NEW YORK, Nov. 15, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global big data market size is estimated to grow by USD 508.73 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 21.46% during the forecast period. Data generation is driving market growth, with a trend towards increasing adoption of blockchain solutions through big data implementation. However, rise in data security issues poses a challenge.Key market players include 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.
Technavio has announced its latest market research report titled Global Big Data Market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF
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Big Data Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 21.46% |
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Market growth 2024-2028 |
USD 508.73 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
18.84 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 47% |
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Key countries |
US, Canada, China, UK, and Germany |
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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 Ltd., International Business Machines Corp., IRI, Microsoft Corp., Oracle Corp., PricewaterhouseCoopers LLP, Qubole Inc., Salesforce Inc., SAS Institute Inc., Teradata Corp., and SAP SE |
Market Driver
In today’s digital revolution, Big Data is a game-changer for businesses looking to make strategic decisions based on valuable insights. Trends like real-time processing, advanced analytics, and scalable infrastructure enable companies to leverage information from vast datasets for operational efficiency and improved customer experiences. Data creation continues to fueled by the digital transformation and user-friendly interfaces. Security and transparency are paramount as data transactions become more commonplace with blockchain technology and distributed computing. AI-driven analytics platforms, automation, and autonomous decision-making are transforming industries, from healthcare and energy to retail and finance. Quantum computing and hardware advancements offer new possibilities for processing complex data. Business intelligence solutions, customer analytics, and risk management are essential tools for decision-makers. Data protection and privacy remain top priorities, while visualization tools and social media data provide valuable insights for target audiences. The democratization of data access through cloud-based systems and mobile apps continues to drive innovation across sectors. From precision medicine and genomic analytics to smart cities and AR/VR, Big Data is revolutionizing industries and creating new opportunities for growth. Stay ahead of the curve with the latest trends and technologies.
Enterprises are exploring the integration of blockchain technology with big data to enhance data security and tracking capabilities. Blockchain transports data in secure blocks, linking them with cryptographic algorithms. Each block includes timestamps, information about the previous block, and transaction data. By combining blockchain with big data, enterprises can identify production issues without interrupting operations. Start-ups and major industries, including oil and gas and food and beverage, are implementing these solutions to secure and manage vast amounts of data effectively.
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Market Challenges
In today’s digital revolution, businesses face numerous challenges in managing and making strategic decisions based on big data. With an increasing amount of information from various datasets, it’s crucial to provide user-friendly interfaces for decision-makers to access integrated analytics and business intelligence solutions. Real-time processing and scalable infrastructure are essential for operational efficiency. Advanced analytics, including AI-driven platforms, distributed computing, and quantum computing, offer new opportunities for automation and autonomous decision-making. Security and transparency are vital in data transactions using blockchain technology. Data protection and privacy are non-negotiable, especially with the rise of mobile apps and wearable technology. Industries like retail, banking, and healthcare are leveraging big data for customer analytics, pricing, risk management, and personalized services. Big data also impacts smart cities, precision medicine, and genomic analytics, offering data exploration through AR and VR. Accessibility and democratization of data are key to targeting various audiences and offline/online transactions. Hardware and software solutions, on-premise or cloud-based, cater to diverse industries like transportation, logistics, and defense.
Enterprises are utilizing advanced technologies like big data analytics to enhance productivity and simplify complex operations. For instance, Shell International B.V. (Shell) has installed digital sensors at their global production and manufacturing sites. This data is used to optimize operational processes and make informed decisions. The Internet of Things (IoT) has generated massive data sets, leading to significant data privacy concerns. Existing security applications struggle to protect large data volumes and manage continuous data streams essential for big data analysis. Consequently, big data security solutions are crucial for companies to safeguard their valuable information.
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Segment Overview
This big data market report extensively covers market segmentation by
Deployment
1.1 On-premises
1.2 Cloud-based
1.3 Hybrid
Type
2.1 Services
2.2 Software
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1 On-premises- On-premise big data software solutions allow businesses to install and manage both hardware and software within their own infrastructure. This setup grants full control over the functioning of the technology, making it an attractive option for manufacturing companies dealing with critical business information. Despite the high upfront costs associated with purchasing hardware and software, on-premises solutions offer a one-time installation fee instead of recurring monthly payments, which can be more cost-effective in the long run. Security is another significant advantage of on-premises solutions. Data is accessed and stored on the client’s servers, reducing the risk of security breaches that can occur with cloud-based deployment. Large enterprises, in particular, prefer on-premises big data software solutions due to the enhanced security features and physical access controls. Vendors such as Dell Inc. Provide comprehensive on-premises solutions like the Boomi integration platform, which facilitates information movement, management, and governance across all applications and data sources, whether they are on the cloud or on-premises. Although the adoption of on-premises big data solutions is expected to decrease slightly during the forecast period due to the high capital expenditure required for internal server maintenance, their advantages in terms of control, security, and cost predictability make them a popular choice for businesses with specific requirements.
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Research Analysis
The Big Data market is a dynamic and rapidly growing industry that is revolutionizing the way businesses operate and make strategic decisions. With the explosion of data from various sources such as customer experiences, operational efficiency, and digital revolution, the demand for advanced analytics and real-time processing has never been greater. Information from datasets in industries like Healthcare, Energy & Utilities, Retail & E-commerce, IT & Telecom, and Transportation is being leveraged to gain valuable insights. Hardware and software solutions, both on-premise and cloud-based, are transforming data creation and management. Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, Transportation Analytics, and more are becoming essential tools for businesses to stay competitive. However, with the increased use of data comes the need for Data Protection & Privacy to ensure security and compliance. The Big Data market offers advanced solutions for various industries, including Transportation, Healthcare, and Finance, to optimize operations, improve customer experiences, and make informed decisions. From Supply Chain Analytics to Marketing Analytics, the possibilities are endless. The future of business lies in harnessing the power of data to drive growth and innovation.
Market Research Overview
The Big Data market is a dynamic and evolving landscape, fueled by the digital revolution and the increasing importance of data-driven decision-making. With the explosion of information from various sources, including datasets from customer experiences, operational efficiency, and digital transformation, advanced analytics and real-time processing have become essential for businesses. Scalable infrastructure, integrated analytics, and user-friendly interfaces enable accessibility to data for decision-makers, leading to business intelligence solutions. Quantum computing and Blockchain technology are revolutionizing data processing and transactions, offering transparency, security, and distributed computing capabilities. AI-driven analytics platforms, automation, and autonomous decision-making are transforming industries, from smart cities and precision medicine to transportation and retail. Hardware and software solutions, on-premise and cloud-based systems, cater to various target audiences and transactions, whether offline or online. Customer analytics, supply chain analytics, marketing analytics, and risk & credit analytics are just a few of the applications driving business growth. Data Protection & Privacy, spatial analytics, workforce analytics, and transportation analytics are also critical components of the Big Data ecosystem. Innovations in Augmented Reality (AR) and Virtual Reality (VR) offer data exploration, while social media, multimedia, and structured and unstructured data continue to expand the data universe. The future of Big Data lies in democratizing access to data, visualization tools, and targeting specific industries and sectors, including banking, financial services, insurance, defense, consumer goods, media and entertainment, telecommunications, IT, logistics, and consumer engagement.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Deployment
On-premises
Cloud-based
Hybrid
Type
Services
Software
Geography
North America
Europe
APAC
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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