Big Data Market | Market Insights, Key Trends, Dynamics & Major Players

The Global Big Data Market Size accounted for USD 163.5 Billion in 2021 and is projected to occupy a market size of USD 473.6 Billion by 2030 growing at a CAGR of 12.7% from 2022 to 2030.

Growing penetration of the internet and an increasing number of smartphone users are primary factors that are driving the global big data market. A single internet user, for example, generates approximately 1.7 megabytes of data per second. According to projections, the internet will contain 165 zettabytes of data by 2025.

Big Data Market Dynamics

Growing Trend of Social Media Analytics

Retail, hospitality, travel, and other industries are increasingly implementing cloud-based and AI-driven social media analytics solutions to support market expansion. Analytics-based AI services are becoming more and more common in developed nations like the U.K., the U.S., France, Japan, and others. As businesses look to use information assets to enhance customer relationships, business results, and operational efficiency, big data analytics is in high demand. Keeping up with the evolving needs and expectations of burgeoning big data analytics users, however, has grown more difficult. On the other hand, new big data analytics trends like text analytics and social media analytics are expected to open up a lot of business opportunities.

Big Data Market Statistics

Global big data market revenue valued at USD 163.5 Billion in 2021, with a 12.7% CAGR from 2022 to 2030
Recent big data statistics reveal that more than 97% of key global businesses plan to invest in big data and AI
Over 58% of the world's large and small businesses are focusing to implement big data technology
North America big data market share occupied around 35% in 2021
Asia-Pacific big data market growth is estimated to attain 14% CAGR from 2022 to 2030
By component, the services sub-segment grabbed revenue of USD 75.2 billion in 2021
Based on industry vertical, the BFSI sub-segment gathered US$ 29.4 billion in revenue in 2021
An increasing number of social media users is a prominent big data market trend driving the industry demand
According to a recent study, there were 4.95 billion active social media users worldwide in January 2021

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Growing Implementation across Businesses to Generate Lucrative Opportunities

The growing implementation of big data across enterprises is expected to provide key players with numerous opportunities as well as optimize their growth. Since big data facilitates the gathering and analysis of the enormous amounts of data that governments and businesses deal with on a daily basis, this technology is gaining the much-needed traction. Additionally, as big data analytics software enables organizations to study the factors influencing outcomes and provides the power of decision optimization, the increased need to gain insights for business planning is expected to provide lucrative opportunities for market expansion.

Growth in Security Concerns Restricts the Big Data Market Growth

Data misuse, whether intentional or unintentional, can have serious legal ramifications for both organizations and customers. To ensure that no data usage violates government laws, businesses should explicitly state clauses related to data usage, process, and detainment in their project contracts. The rate of data intrusions is increasing in tandem with the constant evolution of technologies. As a result, while improving analytics solutions for various vertical-specific applications, data privacy and security are critical.

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Big Data Market Segmentation

The global market has been split into components, deployment model, business function, application, industry vertical, and region.

Hardware, software, and services are the three components of the component segment. Based on the deployment model, the market is divided into three segments: on-premise, cloud-based, and hybrid. Finance, sales and marketing, human resources, and operations are the business function segments. Customer analytics, operational analytics, fraud detection, compliance, data warehouse optimization, and other applications are covered in the application segment.

Furthermore, the industry vertical segment is split into manufacturing, media & entertainment, BFSI, IT & telecommunication, healthcare, energy and power, retail & e-commerce, government, transportation, and others.

Big Data Market Share

According to our big data market forecast, the services sub-segment will account for the majority of the market share in 2021. In terms of growth, the software will see rapid expansion in the coming years.

Among deployment models, the on-premise sub-segment dominated the market and is expected to continue to do so in the coming years. Meanwhile, the cloud-based and hybrid segments are expected to grow at a rapid pace between 2022 and 2030.

As per our big data industry analysis, the finance business function dominated the market with the utmost shares in 2021 and will continue to do so in the coming years.

Based on our industry vertical analysis, BFSI will lead the market in terms of revenue, whereas retail & e-commerce will lead in terms of growth from 2022 to 2030.

Big Data Market Regional Outlook

North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa account for the majority of the worldwide big data industry. The emergence of big data technology has provided numerous opportunities for businesses to manage valuable data streams and transform them into valuable information. The regional market demand is expected to be driven by high usage in the retail and healthcare sectors. Asia-Pacific is expected to have the highest CAGR during the forecast period, owing to enormous growth in transactions and business strategies such as mergers and acquisitions and joint ventures across all industry verticals.

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Big Data Market Players

Some prominent big data companies covered in the industry include Alteryx, AWS, Cloudera, Equifax, Inc. Google, IBM, Oracle, Microsoft, SAS, SAP, TIBCO, Teradata, Salesforce, Qlik, and VMware.

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