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The big data services market size is estimated to grow by USD 459.1 million at a CAGR of 55.18% between 2023 and 2028. The Big Data Services Market is experiencing significant growth due to several key factors. The ever-increasing volume of data being generated daily is a primary driver, with industries across sectors recognizing the value of utilizing this data to gain insights and make informed decisions. Additionally, the adoption of big data services is on the rise, as companies seek to leverage advanced analytics to gain a competitive edge. Furthermore, the significance of big data in social media marketing continues to grow, as businesses aim to understand customer behavior and preferences to optimize their digital strategies. Overall, these trends are fueling the expansion of the Big Data Services Market.
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The Big Data Services Market is pivotal in leveraging social media platforms and cloud-based data analytics to drive real-time processing and data-driven decision-making across industries. It addresses the challenges of a fragmented data landscape by enhancing the integration and interoperability of big data applications. With access to untapped data sources like social media and IoT-generated information, organizations utilize machine learning algorithms and predictive modeling for customer engagement, revenue growth, and understanding consumer behavior in retail and online shopping. It optimizes inventory management and supply chain through demand forecasting, supporting smart city and Smart Nation initiatives for efficient urban living and resource allocation, thereby fostering economic growth through enhanced data analytics capabilities and strategic collaborations among technology players. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. Cloud-based data analytics, especially in the public cloud, enables organizations to achieve real-time processing capabilities, enhancing decision-making processes across various sectors.
The growing amount of data is one of the key factors driving the growth of the big data as a service 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.
Big data in blockchain technology is a primary trend for the global data analytics 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, 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.
Adhering to diverse client requirements is a major challenge for global big data as a service 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.
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 market. Therefore, it is important for vendors to understand the current market need and accordingly offer tailored solutions to clients for sustainable growth.
The market forecasting report includes the adoption lifecycle of the market, 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 analysis strategies.
Customer Landscape
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.
Accenture Plc - The company offers big data services such as Data led Transformation.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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.
The market share growth by the Solution segment will be significant during the forecast period. Businesses often use big data and big data analytics to manage their operations more efficiently, with a growing arsenal of consumer data available through different sources. Big data solutions help management in analyzing consumer sentiment regarding their products or services, gaining a deeper visual understanding of the multichannel customer journey, and acting on these insights to improve the customer experience. The phrase Big data refers to the tremendous expansion and availability of structured and unstructured data.
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The solution segment was valued at USD 16 billion in 2018. The use of Big data solutions allows for the analysis of consumer behaviors across numerous channels in order to discover how, when, where, and why customers are most likely to engage. This not only enables firms to obtain a thorough grasp of their operations but also leads to efficiency improvements, lower costs, increased sales, and better customer service. Thus, surging competition among companies across end-user industries, aided by the growing demand for factors such as convenience and consumer delight, will foster the growth of the global big data as a service market during the forecast period.
Big data as a service is a cloud-based offering that provides enterprises with data platforms and tools to effectively manage, analyze and gain insights from large datasets, with the goal of optimizing their operations and gaining a competitive edge. This service segment is fully managed and automated, making it a cost-effective solution for businesses to build secure and scalable Hadoop-based data lakes capable of handling massive amounts of information processing. The increasing demand for data storage and the critical importance of data security across various end-user sectors are the driving forces behind the need for big data services.
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Europe is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Processing big data is one of the essential techniques in understanding the nature of customer demand. Most banks in the US are leveraging big data technologies to gain a competitive edge over their competitors. Financial services companies in the US have been modifying their structure to make use of big data more effectively. Big data services help firms to achieve real-time marketing and integration of e-commerce platforms with payment processing and facilitate the small loans and microloans market in the US. Thus, the increased adoption of big data is expected to elevate the demand for financial services, which, in turn, will drive the growth of the market in North America during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is revolutionizing industries such as governments, hospitals, manufacturing, media and entertainment, healthcare, and IT and telecom through cloud-based data analytics. Organizations benefit from public, private, and hybrid cloud solutions, utilizing platforms like Hadoop as a service for real-time processing and scalable infrastructure. This enables data-driven decision-making across sectors, leveraging insights from social media data and IoT-generated information. In retail and consumer goods, big data analytics software optimizes the supply chain and enhances digital interactions for improved customer experiences. It supports smart city development and public services under Smart Nation initiatives, catalyzing the digital revolution by harnessing data generation to drive innovation and efficiency in diverse applications.
Moreover, the market for cloud-based data analytics is expanding rapidly as businesses leverage both public and private cloud solutions to enhance decision-making processes. These platforms enable real-time processing of vast amounts of data, facilitating data-driven decision-making across various industries. The proliferation of IoT-generated information further drives the need for scalable solutions capable of handling large datasets and optimizing supply chain operations. Governments worldwide are embracing initiatives like the Smart Nation initiative, promoting the adoption of cloud-based data analytics to improve public services and urban planning. Scalability is a key advantage of cloud solutions, allowing organizations to expand their analytical capabilities as data volumes grow. Businesses benefit from the flexibility and cost-effectiveness of public and private cloud deployments, tailoring their analytics strategies to meet specific operational needs while ensuring data security and compliance. As the demand for real-time insights continues to grow, cloud-based data analytics platforms play a pivotal role in transforming how businesses extract value from their data, driving innovation and efficiency across industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
189 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 55.18% |
Market growth 2024-2028 |
USD 459.1 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
38.68 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 41% |
Key countries |
US, China, Germany, Canada, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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 Vantara LLC, International Business Machines Corp., IRI, Microsoft Corp., Oracle Corp., PricewaterhouseCoopers LLP, Qubole Inc., Salesforce Inc., SAP SE, SAS Institute Inc., and Teradata Corp. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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