Big Data Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Canada, China, UK, Germany - Size and Forecast 2024-2028

Big Data Market Size 2024-2028 

The big data market size is projected to increase by USD 508.73 billion at a CAGR of 21.46% between 2023 and 2028. The growth rate of the market depends on several factors, including a surge in information generation, growing investment in smart city initiatives, and increasing use of information analytics in various sectors. This refers to the vast volume of structured and unstructured information that inundates an organization on a day-to-day basis. This information comes from a myriad of sources, including business transactions, social media, sensors, and other instruments. The information is evaluated for insights that lead to better decisions and strategic business moves.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics

The Market is propelled by the critical need for data protection in cloud-based systems, ensuring secure handling of vast datasets. The convergence of marketing analytics, risk & credit analytics, and transportation analytics enables strategic decision-making and enhances customer experiences. Challenges include managing the sheer volume of information and ensuring operational efficiency amid the digital revolution. Leveraging advanced analytics and real-time processing with robust hardware and software solutions drives insights for customer analytics, supply chain analytics, and pricing analytics while navigating industry-specific complexities in BFSI, healthcare, government, energy & utilities, transportation, retail & e-commerce, and IT & telecom sectors.

The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including Accenture Plc, Alphabet Inc., Alteryx Inc., Amazon.com Inc., Cloudera Inc., Datameer Inc., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Enthought Inc., Hewlett Packard Enterprise Co., Hitachi Ltd., International Business Machines Corp., IRI, Microsoft Corp., Oracle Corp., PricewaterhouseCoopers LLP, Qubole Inc., Salesforce Inc., SAS Institute Inc., Teradata Corp., and SAP SE. Additionally, Accenture Plc provides comprehensive big data services through solutions like Accenture Data on Cloud and Accenture Data Self-Service, aiming to seamlessly unify data from various sources and present it in easily consumable forms.

Key Market  Driver

The increasing use of data analytics in various sectors is notably driving market growth. Generally, companies across the world use hardware solutions such as sensors and cameras, software solutions, and web portals, which enable end-users to monitor the complete overview of the entire operation. However, companies from various sectors can use various analytical tools to analyze the details and extract useful information from them. This helps end-users to discover trends from the information collected and predict future risks and opportunities. A well-designed, unified management strategy and the effective capturing and analysis of information improve the efficiency and productivity of management operations.

Moreover, such software solutions enable the effective management of assets and also generate a return on investment (ROI). Thus, the monitoring and incorporation of such analytics features improve accountability. The increasing use of analytics in various sectors is encouraging companies to offer innovative solutions to manage and optimize operational efficiency. This is expected to drive the growth of the market. The integration of advanced digital strategies and the utilization of untapped information sources further enhance the capabilities of organizations in making data-driven decisions. The deployment of sophisticated analytics platforms plays a crucial role in strategic planning and managing untapped data for improved organizational performance. 

Significant Market Trends

Increasing adoption of blockchain solutions through big data implementation is an emerging trend shaping market growth. Enterprises across all sectors have started experimenting with the use cases of blockchain technology to ensure cybersecurity. Blockchain technology transports information in blocks and links information blocks with cryptography algorithms. Every such block contains timestamps, information about the previous block in the cryptographic form, and transaction information. Using a combination of blockchain and big data solutions, enterprises can identify the reasons for failure in production without necessarily interrupting the operations. Start-ups have started offering blockchain solutions. In addition, major industries, such as oil and gas, food and beverage, and others, are implementing blockchain technologies. 

For instance, in September 2021, the first cross-border copper concentrate trial shipment was processed using blockchain technology by two of the biggest firms in the mining and metals sector, namely BHP and China Minmetals, using the MineHub platform. Hence, the use of blockchain technology is expected to enhance the business value derived from big data, which is expected to boost the growth of the market during the forecast period.

Major Market Challenge

The rise in data security issues is a significant challenge hindering market growth. Enterprises are using advanced technologies such as analytics solutions to increase productivity and reduce operational complexities. For instance, Shell International B.V. (Shell) has installed digital sensors at its production and manufacturing sites worldwide. The company is working on improving ITS operational processes and making decisions by successfully analyzing information, which is continuously being generated from these sensors. information security is a serious challenge in any sector. The traditional way of securing the network is incapable of overcoming this challenge.

Further, enterprises must ensure the security of their devices and applications, which will safeguard the information in the event of a network breach. The exposure of even one device in the network to the attackers can cause a severe information breach. Thus, information security issues will reduce the adoption of big data solutions, which may impede the growth of the market during the forecast period.

Market Segmentation 

The Market is characterized by a diverse range of applications and industries leveraging data protection & privacy measures within cloud-based systems. Marketing analytics, risk & credit analytics, and transportation analytics drive strategic decision-making through valuable insights derived from vast datasets. These insights are crucial for enhancing customer experiences and improving operational efficiency across sectors. The digital revolution has led to the adoption of advanced analytics and real-time processing, supported by both hardware and software solutions. Organizations opt for either on-premise or cloud-based platforms for customer analytics, supply chain analytics, pricing analytics, spatial analytics, and workforce analytics to optimize their operations.

By Deployment

The market share growth by the on-premises segment will be significant during the forecast period. In on-premise big data software solution deployment, end-users install both hardware and software, providing them complete control over system functionality. Despite being comparatively expensive with high capital expenditure for hardware purchase, on-premises solutions feature a one-time installation fee instead of recurring monthly payments, a key advantage over cloud-based deployment

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The on-premises segment was the largest and was valued at USD 86.53 billion in 2018. The use of on-premises big data software solutions will reduce during the forecast period. This is because, in this type of deployment, hardware and software are hosted within internal or local servers. Maintenance of internal servers results in high capital expenditure (CAPEX) for enterprises. Thus, due to the above-mentioned factors, on-premises solutions are increasingly being adopted by enterprises, which is expected to boost the growth of the market through the on-premises segment during the forecast period.

By Type

The market is growing due to the rising demand from enterprises. Some of the key services offered by these service providers are mentioned below: Complete platform support, including evaluation, customization, implementation, consultation, migration, and infrastructure management. Data acquisition, information processing, information management, and deriving actionable insights periodically from acquired information. In addition, companies are offering such services to help enterprises manage their operations efficiently. For instance, SAP SE (SAP) offers SAP Cloud Platform Big Data Services, a full-service big data cloud based on Spark and Hadoop, which ensures scalability, security, and reliability. Hence, the above-mentioned advantages are expected to increase the adoption of these services, which is expected to propel the growth of the service segment in the market during the forecast period.

By Region

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North America is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Buyers in North America include end-users from sectors such as healthcare, retail, BFSI, manufacturing, and consumer goods. The market in this region is growing due to the digital transformation initiatives undertaken by enterprises in North America during the past few years. The regional market is growing due to the need to reduce operating expenses, besides increasing production efficiency across sectors. For instance, the market for e-commerce in North America is growing, which is driving the adoption of these solutions. The adoption of solutions in the US is increasing due to the high penetration and expansion by retail giants such as eBay and Amazon.com Inc (Amazon). The rise in investments in warehouses will increase the demand for such software solutions from warehouse operators in this region. 

In addition, the market in the healthcare sector in North America is growing, with the federal government of the US undertaking such initiatives to reduce healthcare expenses. The federal government in the US enacted legislation such as the Affordable Care Act and the Health Information Technology for Economic and Clinical Health (HITECH) Act to promote this in healthcare. As a part of this, the government offers incentives to healthcare providers for using extended producer responsibility (EPRs), offering workforce training, and undertaking EPR infrastructure improvement. Therefore, the above-mentioned factors are expected to drive the regional market during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Market Customer Landscape

Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Alphabet Inc. - The company offers big data services such as BigQuery, Bigtable, Looker, Dataflow, Cloud Data Fusion, and Dataproc.

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Deployment Outlook
  • On-premises
  • Cloud-based
  • Hybrid

• Type Outlook
  • Services
  • Software

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

In the era of the digital revolution, organizations leverage the transformative power of big information to fuel strategic decision-making and enhance customer experiences. The explosion of datasets, driven by information creation from emerging technologies like Quantum computing, IoT, and AI-driven analytics platforms, necessitates scalable infrastructure and a robust technology roadmap. However, challenges such as information silos, fragmentation, and untapped information sources persist. Big information applications, powered by advanced analytics and machine learning algorithms, enable real-time processing and predictive modeling. Industry giants like IBM leverage big information infrastructure to empower sales teams with leads derived from digital resale and reuse.

Additionally, the market is evolving with the integration of advanced technologies like distributed computing, autonomous systems, and precision medicine. It plays a pivotal role in shaping smart cities, leveraging genomic analytics, Augmented Reality (AR), and Virtual Reality (VR). Harnessing social media information, IoT-generated information, and managing unstructured information are key aspects. Big information analytics software facilitates real-time analysis, enabling digital resale and reuse. In the retail and consumer goods vertical, it drives targeted promotions, optimized pricing strategies, and accurate demand forecasting, reshaping the landscape with innovation and efficiency.

Furthermore, the Market continues to evolve, driven by the exponential growth in data creation and advancements in cloud computing. With a focus on user-friendly interfaces and accessibility, businesses are leveraging big data to gain insights through integrated analytics and business intelligence solutions. This fosters transparency in data transactions and enables automation for autonomous decision-making and data-driven decision-making. Industries like personalized healthcare, retail & e-commerce, and financial services are leveraging big data for customer analytics, supply chain analytics, and pricing analytics. Furthermore, spatial analytics and workforce analytics enhance decision-making in transportation, energy & utilities, and IT & telecom sectors.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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