Big Data Market Size and Analysis, Trends, Recent Developments, and Forecast Till 2027
Development of open source big data software frameworks
is one of the significant factors influencing the market growth.
Market Size – USD
123.90 billion in 2019, Market Growth - CAGR of 9.7%, Market Trends –
Proliferation of internet
The global Big Data
Market is expected to reach USD 261.92 Billion by 2027, according to a
new report by Reports and Data. The enormous growth of data is a significant
factor driving the growth of the big data market. Organizations across all
disciplines worldwide face a grave issue pertaining to data management for data
retention, comprehending dark data, and data integration for analytical
purposes, among others. Therefore, the big data could assist enterprises and
organizations in data management by sorting of dark data, making decisions
about discarding of unwanted data, proper data aggregation, and data storage
organization, among others. Additionally, the proliferation of the internet and
the increasing popularity of IoT devices is playing a crucial role in boosting
market demand. Cellular IoT connections are estimated to rise from 1.00 billion
in the year 2018 to 4.10 billion by the year 2024, which along with the
evolution of 5G connectivity, will create a surge in the volume of unstructured
data that may be used by the organizations to forecast market trends.
Data in the healthcare sector has been growing at an
accelerated rate, fuelled by a drop in storage costs, the advent of cloud
storage, and rising regulatory mandates, as well as government initiatives to
support the implementation of healthcare information systems. The growing usage
of at-home testing services, wearable devices, and m-health applications that
are enabling patients to manage their health are also responsible for the
generation of an enormous pool of personal health-related data. The
accessibility to large volumes of health information has led to substantial advances
in the development of precision medicine, clinical research, clinical decision
support tools, faster drug discovery, and a meticulous view of population
health, which has provided novel ways for chronic disease management.
Key participants include Oracle, IBM, Google, Salesforce,
AWS, SAP, Teradata, SAS Institute, Adobe, and HPE, among others.
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Further key findings
from the report suggest
- By
component, the services segment is projected to grow at a faster rate in
the forecast period, services offered by big data had the ability to
generate a more precise and inclusive presentation of the available data.
Moreover, by deployment a suitable business intelligence tool,
organizations may collect data from numerous sources, thus mitigating the
chances of missing out critical information.
- By
organization size, large enterprises contributed to a larger market share
in 2019 and is expected to grow at a rate of 9.1% in the forecast period.
- By
deployment type, cloud deployment dominated the market in 2019 and is
estimated to grow at the fastest rate in the forecast period. Massive
volumes of both structured and unstructured data demand storage, and
increased processing power, among other requirements. The cloud-based
deployment offers readymade infrastructure, along with the facility to
scale the infrastructure rapidly to manage large spikes in usage or traffic.
- By
end-users, the BFSI industry contributed to the largest market share in
209 and is projected to grow at the fastest rate of 9.9% in the forecast
period. The market dominance of BFSI is attributed to the rapid generation
of huge volumes of data owing to transactions through various modes, risk
management, and customized product offerings to the customers/clients.
- The
market in the Asia Pacific region is anticipated to witness the fastest
growth rate of 10.8% in the forecast period, due to the surging usage of
big data technologies by the BFSI, IT & telecom, and healthcare
sectors, as well as government initiatives, including smart cities, in the
region.
To identify the key
trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/big-data-market
For the purpose of this report, Reports and Data have
segmented the global big data market on the basis of component, organization
size, deployment type, end-users, and region:
Component Outlook (Revenue, USD Million; 2017-2027)
- Solution
- Services
Organization Size Outlook (Revenue, USD Million;
2017-2027)
- Small
& Medium-Sized Enterprises
- Large
Enterprises
Deployment Type Outlook (Revenue, USD Million; 2017-2027)
- Cloud
- On-Premises
End-Users Outlook (Revenue, USD Million; 2017-2027)
- BFSI
- Healthcare
- Manufacturing
- Government
& Defense
- Retail
& Consumer Goods
- Media
& Entertainment
- Logistics
& Transportation
- IT
& Telecom
- Others
Regional Outlook (Revenue, USD Million; 2017-2027)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- MEA
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Finally, all
aspects of the Big Data market are quantitatively as well qualitatively
assessed to study the global as well as regional market comparatively. This
market study presents critical information and factual data about the market
providing an overall statistical study of this market on the basis of market
drivers, limitations and its future prospects.
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