Growing adoption of technologies and digital transformation in large and small & medium enterprises is the major factor driving the growth of the big data market
The global big data market size is anticipated to reach over USD 267 billion by 2025. In addition, it is expected to exhibit a CAGR of over 12% during the forecast period 2020-2025. Big data is major concept that contains billions and trillions of data sets and records of various content and information from various sources. Big data services and solutions analyze and store unstructured and structured data from numerous IT operations and convert them into significant insights and information.
The existing and future big data market developments are defined to determine the attractiveness of the market. Key impacting factors highlight the big data market opportunities throughout the forecast period. Factors such as the reduced technology costs and development of open source big data software frameworks are driving the market growth. Also, the growing adoption of technologies and digital transformation in large and small & medium enterprises is also a crucial factor in boosting the demand for big data solutions and services. However, the complexity in insights extraction and lack of skilled workforce are expected to hamper the market growth. Furthermore, the integration of IoT, AI, and blockchain with big data is expected to create lucrative opportunities for the market in the upcoming years.
The report also highlights numerous aspects of the global big data industry by evaluating the market through value chain analysis. Besides, the report covers numerous qualitative aspects of the big data industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market rivalry along with company profiling of local as well as global vendors.
The big data market has strong competition among the well-established as well as new emerging players. Also, the big data industry players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on the component segment, the market is divided into solutions and services. In 2019, the solutions segment gathered the highest market revenue and it is anticipated to dominate the big data market throughout the forecast period. However, the services segment is expected to gather the highest CAGR throughout the forecast period.
The North America region dominated the overall market in 2019 and it is expected to do so throughout the forecast period 2020-2025. The dominance of this region mainly attributed to the presence of major market players such as Amazon Web Services (AWS), IBM, Microsoft, Google, and others in this region. However, the Asia-Pacific region is anticipated to experience the highest growth during the forecast period. The growth of this region is mainly accredited to the penetration of new technologies such as connected devices, IoT, and the development of the banking & insurance industry in this region.
The major players of the global big data market are Amazon Web Services (AWS), Microsoft, IBM, Google, Salesforce, Oracle, SAS, Cloudera, SAP, Teradata. Moreover, the other potential players in the Big Data Market are Fair Isaac Corporation, TIBCO Software, Splunk, Micro Focus, and MicroStrategy. The recognized companies are coming up with innovative and advanced solutions and services. For instance, In February 2020, Google announced the acquisition of Looker, an American data company. With this acquisition, Google is planning to overtake its cloud competitors Microsoft and Amazon.
Segment Overview of Global Big data Market
Component Overview, 2018-2025 (USD Billion)
Function Overview, 2018-2025 (USD Billion)
- Human Resources
- Marketing and Sales
Industry Vertical Overview, 2018-2025 (USD Billion)
- IT & telecom
- Government and Defense
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America