Big Data Market worth $401.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 12, 2024 /PRNewswire/ -- With the growing integration of AI and machine learning, the focus on edge computing for real-time analytics, and developments in data governance and privacy, the Big Data Market is expected to rise in the future. Automated data management, hybrid cloud deployments, and sustainability considerations are some expected trends influencing the industry's development.

The Big Data Market is set to experience rapid growth, projected to surge from USD 220.2 billion in 2023 to USD 401.2 billion by 2028, at a CAGR of 12.7% during the forecast period of 2023–2028, according to a new report by MarketsandMarkets™. The rise of AI and ML within enterprise software tools, advancements in software for managing unstructured data, and the substantial increase in data volume are driving forces propelling the Big Data Market forward. These technologies empower businesses to derive meaningful insights, automate decision-making processes, and efficiently manage diverse data formats. As organizations increasingly recognize the importance of real-time analytics and data-driven strategies, the Big Data Market is poised for sustained growth, offering transformative solutions for businesses navigating the complexities of the modern data landscape.

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Scope of the Report

By offering, big data consulting services segment to register the largest market share during the forecast period.

Big data consulting services play a pivotal role in guiding businesses through the complexities of implementing and optimizing big data solutions. With a focus on tailored strategies, these services assist companies in harnessing the full potential of their data. The dominance of big data consulting services can be attributed to the increasing awareness among businesses about the strategic importance of data-driven decision-making. Current market trends reflect a growing demand for personalized, industry-specific consulting, as organizations seek expertise to navigate evolving technologies and extract maximum value from their data assets.

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By business function, operations segment is poised for the fastest growth rate during the forecast period.

The operations segment in the Big Data Market involves optimizing internal processes, enhancing efficiency, and ensuring seamless workflows. This business function is set to register the fastest growth due to a heightened focus on operational excellence, cost reduction, and increased demand for real-time analytics in supply chain management. The integration of big data with operations business function indicate a rising adoption of predictive maintenance, inventory optimization, and demand forecasting, leveraging big data to streamline operations and gain a competitive edge in the ever-evolving business landscape.

By region, Asia Pacific to account for highest growth rate during forecast period.

The Asia Pacific region leads as the fastest-growing segment in the Big Data Market, fueled by factors such as rapid digitization, expanding internet connectivity, and government support for technological advancements. Countries like China, India, and Japan are at the forefront of this revolution, with their burgeoning tech ecosystems, large consumer bases, and proactive adoption of big data solutions. The region's dynamic business landscape, coupled with a growing emphasis on data-driven strategies, positions Asia Pacific as a key player in shaping the future of the global Big Data Market.

Top Key Companies in Big Data Market:

Some major players in the Big Data Market include Oracle (US), Microsoft (US), SAP (Germany), IBM (US), and SAS Institute (US) along with startups and SMEs such as Sisense (US), Ataccama (Canada), Imply (US), Centerfield (US), and Datapine (Germany).

Recent Developments:

• In November 2023, Microsoft upgraded its Microsoft Purview with a suite of powerful features. Data lifecycle management and records management functionalities offer improved control over data throughout its lifecycle. Additionally, the update incorporates Data Loss Prevention measures, fortifying data security, and Information Protection tools to safeguard sensitive information within the Purview ecosystem.
• In November 2023, Salesforce and AWS announced a significant expansion of their long standing, global strategic partnership, deepening product integrations across data and artificial intelligence (AI), and for the first time offering select Salesforce products on the AWS marketplace.
• In October 2023, SAP enhanced its SAP HANA Cloud with a host of new innovations, including embedded AI, a set of new predefined predictive scenarios, expansions to the predefined event catalog rooted in FI-CA processes and data, and augmentations to the predefined ML feature catalog based on FI-CA processes and data.
• In September 2023, Salesforce and Databricks announced an expanded strategic partnership that delivers zero-ETL (Extract, Transform, Load) data sharing in Salesforce Data Cloud. Customers can now seamlessly merge data from Salesforce Data Cloud with external data from the Databricks Lakehouse Platform.
• In July 2023, Teradata announced that it has acquired Stemma Technologies, a cloud-native, fully managed, data catalog solution. Founded in 2020, Stemma is recognized for its innovation and adept use of AI and machine learning that helps users discover, trust, and use their data and metadata more effectively.
• In June 2023, Salesforce and Google Cloud announced an expanded strategic partnership to help businesses utilize data and AI to deliver more personalized customer experiences, better understand customer behavior, and run more effective campaigns at a lower cost across marketing, sales, service, and commerce.

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Big Data Market Advantages:

• Organisations can swiftly examine enormous volumes of both structured and unstructured data thanks to big data analytics. Businesses are able to find patterns, trends, and insights that might not be seen using standard analytics, which leads to better informed decision-making.
• Businesses may learn more about the requirements, tastes, and behaviours of their customers by analysing large amounts of data. This data is useful for better satisfying client expectations by customising goods, services, and marketing tactics.
• Big Data analytics finds inefficiencies, streamlines procedures, and lowers expenses to help businesses run more efficiently. For instance, equipment breakdowns and downtime can be avoided with the use of predictive maintenance based on data analysis.
• A wealth of information is available from big data for product development and innovation. Businesses can utilise data analytics insights to discover consumer demands, spot market trends, and develop new goods or improve current ones.
• Competitive advantage is gained by organisations who use big data efficiently. Enterprises may remain flexible, promptly adjust to shifts in the market, and make calculated choices that set them apart from rivals by utilising data analysis.
• Analyses can be done in real-time or almost real-time thanks to big data technologies. This is critical for sectors like finance, e-commerce, and telecoms where quick insights can improve decision-making and agility in the face of changing circumstances.
• Cybersecurity and fraud detection depend heavily on big data analytics. Businesses can uncover possible security risks and fraudulent activity by examining trends and abnormalities in data, which strengthens their overall cybersecurity defences.

Report Objectives

• To define, describe, and predict the Big Data Market by offering (software and services), business function, data type, vertical, and region
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Big Data Market
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies.
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Big Data Market
• To analyze the impact of recession across all the regions across the Big Data Market

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