Pune, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Big Data Market Size Analysis:
“The SNS Insider report indicates that the Big Data market size was valued at USD 325.4 billion in 2023 and is expected to grow to USD 1035.4 billion by 2032, with a compound annual growth rate (CAGR) of 13.74% over the forecast period of 2024-2032.”
Demand for Big Data solutions is mainly due to the explosion of data generated in industries such as healthcare, retail, finance, and manufacturing. The use of analytics for insights into large data sets has become an essential need for every organization due to ongoing digital transformation. As the number of Internet of Things devices, usage of various social media platforms, and enterprise applications are generating a huge volume of data every second, which in turn needs Big Data technologies to process further, also with the rising adaptation of artificial intelligence and machine learning further improving the effectiveness of big data analytics, enabling more companies to achieve real-time insights, automate processes, and make better decisions. Cloud computing has been a game-changer, providing economical, scalable solutions that have made big data tools available to organizations of all sizes. Big Data, on the other hand, is being utilized in various sectors such as healthcare to drive better patient results, and retail also utilizes it to improve customer experience and make supply chain management better. An increasing trend toward predictive analytics, real-time data processing, and data visualization will most likely VAULT the market.
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Major Players Analysis Listed in this Report are:
- IBM
- Microsoft
- Oracle
- SAP
- Amazon Web Services (AWS)
- Cloudera
- Teradata
- Hadoop
- Splunk
- SAS
- Snowflake
Big Data Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 325.4 Billion |
| Market Size by 2032 | USD 1035.2 Billion |
| CAGR | CAGR of 13.74% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Sectors such as healthcare, retail, and finance are leveraging Big Data to enhance operations, predict trends, and improve customer experiences. |
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Segment Analysis
By Technology
In 2023, The analytics segment dominated the market and represented a significant revenue share. This is because data analytics is now being utilized in different industries – healthcare, media and entertainment, transportation, banking, transportation, logistics, food delivery, e-commerce and more. Organizations leverage these analytical capabilities on an ongoing basis to formulate ways to reduce errors and to win the competition. Moreover, according to several reports, big data analytics are expected to get into Cloud Data Centres to exploit their enormous computational power and plunder data in CDCs.
The visualization segment is expected to register the fastest CAGR during the forecast period. The key advantage of visualizing data is that data can be presented in a more understandable way to the public or certain audiences. Data visualization can be used to make a map from a government health agency, where you provide areas that have been vaccinated eventually during outbreaks. By visually presenting data or in a chart, Data Visualization makes it easier to spot correlations and trends in a data set.
Big Data Market Segmentation:
By Product
- Storage
- Server
- Network Equipment
By Technology
- Analytics
- Database
- Visualization
- Distribution Tools
- Others
By Service
- Consulting
- Deployment & Maintenance
- Training & Development
By End - Use
- BFSI
- Manufacturing
- Retail
- Media & Entertainment
- Gaming
- Healthcare
- Telecommunication
- Government
- Others
Regional Analysis
The North American big data market held a dominant share in 2023, accounting for 38% of total revenue. The growing utilization of big data solutions by several major companies in various sectors across this region has propelled the expansion of this regional industry over the past few years. Additionally, the increase in investment made by various organizations in research and development activities to increase efficiency and improve operational processes increases the growth of the market. As it has several organizations providing services, solutions, and technology support related to big data such factors further accelerate the North American big data market.
The Asia-Pacific region is expected to register the fastest CAGR during the forecast period. The entry of several businesses from multiple domains of industries in the region, a large population of consumers, unmatched growth in digital transactions, and increasing access to the availability of very large datasets drive this market. Proximity to several information & technology organizations and SMEs focusing on innovation and delivery of competitive big data solutions to its customers in the region. Such solutions are coupled with distributed processing, storage & management, analytics & visualization, data quality, etc.
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Recent Developments
In January 2024, Microsoft expanded its Azure Synapse Analytics offering to include new AI-powered features aimed at improving real-time data processing and analytics capabilities.
In February 2024, Google announced the launch of a new suite of Big Data tools within Google Cloud, designed to streamline data management and enhance predictive analytics for businesses.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Big Data Market Segmentation, by Product
8. Big Data Market Segmentation, By Technology
9. Big Data Market Segmentation, By Service
10. Big Data Market Segmentation, By End-use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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