Westford, USA, Oct. 08, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Big Data Market will reach a value of USD 573.9 billion by 2031, with a CAGR of 12.72% during the forecast period (2024-2031). The big data market is progressing with growing significance among businesses and enterprises on a global scale. Big data is proving its usefulness to businesses of all sizes and types in different industries. Companies that use advanced big data understand its advantages from increased visibility in changing surroundings and enhanced efficiency in operations to maximization of services and products for consumers. The growing generation of data and advancements in technologies are significantly propelling the big data market.
Download a detailed overview:
https://www.skyquestt.com/sample-request/big-data-market
Browse in-depth TOC on the "Big Data Market"
Pages – 214
Tables – 95
Figures – 76
Big Data Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 220.2 billion |
| Estimated Value by 2031 | USD 573.9 billion |
| Growth Rate | Poised to grow at a CAGR of 12.72% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Business Function, Data Type, Vertical |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Integration of Machine Learning and Artificial Intelligence |
| Key Market Drivers | Growing Adoption of Databases in Industries |
Software Segment to Register Notable Growth Owing to Exhaustive Solution Offering
By component, the software segment held a significant share of the market and will continue to lead over the forecast period owing to comprehensive solution offering of business intelligence solutions, credit risk management, compliance analytics, CRM analytics, and employee analytics. This solution empowers employees with insights and visualization in real-time, allowing enhanced decision-making, thus impacting the segment’s growth. The hardware segment is anticipated to grow at a speedy rate. Hardware comprises connected devices, advanced and smart devices that are vital for analytics in real-time. Owing to these features, the segment is anticipated to present notable growth over the forecast period.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/big-data-market
BFSI Segment to Lead the Market Due to Increasing Need for Analytics to Manage Data Volume
By industry vertical, the BFSI segment registered a majority share of the market in the past years and will continue to lead in future as well since these solutions aid the BFSI industry to obtain, expand, and retain its customers in a better way. Also, the sector produces huge quantities of data from diverse sources like market activities, customer interactions, transactions, and regulatory compliance reports, which need advanced big data analytics for better management. The retail segment is anticipated to grow steadily over the forecast period owing to increasing use of analytics technologies and solutions by retailers. This helps them to understand customer preferences better and market dynamics, thus driving the segment growth.
North America to Dominate the Market Owing to Mounting Adoption of Big Data Solutions
Geographically, North America held a notable market share in the past years and is anticipated to lead the market in future as well owing to technological advancements and growing adoption of big data solutions. The region holds a strong presence of innovative newbies or startups and technology giants, impacting speedy advancements in big data tools. Also, companies in North America are speedy adopters of big data tools, helping them in efficiency and competitive advantage, thus impacting the regional growth.
Asia-Pacific is observed to be the fastest growing region owing to expanding digitalization and speedy economic growth. Increasing adoption of digital technologies, comprising IoT devices, smartphones, tablets, and more is fueling the development and implementation of huge data quantities. Also, the developing nations of the region are witnessing speedy economic growth, resulting in expanded data generation and the need for big data tools.
Big Data Market Insight
Drivers:
- Innovations in ML, AI, Cloud Computing, and Data Analytics Tools
- Growing Demand for Real-Time Analytics
- Integration with Emerging Technologies
Restraints:
- Data Privacy and Security Issues
- Data Integration Concerns
- Lack of Skilled Professionals
Prominent Players in Big Data Market
The following are the Top Big Data Companies
- Amazon Web Services Inc. (United States)
- International Business Machines Corporation (United States)
- Looker Data Sciences, Inc. (United States)
- Mu Sigma (United States)
- Oracle Corporation (United States)
- SAP SE (Germany)
- Sisense Inc. (United States)
- Tableau Software LLC. (United States)
- ThoughtSpot Inc. (United States)
- Zoho Corporation Pvt. Ltd. (India)
Key Questions Answered in Global Big Data Market Report
- What is the projected size of the Global Big Data Market by 2031, as per SkyQuest Technology?
- By Component, which segment is leading in the Big Data Market, and why?
- What are the opportunities for the industry players in the Big Data Market?
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/big-data-market
This report provides the following insights:
Analysis of key drivers (cost reduction in storage, growing regulatory compliance, increasing number of industry-specific applications), restraints (high initial investment, complexity of data management, data quality issues), opportunities (enhanced data analytics, IoT data use, growth of cloud computing), and challenges (scalability issues, intricate data governance, ethical considerations) influencing the growth of big data market.
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the big data market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the big data market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Artificial Intelligence Market
Internet Of Things (IoT) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
