Big Data Services Market by End-user and Geography - Forecast and Analysis 2021-2025

The big data services market share is expected to increase by USD 99.39 bn from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 34.52%.

This big data services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers big data services market segmentation by end-user (BFSI, telecom, retail, and others), deployment (on-premise, cloud-based, and hybrid), and geography (North America, Europe, APAC, South America, MEA, North America, Europe, APAC, South America, and MEA). The big data services market report also offers information on several market vendors, including Accenture Plc, Atos SE, Datameer Inc., Deloitte Touche Tohmatsu Ltd., HP Inc., International Business Machines Corp., Microsoft Corp., PricewaterhouseCoopers LLP, SAP SE, and Teradata Corp. among others.

What will the Big Data Services Market Size be During the Forecast Period?

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Big Data Services Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growing amount of data is notably driving the big data services market growth, although factors such as adhering to diverse client requirement may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the big data services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Big Data Services Market Driver

The growing amount of data is one of the key factors driving the growth of the big data services market. Enterprise applications are generating large volumes of data, and this will keep continuing throughout the forecast period and beyond. With the growing volume, variety, veracity, and velocity of data, which is referred to as 4Vs, organizations are facing difficulties to analyze and manage large databases efficiently. The increasing volume of data generated in organizations through various channels and sources has compelled organizations to implement big data analytics and save a significant amount of cost for the organizations. Big data analytics has helped organizations transform unstructured and semi-structured data into structured and meaningful data. Big data analytics retrieved and analyzed data to discover significant weaknesses, develop indicator patterns to identify opportunities and threats and optimize business decisions. Since the demand for big data analytics is growing, there is a need for big services such as big data project-based services and big data outsourcing services to manage big data analytics applications to ensure security, agility, and performance.

Key Big Data Services Market Trend

The big data in blockchain technology will fuel the global big data services market growth. Blockchain technology is gaining popularity in the financial sector. JPMorgan, Citi, Wells Fargo, US Bancorp, PNC, Fifth Third Bank, and Signature Bank are some of the banks that use blockchain technology. It is replacing the current centralized business model of financial services. Blockchain technology, also called a ledger framework, is a distributed network of digital databases that maintains records and manages transactions. It uses advanced cryptography to keep transactions secure and manage approvals. All transaction details are then registered in the database. Moreover, the big data blockchain technology has databases that are scalable, have query languages, and accurate blockchains. The big data blockchain database is decentralized; hence, the control can be shared with appropriate authorities. Big data blockchain technology helps in collecting and interpreting huge amounts of information and supports organizations in decision-making processes. This increases operational efficiency and improves security. The technology also overhauls and improves security and highlights where action needs to be taken before and after a hack. However, shifting to a decentralized database network will require educating end-users and operators and integrating it into the current working process.

Key Big Data Services Market Challenge

Adhering to diverse client requirements is a major challenge for global big data services market growth. Several industries lack policies or frameworks to store the high volume of data, which leads to difficulties in the effective performance of big data. This, in turn, affects the market penetration of big data service providers as their quality of service deteriorates. Big data service providers need to continuously develop and offer innovative solutions in step with changing customer requirements. This is a complex and cost-consuming process as it involves high degrees of uncertainty, and failure in understanding the requirements of customers leads to potential loss of time and money. Most of the clients expect business results but are wary about spending. Thus, the lack of a forward-looking policy makes it difficult for vendors to calculate and track ROI. This may hinder the value additions from service providers challenging the development of the big data services market. Therefore, it is important for vendors to understand the current market need and accordingly offer tailored solutions to clients for sustainable growth.

This big data services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

The global big data services market is a part of the global IT consulting and other services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the big data services market during the forecast period.

Who are the Major Big Data Services Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Accenture Plc
• Atos SE
• Datameer Inc.
• Deloitte Touche Tohmatsu Ltd.
• HP Inc.
• International Business Machines Corp.
• Microsoft Corp.
• PricewaterhouseCoopers LLP
• SAP SE
• Teradata Corp.

This statistical study of the big data services market encompasses successful business strategies deployed by the key vendors. The big data services market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Accenture Plc - The company offers big data services for different types of industries such as all communication and media, software and platform, banking, and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The big data services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Big Data Services Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the big data services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global IT consulting and other services market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Big Data Services Market?

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34% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for big data services market in North America. Market growth in this region will be faster than the growth of the market in regions.

The growing amount of data will facilitate the big data services market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The economy of countries in North America had come to a complete halt owing to COVID-19-induced lockdowns. In the US, the Centers for Disease Control and Prevention (CDC) used data analytics tools to control the spread of COVID-19 and map the number of cases. The tools run in collaboration with the state, local, and territorial health departments, public health, commercial and clinical laboratories, and healthcare providers. However, in 2021, the initiation of large-scale vaccination drives?has lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market growth during the forecast period.

What are the Revenue-generating End-User Segments in the Big Data Services Market?

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The big data services market share growth by the BFSI segment will be significant during the forecast period. In the BFSI sector, big data services are opted to make respective models of trading, fund management, and risk control. With the growth of big data in terms of volume, variety, and complexity, big data analysis is useful for banks to generate useful insights leading to improved performance. This report provides an accurate prediction of the contribution of all the segments to the growth of the big data services market size.

This report provides an accurate prediction of the contribution of all the segments to the growth of the big data services market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Big Data Services Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive big data services market growth during the next five years
• Precise estimation of the big data services market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the big data services industry across North America, Europe, APAC, South America, MEA, North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of big data services market vendors

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