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The Big Data Market Registered US$ XX Bn in 2019 and it is Estimated to Reach More Than US$ 190 Bn by 2028, Likely to Grow with a CAGR of 16.02% During the Forecast Period.
Big Data Market deals with technology that uses a parallel procedure way for handling data. Big data are often understood as huge data sets that are analyzed computationally for revealing trends, patterns & associations concerning human behavior & interactions. Big data has various characteristics that include velocity & veracity, variety, volume.
The combination of massive data analytics technologies and cloud computing platforms has led to the event of massive Data as a Service or BDaaS. BDaaS offers analyses of huge and sophisticated datasets over the web or as cloud-hosted services. The increasing requirement of structured data for analyses, which helps organizations achieve targets, including the growing number of social media platforms and users accessing accessible multimedia content on the web, like videos, audio, and text, are anticipated to drive the market growth over the forecast period.
Increasing growth in the internet of things, rising investment in robotics, and implementation AI solution are some of the factors that are driving the global big data market. Furthermore, low data storage costs, enormous data generation, expansion of blockchain technology, and a rise in e-commerce companies are anticipated to fuel the market growth. Cloud computing solutions are likely to have new market opportunities, it is capable of eliminating the requirement of using hardware while improving the complicated designing process.
By Application, Banking, Financial Services & Insurance (BFSI) is expected to Expand at the Highest Market Share in the Global Big Data Market
Banking, Financial Services & Insurance (BFSI) is the leading segment in terms of revenue in the global big data market. It held around 16% market share in 2019. BFSI big data market is primarily driven by increasing the adoption of big data by banking & financial institutions across the globe to efficiently manage the transaction, increasing customer experience, operations optimization & others. For instance, Deutsche Bank adopted big data method for predicting stock prices. The bank is establishing a new platform “Data Innovation Group (dbDIG)” that uses data & AI to offer data-driven investment solutions.
Moreover, the IT & telecommunication segment is anticipated to grow at the highest CAGR of around XX % during the forecast period. The fastest growth rate of IT & Telecommunication vertical is attributed to the fact of the progress of the growing information technology industry. The industry is primarily driven by the adoption of big data solutions for managing call records, mobile phone usage, billing information, server logs & others. For instance, in 2018, Vodafone India adopted big data solutions & artificial intelligence to ensure customer satisfaction & increase its market share in the country. The adoption of big data helps telecom companies to increase customer experience & network utilization.
North America held a key share of the global big data market in 2019.
In terms of region, the Big Data market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America held a prominent share in the global big data market followed by Europe. In North America, the U.S. is anticipated to witness a high rate of big data implementation across its core company. Moreover, awareness regarding implementing the most appropriate big data technology tools is well known in the North American region. European countries such as France and Germany are estimated to maintain a strong position in the global big data market. The development in the Asia Pacific region is due to the huge investment done by the government and the presence of players in countries such as India, China, Japan, South Korea, among others.
The global Big Data market is very competitive with a stronghold of a few key players. Key industry players in the global big data market are IBM Corporation, Splunk Inc., Dell Inc., Amazon Web Services, Inc., Accenture, International Business Machines Corp., Cisco Systems Inc, Cloudera Inc., EMC Corporation, HP, Microsoft, Hitachi Data Systems Corporation, others.
- On Cloud
- Structured data
- Unstructured data
- Semi-structured data
- Academic & research institutions
- Banking, financial services & insurance (BFSI)
- Energy & utility
- Government & defense
- Healthcare & life sciences
- IT & telecommunication
- Media & entertainment
- Retail & consumer goods
- North America
- Asia- Pacific
- Middle East and Africa
- Latin America