the massive use of edge computing in Industrial IoT is another prominent factor expected to elevate the use of Big Data solutions in the years ahead.

Moreover, enterprises operating in the agricultural sector are increasingly deploying these solutions for better risk management and precision farming. Since the industry uses smart machines, soil sensors, & GPS-equipped tractors, among others, which generate a vast amount of data, big data solutions help farmers study advanced risk assessment, natural trends, ideal crops, supply tracks, & much more. Hence, these trends are set to create lucrative prospects for the big data market to witness significant expansion over the coming years.

BFSI Sector to Generate Significant Revenue for the Big Data Market

As governments of several countries worldwide are actively working on developing state-of-the-art banking facilities to cater to the massive consumer pool, substantial investments are being made into integrating advanced technologies, including big data solutions, in order to acquire, develop, & retain customers efficiently. As a result, it is generating remunerative prospects for the key players operating in the industry to expand their offerings and cater to the burgeoning end-user requirements. Hence, the BFSI sector is set to contribute notably to the overall expansion of the big data market in the forecast years.

North America Holds the Largest Market Share with Accelerating Demand for Analytics Tools

The presence of various leading companies operating in different industries and extensively utilizing advanced technologies like big data solutions is the prime aspect driving the North America Big Data Market. The growth is fueled mainly by the US & Canada, where there's a booming demand for analytics tools that offer advanced & improved compliance analytics to uncover fraud, policy violations, & other business misconducts. These aspects shall continue generating lucrative prospects for regional market expansion over the coming years.

Competitive Landscape

The key companies operating in the Global Big Data Market include Fair Isaac Corporation, Accenture PLC, Cloudera Inc., Teradata Corporation, Microsoft Corporation, Splunk Inc., Amazon Web Services, Cisco Systems Inc., Tableau Software, SAP SE, Hitachi Ltd., Oracle Corporation, Dell Technologies, and IBM Corporation.

Key Questions Answered in the Research Report

1. What are the current & future trends in the Global Big Data Market?
2. How has the industry been evolving in terms of geography & product adoption?
3. How has the competition been shaping across various regions, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Big Data Market?
5. What are the customer orientation, purchase behavior, & expectations from the leading players in the Global Big Data Market?

Market Segmentation:

1. By Component (Software, Credit Risk Management, Business Intelligence Solutions, CRM Analytics, Compliance Analytics, Workforce Analytics, Others (Content Analytics, Supply Chain Analytics, etc.), Hardware, Services)
2. By Deployment (Cloud, On-Premise, Hybrid)
3. By Business Function (Marketing & Sales, Finance, Human Resource, Operations)
4. By Organization Size (Small & Medium Enterprises, Large Enterprises)
5. By End-User (BFSI, Retail, Healthcare, Advertising & Media, Manufacturing, Automotive & Transportation, Others (IT/ITES, Telecommunication, etc.))
6. By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific)
7. By Country (The US, Canada, Mexico, Brazil, The UK, Germany, France, Italy, Spain, Saudi Arabia, The UAE, South Africa, China, Japan, South Korea, India)