The global Big Data Market is expected to reach USD 261.92 Billion by 2027, according to a new report by Reports and Data. The enormous growth of data is a significant factor driving the growth of the big data market. Organizations across all disciplines worldwide face a grave issue pertaining to data management for data retention, comprehending dark data, and data integration for analytical purposes, among others. Therefore, the big data could assist enterprises and organizations in data management by sorting of dark data, making decisions about discarding of unwanted data, proper data aggregation, and data storage organization, among others. Additionally, the proliferation of the internet and the increasing popularity of IoT devices is playing a crucial role in boosting market demand. Cellular IoT connections are estimated to rise from 1.00 billion in the year 2018 to 4.10 billion by the year 2024, which along with the evolution of 5G connectivity, will create a surge in the volume of unstructured data that may be used by the organizations to forecast market trends.

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Further key findings from the report suggest

  • By component, the services segment is projected to grow at a faster rate in the forecast period, services offered by big data had the ability to generate a more precise and inclusive presentation of the available data. Moreover, by deployment a suitable business intelligence tool, organizations may collect data from numerous sources, thus mitigating the chances of missing out critical information.
  • By organization size, large enterprises contributed to a larger market share in 2019 and is expected to grow at a rate of 9.1% in the forecast period.
  • By deployment type, cloud deployment dominated the market in 2019 and is estimated to grow at the fastest rate in the forecast period. Massive volumes of both structured and unstructured data demand storage, and increased processing power, among other requirements. The cloud-based deployment offers readymade infrastructure, along with the facility to scale the infrastructure rapidly to manage large spikes in usage or traffic.
  • By end-users, the BFSI industry contributed to the largest market share in 209 and is projected to grow at the fastest rate of 9.9% in the forecast period. The market dominance of BFSI is attributed to the rapid generation of huge volumes of data owing to transactions through various modes, risk management, and customized product offerings to the customers/clients.
  • The market in the Asia Pacific region is anticipated to witness the fastest growth rate of 10.8% in the forecast period, due to the surging usage of big data technologies by the BFSI, IT & telecom, and healthcare sectors, as well as government initiatives, including smart cities, in the region.

Competitive Landscape:

Competitive landscape of global Big Data market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.

some leading companies operating in the global Big Data market:

Oracle, IBM, Google, Salesforce, AWS, SAP, Teradata, SAS Institute, Adobe, and HPE, among others.

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The global market is further segmented into type and application:

Component Outlook (Revenue, USD Million; 2017-2027)

  • Solution
  • Services

Organization Size Outlook (Revenue, USD Million; 2017-2027)

  • Small & Medium-Sized Enterprises
  • Large Enterprises

Deployment Type Outlook (Revenue, USD Million; 2017-2027)

  • Cloud
  • On-Premises

End-Users Outlook (Revenue, USD Million; 2017-2027)

  • BFSI
  • Healthcare
  • Manufacturing
  • Government & Defense
  • Retail & Consumer Goods
  • Media & Entertainment
  • Logistics & Transportation
  • IT & Telecom
  • Others

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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