The new report by Expert Market Research titled, ‘Global Big Data Technology Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global big data technology market, assessing the market based on its segments like offerings, deployments, applications, organisation sizes, end-uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028):17.1%
Organisations’ need to gather and analyse massive volumes of data to get insights and make educated decisions is predicted to drive the global market growth. The market is also expected to benefit from the increased integration of AI and machine learning.
Further, the increased adoption of cloud-based systems, combined with increasing internet penetration around the world, has resulted in a massive volume of data being transmitted via the internet, thereby propelling the market growth. Increasing smartphone penetration is further driving the big data technology market growth. Some of the other growth factors of the big data technology market include the increasing awareness of the Internet of Things (IoT) devices among organisations and increasing government investments in various regions for enhancing digital technologies.
Industry Definition and Major Segments
Big data is a term used to indicate a large collection of data that is rapidly growing. It refers to the enormous amount of data that is difficult to store, analyse, and convert using traditional management systems. Big data technologies relate to the software that is used to analyse and transform data, including data mining, data storage, data sharing, and data visualisation. The term encompasses data, data framework, tools and techniques used to examine and transform data.
By offering, the market is segmented into:
• Solution
• Big Data Analytics
• Data Discovery
• Data Visualisation
• Data Management
• Services
• Managed Services
• Professional Services
Based on deployment, the market is divided into:
• Cloud
• On-premises
• Hybrid
The significant applications of the market are:
• Customer Analytics
• Operational Analytics
• Fraud Detection and Compliance
• Enterprise Data Warehouse Optimisation
• Data Analytics
By organisation size, the market is segmented into:
• Small and Medium Size Enterprises
• Large Enterprises
The end-uses of the market are:
• BFSI
• Retail
• Manufacturing
• IT and Telecom
• Government
• Healthcare
• Utility
• Education
• Others
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The presence of several large-scale big data technology companies across the world will positively impact the growth of the overall market in the coming years. Big data technologies, which enable the study of interdependencies across persons, institutions, entities, and processes, as well as the creation of new methods to utilise such understandings, are predicted to drive the global market growth. Business organisations are constantly looking for solutions for managing the vast amount of data that increases the business value.
The incorporation of cutting-edge technical solutions, such as big data technology, allows businesses to discover vulnerable and sensitive data, and also reveal data trends and correlations for better decision-making. This is likely to contribute to the market’s expansion.
Key Market Players
The major players in the market are IBM Corporation, Microsoft Corporation, Infosys Limited, Oracle Corporation, and Cloudera, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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