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Big Data Market
Big Data Market is anticipated to witness a CAGR of 10% over the forecast period (2020-2027), attaining a value of USD 280 Million by 2027.
Big data solutions help the companies to remain competitive, gather meaningful insights, and track the upcoming trends, which has encouraged the adoption of big data solutions. Rising awareness about the Internet of Things, primarily across start ups and large companies and the accessibility of data across different organization are other major factors proliferating the Big Data Market growth. Government across different nations have introduced several initiatives to encourage the adoption of big data across the nations, supporting the market growth. Accelerating penetration of smart devices such as smart phones and the surging deployment of big data across BFSI, retail, healthcare, and government have augmented the market growth. However, the Big Data Market analysis asserts that the advent of coronavirus has augmented the use of big data primarily across the healthcare industry. This is because big data analytics solutions help interpret and evaluate the coronavirus impact and help identify problems with the supply chain, caused by the spread of virus.
By component, the solution segment is predicted to witness a faster CAGR during the forecast period. Growing demand for big data analytics across leading organizations to promote operational efficiencies and reduce their cost, has expanded the market size. Leading companies have implemented big data tools and solutions to interpret their internal processes and attain perfect balance between flexibility, speed, operation cost, and other factors, which has propelled the market share.
By deployment mode, the cloud segment is expected to grow at a higher CAGR over the forecast period, owing to the growing adoption of cloud-based big data tools by large organizations to frame cross-regional, regional, and cross-nation strategies. As per the Big Data Market research, rising adoption of cloud-based big data tools and solutions due to the higher scalability, flexibility, cost-efficiency will boost the market growth.
By Industry Vertical, the telecommunications and information technology segment is forecast to witness a promising growth during the forecast period. Several nations are investing heavily in these solutions to effectively manage data traffic and optimize operations, thereby steering the market growth.
Leading players operating in the market include Teradata, IBM, Oracle, Microsoft Corporation, Google, Salesforce.com, Inc., Amazon Web Services (AWS), SAP SE, SAS Institute, and MicroStrategy, Inc., among others.
In 2020, IBM collaborated with Vodafone Idea, with an intent to enhance Vodafone Idea’s customer experience. This agreement helped Vodafone Idea to have access to the selected IBM’s open-source on big data platform, depending on Hadoop technology.
In 2019, Terdata partnered with Digital X to fortify digital transformation goals of the SMBs in Germany by giving access of data analytics to gather insights required for growth.
Big Data Market Segmentation:
Big Data Market by Component
o Managed services
o Professional services
Support & Maintenance
Deployment & Integration
Big Data Analytics
Big Data Market by Deployment Mode
o Private Cloud
o Public Cloud
o Hybrid Cloud
Big Data Market by Organization Size
• Small & Medium-Sized Enterprises
• Large Enterprises
Big Data Market by Business Function
• Marketing & Sales
• Human Resources
Big Data Market by Industry Vertical
• Government & Defense
• Banking, Financial Services, & Insurance
• Healthcare & Life Sciences
• Media & Entertainment
• Retail & Consumer Goods
• Transportation & Logistics
• Telecommunications & Information Technology
Big Data Market by Region:
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
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Published on May 20, 2022
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