New York, US, May 12, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Big Data Market Information by Component, By Technology, By Organization Size, By Development, By End User And By Region –Market Forecast Till 2030.
Market Synopsis
Big Data refers to large volumes of structured, semi-structured, and unstructured data that are generated from various sources such as social media platforms, e-commerce websites, sensors, and mobile devices. The data is too complex and voluminous to be processed by traditional data management tools, which is where Big Data technologies come in.
Big Data has numerous uses across industries such as healthcare, finance, retail, and transportation. In healthcare, Big Data is used to improve patient outcomes and reduce costs by analyzing patient data to identify patterns and trends. In finance, it is used for fraud detection and to analyze customer behavior to improve marketing strategies. In retail, it is used for personalized marketing and inventory management, while in transportation, it is used for predictive maintenance and optimizing route planning.
September 2021
IBM announced its latest offering, IBM Cloud Pak for Data 4.0, which includes new data and AI capabilities for unstructured data. The new features allow users to extract insights from audio, video, and text data using natural language processing and speech-to-text technologies.
Market Competitive Landscape:
The affluent companies in the Big Data industry include
- Fair Isaac Corporation
- Accenture
- Cloudera Inc
- Teradata Corporation
- Microsoft Corporation
- Splunk Inc
- Amazon Web Services
- Cisco Systems Inc
- Hewlett Packard Enterprise Company
- Tableau Software
- SAP SE
- Hitachi Ltd
- Oracle Corporation
- Dell Technologies
- IBM Corporation
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Big Data Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 297.00 Billion |
| CAGR during 2022-2030 | 14.50% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | Increasing government investments in digital technology and expanding access |
Market USP Covered:
Market Drivers:
The Big Data Market is driven by several factors, including the growing volume of data generated by organizations, the increasing adoption of cloud-based technologies, and the rising demand for real-time analytics and insights. Additionally, the development of artificial intelligence and machine learning technologies is driving the market growth.
The growing volume of data generated by organizations is creating a need for advanced Big Data technologies that can process, store, and analyze large volumes of data quickly and efficiently. Cloud-based technologies are also driving the market growth, as they offer scalability, cost-effectiveness, and easy accessibility. The demand for real-time analytics and insights is another driving factor, as organizations seek to make data-driven decisions quickly to stay ahead of the competition.
Market Restraints:
One of the primary challenges faced by the Big Data market is the shortage of skilled professionals with expertise in Big Data technologies. The field of Big Data requires specialized skills in data management, analysis, and interpretation, which are not typically taught in traditional academic programs. As a result, many organizations struggle to find qualified personnel to manage their Big Data initiatives, leading to a skills gap in the market.
Another challenge faced by the Big Data market is the lack of data privacy and security regulations. The vast amounts of data generated by organizations pose significant privacy and security concerns, especially when sensitive information is involved. The lack of clear regulations and guidelines for handling Big Data can hinder the adoption of Big Data technologies by organizations. Organizations may be hesitant to invest in Big Data solutions if they perceive the risks associated with data privacy and security to be too high. As a result, the lack of data privacy and security regulations can limit the growth potential of the Big Data market.
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COVID 19 Analysis
The COVID-19 pandemic has accelerated the adoption of Big Data technologies, as organizations seek to gain insights into the rapidly changing market conditions and consumer behavior. The pandemic has also highlighted the importance of real-time analytics and insights for making quick decisions.
In the post-COVID scenario, the Big Data Market is expected to continue growing, as organizations prioritize data-driven decision-making and invest in advanced Big Data technologies to gain a competitive edge.
Market Segmentation
By Component
The Component in the market includes Hardware, Software, And Service.
By Technology
The Technology in the market includes Predictive Analytics, Machines Learning, And Hadoop.
By Organization Size
The Organization Size in the market includes Large Enterprise And Smes.
By Development
The Development in the market includes On-Premise And Cloud.
By End-User
The End-User in the market includes BFSI, Manufacturing, IT, and Government.
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Regional Insights
North America, Asia-Pacific, and Europe are the top regions for the Big Data Market. North America is the largest market, driven by the presence of leading Big Data vendors and the growing adoption of cloud-based technologies. The Asia-Pacific region is the fastest-growing market, driven by the increasing adoption of Big Data technologies in emerging economies such as China and India. Europe is also a significant market, driven by the increasing adoption of Big Data technologies in industries such as healthcare and finance.
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