Global Big Data Market – Overview
According to Market Research Future (MRFR), the global Big Data Market is poised to create a valuation of USD 17,278.13 MN by 2023, posting a whopping double-digit CAGR of 20.69 % during the forecast period (2017-2023). There is tremendous application potential for big data as enterprises are increasingly investing in the technology to streamline their business operations. Moreover, the rising uptake of big data analytics and services, such as descriptive and predictive/ prescriptive to handle massive data sets, escalate market growth.
Players leading the global big data market include IBM Corporation, Cisco Systems Inc., Microsoft Corporation, Amazon Web Services, Dell Technologies, Oracle Corporation, Hitachi Ltd., Teradata Corporation, Cloudera Inc., SAP SE, Tableau Software, Accenture PLC, Fair Isaac Corporation, Splunk Inc., and Hewlett Packard Enterprise Company, among others.
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The big data market is growing profusely, witnessing the rising demand to manage and process structured and unstructured data. A massive amount of unstructured data gets generated by industries every day, especially by IT service proving companies. Big data analytics enable the development of data-driven applications targeted to improve business agility. Besides, the continually increasing adoption of big data analytics across the end-user sectors drives the growth of the market.
Additionally, the rapid developments of IT infrastructures foster the growth of the big data industry. Moreover, the cost benefits offered by the deployment of cloud-based big-data infrastructures propel the big data software market growth. Most enterprises harness big data capabilities for product cross-selling, financial risk management, regulatory compliance management, and other purposes, increasing the adoption of big data analytics.
Global Big Data Market – Segments
The report is segmented into six dynamics;
By Component : Hardware, Software, and Services.
By Technology : Predictive Analytics, Machines Learning & Data Mining, Natural Language Processing, Stream Processing, Hadoop, NoSQL, MPAD, and others.
By Organization Size: SMEs and Large Enterprise.
By Deployment : On-Premise and On-Cloud.
By End-User : Manufacturing, BFSI, IT & Telecommunications, Government, Transportation, Energy & Utilities, Healthcare, Retail, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Global Big Data Market – Geographical Analysis
North America dominates the global big data market. The significant market share attributes to the increasing advances in information technology and the early adoption of advanced technologies. Besides, the strong presence of many notable players and well-established healthcare sectors in the region foster market growth.
Moreover, high R&D expenditures to develop and implement big data solutions in the region positively impact the growth of the market. The North American big data market is projected to retain its dominance, growing at 12.4% CAGR throughout the estimated period.
Europe holds the second-significant share in the global big data market. The market growth is propelled by the presence of many big data companies and well-established development centers, allowing the early adoption of advanced technologies. Additionally, augmenting demand for data analytics to manage the vast amount of big data substantiates regional market growth. The European big data market is forecasted to create a substantial revenue pocket during the assessment period.
The Asia Pacific big data market is growing rapidly. Factors such as increasing R & D activities and investments in big data analytics developments influence the big data software market. China and India account for leading shares, driving the growth of the regional market. The APAC big data is expected to grow at an impressive CAGR during the review period.
Big Data Analytics in Healthcare Market – Competitive Analysis
Highly competitive, the global big data market appears fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive share, players incorporate strategies, such as collaborations, mergers & acquisitions, expansion, and product/technology launch. These technology providers make substantial investments for the development of novel technologies and upgrades. Industry players focus on optimized situational awareness for customers to ensure their mission success.
October 13, 2020 —- Vodafone Idea Limited (VIL), an Indian telecom operator, announced the expansion of its partnership with IBM, selecting its open source at scale across the enterprise by implementing the Big Data Platform on open-source Hadoop framework. IBM has been a strategic IT partner to Vodafone Idea for more than fourteen years now. VIL is looking to improve the customer experience for its enterprise partners by adopting open source big data technology by US-based IT services major IBM.
The partnership would build on an existing collaboration between Vodafone Idea and IBM and Red Hat to accelerate network and IT modernization. The partnership would also allow Vodafone Idea, recently rebranded into VI, to accelerate digital transformation for its enterprise customers.
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