Market Research Report

Global Big Data Market Research Report: Forecast (2023-2028)

By Component (Software, Hardware, Services), By Deployment (Cloud, On-premises, Hybrid), By Business Function (Marketing and Sales, Finance, Human Resource, Operations), By Organiz...ation Size (Large enterprises, Small and medium-sized enterprises (SMEs)), By End User (BFSI, Retail, Healthcare, Advertising & Media, Manufacturing, Automotive and Transportation, Others (IT/ITES, Telecommunication, etc.)), By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific), By Company (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, IBM Corporation, Others) Read more

  • ICT & Electronics
  • Feb 2023
  • 182
  • IT55065

Market Definition

Big data analytics are the new era of technological solutions that analyzes the structured and unstructured database generated by connected devices. It aims principally to study these data to understand and deliver insights into hidden patterns, correlations, changing market trends, and more. Backed by its wide utilization across diverse industries in several aspects, several industry players are actively employing analytical tools to acquire consumer insights by evolving business intelligence with Big Data.

Market Insights & Analysis: Global Big Data Market (2023-28)

The Global Big Data Market is expected to grow at a CAGR of around 14.7% during the forecast period, i.e., 2023-28. Most of the market is driven by the ever-increasing utilization of connected devices integrated with the Internet of Things (IoT), backed by an elevating adoption of technologies like Machine Learning (ML) algorithms, the Internet of Things (IoT), and Artificial Intelligence (AI).

It, in turn, is playing a prominent role in stimulating the use of Big Data solutions to meet the mounting need to execute edge computing. Since this term refers to the structure where processors are closer to the destination or source for data instead of clouds, the need for big data is accelerating rapidly to cater to these solutions.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028) 14.7%
Regions Covered North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific
South America: Brazil, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
Key Companies Profiled 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, IBM Corporation, Others
Unit Denominations USD Million/Billion

 

When data is located close to the destination or source, it saves time for uploading information on the on-premises or cloud platforms, thereby mitigating the overall load on the network and servers. Besides, it also comes with the ability to method data in a quicker response time.

Hence, edge computing is finding substantial utilization across Industrial IoT and elevating the use of Big Data solutions. The same aspect is also generating lucrative opportunities for the players to widen their offerings and cater to the burgeoning requirements throughout the world and drive the market during the forecast period.


Global Big Data Market Research Report: Forecast (2023-2028)

Market Dynamics

Global Big Data Market Key Drivers:

Increasing Procurement of Databases across Industries - With the rapidly widening IT sector and the use of advanced technologies in diverse industries, database generation is booming globally. The scalability of digital solutions, across business sectors such as banking, retail, healthcare, agriculture, BFSI, and telecom/media, among others, worldwide are significantly increasing data, which in turn, is cultivating noteworthy changes in services. Hence, the use of bug data solutions is increasing and driving the market globally.

For instance, the use of these solutions in the agricultural sector offers perks like better risk management, and precision farming, backed by the use of smart machines, soil sensors, and GPS-equipped tractors, among others, which generate a massive volume of data sets. Farmers use this generated information to study advanced risk assessment, natural trends, ideal crops, supply tracks, and more, in agriculture.

Global Big Data Market Growth Restraint:

Rising Concerns over Data Security - With the wide range of perks and services that big data offers to the users, the voluminous data generation also invites threats to security, in terms of fake data generation, cyberattacks, and more, which then, promulgates the need for real-time security and data privacy. The lack of these security measures is compromising the utilization of big data solutions.

Besides, other aspects like weak identity governance, low investment in the system and network security, human error, connected devices, and IoT applications are other aspects that might cause hindrances in the fledged adoption of big data across industries.

Global Big Data Market (2023-28): Segmentation Analysis

The Global Big Data Market study from MarkNtel Advisors analyses the major trends in each sub-segment and includes predictions for the period 2023–2028 at the global, regional, and national levels. The market has been segmented in our analysis based on components and deployment.

Based on Component:

  • Hardware
  • Software
    • Credit Risk Management
    • Business Intelligence Solutions
    • CRM Analytics
    • Compliance Analytics
    • Workforce Analytics
    • Others (Content Analytics, Supply Chain Analytics, etc.)
  • Services

Of these three, software dominates the Global Big Data Market with the largest share and the same trend is likely during 2023-28. This peaking growth ascribes to the growing end-user awareness of the perks of these solutions like the massive solution offerings, including credit risk management, business intelligence solutions, CRM analytics, compliance analytics, workforce analytics, and others, maximizing its utilization and stimulating the overall market expansion.

Besides, several organizations are making paradigm shifts to digital platforms, and are backed by the support of their respective governments. As a result, they are also procuring big data to attain business intelligence solutions, customer relationship management, and workforce analytics. Hence, with the prospect of such perks, the demand for big data software is peaking high in the market and stimulating its overall growth worldwide.

Based on Deployment:

  • On-Premise
  • Cloud

Here, on-premise deployment of big data solutions holds a prominent share of the market. Organizations operating in heavily regulated end-user industries like BFSI, manufacturing, and healthcare & life sciences have large IT budgets & resources as they are much more efficient & reliable in terms of control & security than cloud solutions. In addition, benefits like low latency, easy installation on the existing hardware, preservation of data center assets, complete control over data, and hassle-free integration with other existing applications & databases are other prominent reasons why large enterprises opt for it.

Based on End-User:

  • BFSI
  • Retail
  • Law
  • Healthcare
  • Advertising & Media
  • Manufacturing
  • Automotive & Transportation
  • Others (IT/ITES, Telecommunication, etc.)

Among all, the BFSI sector is expected to generate the highest revenue and dominate the Big Data Market with the maximum share during the forecast period. This attributes to the growing focus of governments worldwide on developing a world-class BFSI sector in order to cater to the large customer pool, i.e., leading to the accelerated deployment of Big Data solutions to help enterprises acquire, develop, & retain customers efficiently.

More & more countries are making substantial investments in big data solutions and generating lucrative opportunities for the industry players to widen their offerings and cater to the burgeoning end-user requirements. The same aspect shall also drive the overall market growth during the forecast period.

Global Big Data Market Regional Projection

Geographically, the Global Big Data Market expands across:

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

Of all regions globally, North America is anticipated to dominate the Big Data Market with the largest share during 2023-28. This high revenue generation across the region attributes principally to the extensive presence of numerous prominent businesses across diverse industries, utilizing bug data solutions extensively.

These patterns are observed particularly across countries like the US & Canada, backed by the peaking demand for analytics tools. It is majorly because the solution offers advanced and improved compliance analytics, which also acts as a vital aspect in uncovering fraud, policy violations, and other business misconduct.

On the other hand, Asia Pacific demonstrated a significant growth pace in the market during recent years & is projected to prevail in the same trend during the forecast period. This pace attributes majorly to the huge procurement of Big Data solutions across swiftly expanding sectors like BFSI, retail, healthcare, automotive, and other industries.

Global Big Data Market Recent Developments 

  • In January 2023, Oracle updated its Oracle Analytics Cloud to allow users to view & manage usage & diagnostic logs in the Oracle Cloud Infrastructure Logging Service. Also, the company improved the Home page navigation by redesigning it & making it more customizable.
  • In March 2022, Microsoft launched Azure Health Data Services to unify health data, power AI in the cloud, and exclusively support PHI (Protected Health Information). This PaaS (Platform as a Service) offering is specifically designed to support both analytical & transactional workloads from the same data store and allow cloud computing to transform how AI is developed & delivered across the healthcare ecosystem.
  • In December 2021, Microsoft rolled out the Soft delete for blobs capability for Azure Data Lake Storage, which protects files & directories from accidental deletes by retaining the deleted data in the system for a specified time.

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Frequently Asked Questions

   A. The Big Data Market is projected to grow at a CAGR of around 14.7% during 2023-28.

   A. The ever-increasing use of IoT-enabled devices by enterprises owing to remarkable advances in technologies like Machine Learning (ML) & Artificial Intelligence (AI) is the prime aspect projected to drive the Big Data Market during 2023-28.

   A. 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 are the key companies participating in the Big Data Market.

   A. The BFSI sector would provide profitable opportunities to the Big Data Market during 2023-28.

   A. North America is projected to generate remunerative prospects for the Big Data Market during 2023-28.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Global Big Data Market Evolution Timeline
    1. Technology Evolution
    2. Key Developments Across Regions
    3. Key Developments in Applications
    4. Upcoming Developments
  5. Global Big Data Market Start-up Ecosystem, 2018-2023
    1. Entrepreneurial Activity Year on Year
    2. YoY Amount Invested
    3. Series Wise Funding Received
    4. Funding Received by Top Companies
    5. Key Investors Active in the Market
  6. Global Big Data Market Research & Development
    1. Patents & Intellectual Property Rights
    2. R&D Investments on Emerging Technologies
  7. Global Big Data Market Trends & Developments
  8. Global Big Data Market Dynamics
    1. Growth Drivers
    2. Challenges
  9. Global Big Data Market Regulations, Policies & Standards
  10. Global Big Data Market Supply Chain Analysis
  11. Global Big Data Market Hotspots & Opportunities
  12. Global Big Data Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
        1. Software
          1. Credit Risk Management
          2. Business Intelligence Solutions
          3. CRM Analytics
          4. Compliance Analytics
          5. Workforce Analytics
          6. Others (Content Analytics, Supply Chain Analytics, and Others)
        2. Hardware
        3. Services
      2. By Deployment
        1. Cloud
        2. On-premises
        3. Hybrid
      3. By Business Function
        1. Marketing and Sales
        2. Finance
        3. Human Resource
        4. Operations
      4. By Organization Size
        1. Large enterprises
        2. Small and medium-sized enterprises (SMEs)
      5. By End User
        1. BFSI
        2. Retail
        3. Healthcare
        4. Advertising & Media
        5. Manufacturing
        6. Automotive and Transportation
        7. Others (IT/ITES, Telecommunication, etc.)
      6. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      7. By Company
        1. Competition Characteristics
        2. Revenue Shares & Analysis
  13. North America Big Data Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Business Function
      4. By Organization Size
      5. By End User
      6. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The United States Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    4. Canada Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    5. Mexico Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
  14. South America Big Data Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Business Function
      4. By Organization Size
      5. By End User
      6. By Country
        1. Brazil
        2. Rest of South America
    3. Brazil Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
  15. Europe Big Data Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Business Function
      4. By Organization Size
      5. By End User
      6. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
    3. Germany Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    4. The UK Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    5. France Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    6. Italy Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    7. Spain Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
  16. Middle East & Africa Big Data Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Business Function
      4. By Organization Size
      5. By End User
      6. By Country
        1. The UAE
        2. Saudi Arabia
        3. South Africa
        4. Rest of MEA
    3. The UAE Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    4. Saudi Arabia Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    5. South Africa Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
  17. Asia-Pacific Big Data Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Business Function
      4. By Organization Size
      5. By End User
      6. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia-Pacific
    3. China Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    4. India Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    5. Japan Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
    6. South Korea Big Data Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
  18. Global Big Data Market Key Strategic Imperatives for Success & Growth
  19. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Target Markets
      3. Research & Development
      4. Strategic Alliances
      5. Strategic Initiatives
    2. Company Profiles (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Fair Isaac Corporation
      2. Accenture PLC
      3. Cloudera Inc.
      4. Teradata Corporation
      5. Microsoft Corporation
      6. Splunk Inc.
      7. Amazon Web Services
      8. Cisco Systems Inc.
      9. Tableau Software
      10. SAP SE
      11. Hitachi Ltd.
      12. Oracle Corporation
      13. Dell Technologies
      14. IBM Corporation
      15. Others
  20. Disclaimer


Big Data Market - segmentation Slide