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The big data services market is estimated to grow at a CAGR of 35.68% between 2022 and 2027 and the size of the market is forecast to increase by USD 153.75 billion. The growth of the market depends on several factors, including the growing amount of data, the increase in the adoption of big data services in industries, and the increased importance of big data in social media marketing.
This report extensively covers market segmentation by component (solution and services), end-user (BFSI, telecom, retail, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 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.
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, 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.
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 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 growth strategies.
Global Big Data Services Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the big data as a service market.
Accenture - The company offers big data services such as Data led Transformation.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 13.31 billion in 2017 and continue to grow by 2021. 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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North America is estimated to contribute 36% 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.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for North America. In addition, healthcare facilities and regulatory authorities used data analytics tools to control the spread of COVID-19 by mapping and tracking the number of COVID-19 cases. The near real-time COVID-19 trackers that continuously pull data from sources around North America helped healthcare workers, scientists, epidemiologists, and policymakers to aggregate and synthesize incident data, leveraging the growth of the market in North America. Furthermore, the lifting of lockdowns and the initiation of large-scale vaccination drives across North America, as well as increased funding for the creation of data facilities and 5G network expansions, aided the growth of the regional market in 2021. Furthermore, the adoption of big data services by reopened retailers and the manufacturing industry following the lifting of lockdowns is one of the compelling reasons resulting in the growth of the market in North America. Therefore, the regional big data as a service market is expected to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Big Data Services Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 35.68% |
Market growth 2023-2027 |
USD 153.75 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
34.23 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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.com Inc., SAP SE, SAS Institute Inc., and Teradata Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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