According to Goldstein Research, “Adaptation of cloud computing is giving an edge for growth of big data market across the globe. Discovering and analysis of huge amount of data is progressively bringing the business opportunities from past few years. However, lack of skilled work force for management and effective use of collected data is hampering the adoption of big data analytics mainly by small and medium enterprises.”
Global big data market is segmented on the basis of types of data, by components, by application and by end user. End-user segment is further categorized into banking & finance, government, transportation & logistics, aerospace and defence, IT & telecommunication, healthcare, energy & Utilities, manufacturing and other industries (education).
Banking & finance services, manufacturing, healthcare and public sector are major industries dominating the big data market. These industries are increasing their spending on big data and are likely to become the largest investor by the end of 2024 with total investment of over USD 120 billion. Banking & finance services industry is expected to grow at CAGR 15.3% and other industries including health care, telecommunication, and insurance are projected to grow at 13.5% during the forecast period.
Asia-Pacific is the fastest growing region for global big data market. Asia-Pacific big data market is anticipated to grow at a remarkable CAGR of 21.2% during the forecast period. Huge adoption of big data in countries such as China, Japan, South Korea and India are expected to propel the big data market in Asia-Pacific region.
Smart Data: Innovative approach to explore the world of data
Big Data technologies such as Machine Learning Library, Cassandra, Spark, and Hadoop are gaining immense popularity for developing and exploring new algorithms in data analytics. Moreover, artificial intelligence (AI) is becoming an integral part of big data analytics. Merging of AI and Big Data is providing faster response and real time analysis of data which helps in making smarter decisions is giving a competitive edge to the market.
“Global Big Data Market 2024” contains detailed overview of the global big data market in terms of market segmentation by types of data, by components, by application and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global big data market also provides competitive outlook of some of the major players of global big data market which includes profiling of companies such as IBM Corporation, Oracle Corporation, Amazon Web Services, Microsoft Corporation, Splunk Incorporated, Intel Corporation, TIBCO Software Inc., NetApp, Inc., Google , Dell Inc., SAP SE, VMware Inc., MicroStrategy, Inc., EMC Corporation, HORTONWORKS, INC., Cloudera, Inc., Karmasphere Inc., Teradata Corporation and HP Enterprise. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global big data market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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