Big Data Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Big Data Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

The need for efficacious analysis and management of a sea of information has become one of the top concerns across industries. While data analytics aids in addressing large-scale structured and unstructured data, it also helps with data management associated with the growing use of IoT-enabled devices. Fairfield Market Research in one of its recently released reports offers detailed growth forecast of global big data market. With exponential growing adoption of smart technology-enabled devices that further produce voluminous data, will supplement revenue growth of global big data market. Between 2019 and 2029, the market has been projected to experience 2.9x growth in revenue. The report considers 2022 – 2029 as the period of forecast and expects the market revenue to reach around US$395 Bn toward the end of forecast year. Big data market has been poised to witness nearly 11.5% growth in revenue during the period of forecast. The proliferating virtual office culture and increasing inclination toward remote working/work from home is touted as a significant push factor for big data market growth.

Key Insights and Trends Across Global Event Management Software Market

In 2019, the big data market valuation was nearly US$133 Bn

North America currently accounts for nearly 29% market value share, and will most likely hold a collective share of more than 55% with Europe

BFSI sector is slated to cement its dominance in the market with more than 40% share in overall demand, further followed by healthcare and life sciences, and manufacturing

IBM, HCL, Salesforce, SAS Institute, and Catapult are a few of the top players leading competitive landscape of global big data market

BFSI Registers over 40% of Total Adoption in Big Data Market

The report highlights the fact that global COVID-19 pandemic has played out as a booster to big data tools and technology adoption. The pandemic situation has given an indirect yet robust impetus to demand for big data tools and technologies. The pandemic presented big data technology vendors an opportunity to leverage the expanding remote working culture. In terms of the area of application, BFSI sector is expected to remain the prime adopter of big data technology and tools as banking and finance organizations seek a reliable solution to massive data analysis and management. While this segment currently accounts for more than US$75 Bn in revenue, it represents over 40% share in the total market valuation. Healthcare and life sciences, and manufacturing sectors follow, together capturing nearly 20% share in the global market valuation. Big data tools and technologies are further demonstrating deeper penetration across other end-use industries, including IT and telecom, retail, gaming, and media and entertainment. This is further projected to work in favour of big data market through 2029.

North America’s Lead Intact, Asia Pacific to Turn into a Hub of Opportunities in Big Data Market

With more than 29% revenue share, North America will remain at the forefront of big data consumption. The unprecedentedly thriving start-up culture across the region, especially in the US, will continue to provide a strong breeding ground to big data market here. Collectively with Europe, North America is likely to represent more than 55% share in the total market valuation. The report attributes Europe’s key positioning to impressive rate of big data adoption across Europe’s government and administrative sectors. However, the report spots the maximum market attractiveness in Asia Pacific that currently accounts for over 25% revenue share in the global big data market.

Key Competitors in Global Big Data Market

HCL, IBM, GlobalStep, Salesforce, EXL, SAS Institute, Catapult, TruMedia Network, ChyronHego, Stats Perform, Orreco, DataArt, Zebra Technologies, Quant4Sport, and Exasol are some of the significant companies covered in the competition analysis section of the global big data market.