Global Big Data Market Forecast 2020 - IBM, Dell Inc, Google, NetApp Inc, Amazon Web Services, Microsoft

Global Big Data Market Outlook

Market Overview

Big data and cloud computing is a perfect combination mainly for addressing security concerns. The constant evolution of big data and cloud computing is providing cost-effective, efficient and powerful infrastructures to support business analytics. The big data market is experiencing massive growth owing to the remarkable increase in organizational data and spending on R&D. Global organizational spending is estimated to reach over USD 500 billion by the end of 2024. An increasing number of heterogeneous data generated from web clicks boosting the necessity to manage and monitor the data which will significantly impel the big data market growth in the near future.

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Leading industry players such as IBM, HP, Google, SAP, Cloudera, and Oracle, are progressively investing in R&D, for the development of unified big data, solutions to provide improved analytics and integrated management of data. Companies are focusing on mergers and acquisitions to diversify their product portfolio with big data and mainframe technologies. For instance, in 2015, Microsoft acquired Revolution Analytics to expand its business for cloud base platform. Similarly, IBM acquired Cloudant and Cleversafe to strengthen its cloud platform business.

Market Segmentation: Global Big Data Market is categorized on the following basis:

Based on Type of Data:
Unstructured Data
Structured Data
Based on Components

Hardware
Software
Services
Based on Application

Financial Analytics
Risk Analytics
Customer Analytics
Operational Analytics

Market Size and Forecast (2016-2024)

The global big data market is expected to grow at a CAGR of 22.4% during the forecast period and reaches USD 200 billion by 2024.
North America likely holds the largest share of the global big data market in 2016 and is expected to dominate the market during the forecast period. North America's big data market is expected to grow at a CAGR of 15.6% during the forecast period and over the forecast period. Huge penetration of advanced technologies and an increase in data generation from different industries is driving the growth of the big data market in the region. Europe holds the second-largest share in the global big data market and it is expected to grow at a CAGR of 19.1 % during the forecast period.

Rising manufacturing industries in Asia Pacific predicts APAC be the fastest-growing region for global Hadoop market. Countries such as Japan, India, and China are expected to lead the entire big data market in the Asia-Pacific region over the forecast period. Latin America and MEA regions currently hold the smallest share in terms of revenue of the global big data market, also show great potential to garner untapped business opportunities for big data analytics and services during the forecast period.

Market Drivers and Challenges

Continuous generation of the abundant volume of data by various sectors is raising the need for analysis of these data and significantly propelling the business prospects for big data analytics. Cloud computing provides cost-effective, flexible and secure storage of data. Affordable open source storage such as Hadoop and vast technological advancement provide ease for accessibility of data at any place and at any time consumers are accelerating the demand for big data market.

However, managing an enormous amount of data is the biggest challenge for the expansion of big data business. For instance, Twitter generates 7+ terabytes (TB) and Facebook generates 10 TB per day. As more than 82% of the data that is generated from various industries are in an unstructured form. Samanage variety of data types, sources, and formats is likely to create an obstruction for big data markets. Moreover, improper use or access of data and lack of trained resources to manage data are hindering required growth for big data market across the globe.

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