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.
Big data is primarily intended to analyze, process, and extract information from massive amounts of data and extremely complex structures. Big data analytics are widely associated with many other massively augmented technologies such as artificial intelligence (AI), deep learning, machine learning, and the Internet of Things (IoT) among the larger concepts of rage in technology. The rising adoption of big data analytics across a range of industries is a key factor that is driving market growth. This technology is gaining much-needed popularity because it aids in the collection and analysis of massive amounts of data that businesses and governments deal with on a daily basis.
Big Data Market Report Statistics
Global Big Data Market Dynamics
Big Data Market Report Coverage
|Market||Big Data Market|
|Big Data Market Size 2021||USD 163.5 Billion|
|Big Data Market Forecast 2030||USD 473.6 Billion|
|Big Data Market CAGR During 2022 - 2030||12.7%|
|Big Data Market Analysis Period||2018 - 2030|
|Big Data Market Base Year||2021|
|Big Data Market Forecast Data||2022 - 2030|
|Segments Covered||By Component, By Deployment Model, By Business Function, By Application, By Industry Vertical, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Accenture, Alteryx, AWS, Cloudera, Equifax, Inc. Google, IBM, Oracle, Microsoft, SAS, SAP, TIBCO, Teradata, Salesforce, Qlik, and VMware.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Big Data Market Growth Factors
The advent of the COVID-19 pandemic favored the exponential growth of big data and business analytics. During the pandemic period, the growing trend of working from home and remote work culture was a primary factor driving the global big data market. Furthermore, big data analytics solutions have significantly benefited the healthcare sector. The growing number of COVID patients in hospitals generated a large amount of healthcare data, which big data solutions easily handled and catered to in a well-structured manner. However, surging privacy and data security concerns may limit market growth during the forecast period. Users store confidential information and data on big data platforms related to their business operations. Nevertheless, there are potential vulnerabilities and liabilities in managing and storing the documents.
The adoption of cloud computing is a very prominent aspect that is boosting the global big data analytics market growth. The advent of cloud computing has simplified data storage, making it more secure, cost-effective, and flexible. Furthermore, rapid growth in smart payment technologies is another aspect that is anticipated to generate numerous growth opportunities for the market during the forecast timeframe from 2022 to 2030. Contactless and smart payments complement each other. Contactless payments simplify the task of transferring money between multiple parties; IoT automates and connects various processes and tasks. Many digital firms are utilizing machine learning to gather insights from the commerce sector.
Big Data Analytics Market Segmentation
The global big data market is segmented based on component, deployment model, business function, application, industry vertical, and geography.
Big Data Market By Component
As per the big data industry analysis, services sub-segment achieved a significant market share in 2021 and is expected to do so in the coming years. The services segment is further bifurcated into Hadoop as a service, data as a service, analytics as a service, consulting services, and deployment and integration service. However, the software component is expected to witness a fastest growth CAGR during the projected timeframe from 2022 to 2030.
Big Data Market By Deployment Model
Based on our deployment model analysis, on-premise will lead the segment with utmost shares in 2021, whereas the segment will also continue to lead the market in the coming future. On the other hand, the public cloud among cloud segment generates significant market revenue during the forecast period. A public cloud is a collection of hardware, storage, networking, services, applications, and interfaces owned and controlled by a third party and made available to other businesses and individuals.
Big Data Market By Business Function
Finance is a very important segment of all business functions because the entire enterprise's financial status is dependent on it. As a result, many banking and financial titans rely heavily on big data analytics to increase economic stability and provide precise funding ideas. Sales and marketing, on the other hand, are gaining traction in the big data analytics space, heavily utilizing its services and assisting in increased revenue generation and business expansion.
Big Data Market By Business Application
On the basis of application, customer analytics is a very prominent application that has been used by end-users. The growing social media platforms, increasing e-commerce industry, and rising internet penetration will support customer analytics. Meanwhile, fraud detection is poised to grow at an exponential rate owing to the increase in fraudulent activities across the world.
Big Data Market By Industry Vertical
The BFSI industry is dubbed as the major revenue generating segment and is rushing to the same path. The increasing demand for real-time feedback on services is driving the adoption of big data in the BFSI industry vertical. Big data analytics are being used to help the BFSI sector effectively acquire, grow, and retain customers. During the forecast period, the retail & e-commerce segment is anticipated to grow at the highest CAGR. Retail & e-commerce are using cutting-edge analytical tools to better understand consumer preferences and shifting market trends.
Big Data Market Regional Outlook
The Middle East & Africa
Big Data Market Regional Analysis
According to our big data regional analysis, North America is currently leading the market and is expected to lead throughout the forecasted timeframe from 2022 to 2030. Extensive adoption of big data analytics solutions in industries such as BFSI, Retail & E-Commerce, IT & telecom, and healthcare among other in the United States is a leading aspect that is driving the global North American big data market. Additionally, the rapid adoption of technologies such as AI, machine learning, Hadoop, and IoT are also favoring the American market growth. Meanwhile, Asia-Pacific region is expected to record a substantial growth rate during the projected years from 2022 to 2030. The APAC’s big data market is expanding as a result of the expanding use of big data technologies like Apache and Hadoop, IoT devices, the expansion of the insurance and banking industries, and the penetration of novel technologies like connected devices.
Big Data Market Players
Some of the leading big data companies include Accenture, Alteryx, AWS, Cloudera, Equifax, Inc. Google, IBM, Oracle, Microsoft, SAS, SAP, TIBCO, Teradata, Salesforce, Qlik, and VMware.
The market size of big data market in 2021 was accounted to be USD 163.5 Billion.
The projected CAGR of big data market during the analysis period of 2022 to 2030 is 12.7%.
The prominent players of the global big data market include Accenture, Alteryx, AWS, Cloudera, Equifax, Inc. Google, IBM, Oracle, Microsoft, SAS, SAP, TIBCO, Teradata, Salesforce, Qlik, and VMware.
North America held the dominating big data during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for big data during the analysis period of 2022 to 2030.
Exponential rise in data volume, growing application of cloud computing, and implementation of digital transformation across industries drives the growth of global big data market.
Based on component, services segment is expected to hold the maximum share of the big data market.