Big Data Market, By Component (Hardware, Software, Services), By Deployment Mode (On-premise, Cloud-Based), By Analytics Tool (Dashboard & Data Visualization, Self-Service Tools, Data Mining & Warehousing, Reporting, Others), By Application (Supply Chain Analytics, Customer Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, Marketing Analytics, Transportation Analytics), By Industry Vertical (BFSI, Manufacturing, Healthcare, Government, Energy & Utilities, Transportation, IT & Telecom, Retail & E-commerce, Education, Others) By Region – Global Analysis Forecast Till 2030

The Worldwide Big Data Market is expected to reach $299.23 billion by 2030, at a CAGR of 15.6% from 2020 to 2030.

Despite the development of new storage technology, data size doubles roughly every two years. As a result, organizations are still having trouble keeping up with and successfully storing data.

However, merely storing data is insufficient. Data ought to be utilized for worthwhile purposes, depending on curation. It takes a lot of effort to arrange data such that it is clean, relevant to the client, and suitable for analysis. Before using the data, data scientists spend between 50 and 80 percent of their effort curating and organizing it.

Last but not least, big data technology is evolving very quickly. Apache Hadoop was a well-liked big data processing tool a few years ago. Then, in 2014, Apache Spark was released. The optimum strategy at this time seems to be a blend of the two frameworks. It's challenging to keep up with big data technologies.

Big data is generally used to analyze and extract information from exceedingly complex structures and vast amounts of data. In addition, many other significantly enhanced technologies, like artificial intelligence (AI), machine learning, deep learning and the Internet of Things (IoT), are frequently linked to big data analytics. As a result, big data analytics are increasingly being used in a variety of industries, which is a major reason for the big data market's expansion. Furthermore, because it facilitates the collection and analysis of the enormous volumes of data that organizations and governments deal with on a daily basis, this technology is gaining much-needed appeal.

Big data has become a crucial aspect of various industries, including healthcare, with the emergence of certified data analytics and big data solutions. The implementation of a robust big data platform, such as BigQuery, has enabled healthcare organizations to efficiently manage and analyze vast amounts of data. The utilization of big data in healthcare has opened up new possibilities for advanced data analytics, providing valuable insights for improved patient care, personalized medicine, and evidence-based decision-making. Effective big data management strategies are vital for ensuring data integrity, privacy, and security in this rapidly evolving field.

Market Dynamics:

Drivers:

Expanding industries may be aided by rising internet usage, including social media use and the rise of virtual workplaces online. Due to the World Wide Web's many benefits, which include limitless communication, easy sharing, a plethora of resources and information, and online services that regularly generate vast volumes of data, it is widely used.

Increasing business awareness of IoT devices, rising demand for big data tools and cloud technologies, rising government spending on developing digital technologies, and expanding data accessibility among businesses for gaining deeper insights and remaining competitive are additional factors driving the big data market growth.

Restraints:

Over the projection period, escalating worries about privacy and information security may limit big data market expansion. Users keep private data and information on big data platforms connected to their business operations. Unfortunately, there may be risks and weaknesses when managing and storing the records. In line with the increase in popularity, security worries about data breaches, application vulnerabilities, and information loss are also rising.

Key Players:

• IBM Corporation

• Dell Technologies

• Oracle Corporation

• Hitachi Ltd.

• SAP SE

• Tableau Software

• Hewlett Packard Enterprise Company

• Cisco Systems Inc.

• Amazon Web Services

• Splunk Inc.

• Microsoft Corporation

• Teradata Corporation

• Accenture PLC

• Cloudera Inc.

• Fair Isaac Corporation

Market Segmentation:

Big Data Market, By Component

• • Hardware

  • Software

  • Services

    • Implementation & integration service

    • Training & support service

    • Consulting service

Big Data Market, By Deployment Mode

• • On-premise

  • Cloud-Based

Big Data Market, By Analytics Tool

• • Dashboard & Data Visualization

  • Self-Service Tools

    • Role-Based Dashboards

    • Data Governance

    • Meta-Data Management

    • Visual Data Exploration

  • Data Mining & Warehousing

  • Reporting

  • Others

Big Data Market, By Application

• • Customer Analytics

  • Supply Chain Analytics

  • Marketing Analytics

  • Pricing Analytics

  • Spatial Analytics

  • Workforce Analytics

  • Risk & Credit Analytics

  • Transportation Analytics

Big Data Market, By Industry Vertical

• • BFSI

  • Manufacturing

  • Healthcare

  • Government

  • Energy & Utilities

  • Transportation

  • Retail & E-commerce

  • IT & Telecom

  • Education

  • Others

Big Data Market, By Region

• • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Netherlands

    • Rest of Europe

  • Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • LAMEA

    • Latin America

    • Middle East

    • Africa

Regional Analysis:

According to big data regional analysis, North America currently leads the market and is expected to lead from 2022 to 2030. BFSI, retail and e-commerce, IT and telecommunications and healthcare sectors in the US are the major sectors driving the global North American big data market.

Additionally, the rapid adoption of technologies such as AI, Machine Learning, Hadoop, and IoT also favors the US market growth. Meanwhile, the Asia-Pacific region is projected to register a significant growth rate during the forecast years from 2022 to 2030. The penetration of new technologies such as big data technologies such as Apache and Hadoop, IoT devices, expansion of insurance and banking industries, and connected devices drive APAC's big data market.

Scope Of the Report: 

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