Big Data Market by Component (Services, Software), Type (Structured Data, Unstructured Data), Depoyment, Vertical - Global Forecast 2024-2030

Big Data Market by Component (Services, Software), Type (Structured Data, Unstructured Data), Depoyment, Vertical - Global Forecast 2024-2030

The Big Data Market size was estimated at USD 221.84 billion in 2023 and expected to reach USD 250.48 billion in 2024, at a CAGR 13.51% to reach USD 538.64 billion by 2030.

Big data refers to large volumes of structured and unstructured data that businesses, organizations, and individuals generate at an unprecedented rate. The big data market constitutes the sale of software, infrastructure, and services used to store, manage, and analyze large volumes of data that are too complex for traditional data-processing application software. The growing adoption of cloud-based solutions globally and the growing demand for predictive analytics tools are contributing to growth in the market. The increasing need for data analytics to derive actionable insights further fuels market growth. However, data privacy and security concerns and the need for more skilled professionals pose a considerable challenge for organizations. Increasing investments by organizations in data governance and cyber security solutions encourages the development of real-time analytics. In addition, the expansion of Internet of Things (IoT) devices generating new data sources is expected to create opportunities for market expansion.

Regional Insights

North America has a highly mature big data market, with a substantial presence of major technology firms actively investing in data analytics and cloud services. The United States has advanced analytics platforms, a strong focus on innovation through R&D, and a favorable regulatory environment for the growth of big data technologies. South American countries are also progressing, with investments in smart city projects and eCommerce platforms contributing to the growth of big data analytics. The Asia-Pacific region has witnessed rapid growth in the big data market, driven by economic powerhouses such as China, India, Japan, and South Korea. There is significant governmental backing for technology initiatives, especially in China and Singapore, where the respective governments are prioritizing Big Data as a strategic asset. However, the level of technological maturity and adoption varies widely among Asia-Pacific countries. In Europe, companies display a high adoption rate for big data solutions, driven by robust data protection regulations, including the General Data Protection Regulation (GDPR) that mandates attentive management of personal data. GDPR has set a data privacy and protection benchmark, influencing global companies' data strategies. With its smart city initiatives the Middle East and Africa such as Dubai Plan 2021, and City of Cape Town is also a significant growth area for big data applications, often in collaboration with international tech firms.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Big Data Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing need for data analytics to derive actionable insights
• Rise in adoption of cloud-based solutions globally
• Growing demand for predictive analytics tools

Market Restraints

• Data privacy and security concerns

Market Opportunities

• Increasing investments by organizations in data governance and cyber security solutions
• Expansion of Internet of Things (IoT) devices generating new data sources

Market Challenges

• Scarcity of skilled professionals

Market Segmentation Analysis

• Component: Rising demand for Software tailored to organizations' requirements for more control and customization
• Type: Growing demand for innovative solutions in the unstructured data domain to cope with the volume and intricacy of the data
• Deployment: Growing preference for on-cloud deployment models across SMEs
• Vertical: Growing utilization of big data to improve autonomous driving systems

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Big Data Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Big Data Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

MultiversX partners with Google Cloud to boost AI and big data in Web3

MultiversX Labs partnered with Google Cloud to unveil at the xDay Conference, which signifies a concerted effort to synergize AI and big data within blockchain technology. By integrating Google Cloud's BigQuery, this alliance promises to enhance analytical capabilities for Web3 developers, offering profound insights into blockchain operations.

Fujitsu and TOPPAN Holdings collaborate to expand medical big data business

Fujitsu Limited partnered with TOPPAN Holdings Inc. to enhance the medical big data sector, aligning with Japan's Next Generation Medical Infrastructure Act and striving to support a society marked by health and longevity. This collaboration unites TOPPAN Holdings' sophisticated analysis techniques with Fujitsu's data cleansing prowess within an anonymized electronic medical record database, setting the stage for precise medical big data analysis and refined R&D support services.

Fifth Third Completes Acquisition of Big Data Healthcare, Further Accelerating Bank’s Digital Payments and Managed Services Offerings

Fifth Third Bancorp acquired Big Data LLC to expand its healthcare revenue cycle management offerings, enhancing its commitment to innovating the healthcare sector. The addition of Big Data Healthcare's prowess in intelligent data automation and its flagship FUSE platform, a bank-agnostic online portal, streamline remittance reconciliation processes and augment data visibility, seamlessly integrating with clients' existing systems.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Big Data Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Big Data Market, highlighting leading vendors and their innovative profiles. These include , Google LLC by Alphabet Inc., Accenture PLC, Adobe Inc., Alteryx, Inc., Amazon Web Services, Inc., Ataccama Corporation, Bigeye Inc., BigPanda, Inc., Broadcom, Inc., Cloud Software Group, Inc., Cloudera, Inc., Equifax Inc., Firebolt Analytics Inc., Hewlett Packard Enterprise Company, Hitachi, Ltd., Imply Data, Inc., International Business Machines Corporation, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB, Salesforce, Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Splunk Inc. by Cisco Systems, Inc., Teradata Corporation, and Wipro Limited.

Market Segmentation & Coverage

This research report categorizes the Big Data Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Component
• Services
• Consulting & System Integration
• Managed Services
• Training & Support
• Software
• Big Data Analytics
• Data Discovery & Visualization
• Data Management
• Type
• Structured Data
• Unstructured Data
• Depoyment
• On-Cloud
• On-Premise
• Vertical
• Aerospace & Defense
• Automotive, Logistics, & Transportation
• Banking, Financial Services & Insurance (BFSI)
• Energy & Utility
• Government & Public Sector
• Healthcare & Life Sciences
• IT & Telecommunication
• Manufacturing
• Media & Entertainment

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year