CHICAGO, March 13, 2020 /PRNewswire/ -- According to a new market research report "Big Data Market by Component, Deployment Mode, Organization Size, Business Function (Operations, Finance, and Marketing and Sales), Industry Vertical (BFSI, Manufacturing, and Healthcare and Life Sciences), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Big Data Market size to grow from USD 138.9 billion in 2020 to USD 229.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
The major growth factors of the Big Data Market include the increasing awareness of Internet of Things (IoT) devices among organizations, increasing availability of data across the organization to gain deeper insights to remain competitive, and increasing government investments in various regions for enhancing digital technologies. The proliferation of data amounting to big data has forced vendors to adopt big data solutions and help data engineers to simplify and manage their decision-making process. Big data solutions enable organizations to access to social media data from search engines and sites, such as Facebook, Twitter that enable organizations to fine tune their business strategies.
Large enterprises segment to hold a larger market size during the forecast period
The Big Data Market is segmented by organization size into large enterprises and Small and Medium-sized Enterprises (SMEs). The large enterprises segment is expected to have a larger market size during the forecast period, due to accessing large volume of data being generated from various sources that demand for real-time data insights. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are growing at a rapid rate and are keen to implement big data on the cloud that will help them analyze huge volumes of data and make faster business decisions.
By vertical, the manufacturing vertical to grow at the highest CAGR during the forecast period
The Big Data Market by industry vertical is segmented into nine categories: Banking, Financial Services and Insurance (BFSI), government and defense, healthcare and life sciences, manufacturing, retail and consumer goods, media and entertainment, telecommunications and Information Technology (IT), transportation and logistics, and others (real estate, travel and hospitality, energy and utilities, and education and research). The manufacturing industry vertical is expected to grow at the highest CAGR during the forecast period. The manufacturing industry vertical is the most affected by big data trends and possibilities due to the nature and amount of data that is produced by it. Manufacturers are increasingly adopting big data solutions for risk management, operations and supply chain optimization, after-sales support, and predictive and preventive maintenance. The manufacturing industry in big data includes various use cases, such as predictive maintenance, production optimization, operational efficiency, and market pricing and planning. Organization such as HP needed to find the right technology for building an infrastructure for their internal big data development projects and provide new platform for its clients. HP implemented MapR ApacheTM Hadoop software in big data that will enable HP to develop new solutions that can monitor product quality through telemetry data and create a 360-degree customer experience.
North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global Big Data Market. The region is witnessing significant developments in the Big Data Market. Big data solutions are gaining traction in the BFSI industry vertical in North America. These solutions offer more flexible, scalable, and cost-effective storage solutions, along with offering improved analytics capacity. Several big data solution providers in North America are experimenting in the market by integrating big data technologies, such as Hadoop and Apache with their existing big data solutions. The increasing adoption of IoT devices by various businesses in the region are leading to the growth of the Big Data Market. Major North American vendors in the Big Data Market are Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Google (US), AWS (US), HPE (US), Salesforce (US), Cloudera (US), MicroStrategy (US), SAP (Germany), ThoughtSpot (US), Qlik (US), Micro Focus (US), TIBCO Software (US), Sisense (US), Yellowfin (Australia), and Alteryx(US).
The report includes the study of the key players offering big data solutions and services. The major vendors in Big Data Market includes Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Google (US), Adobe (US), Talend (US), Qlik (US), TIBCO Software (US), Alteryx (US), Sisense (US), Informatica (US), Cloudera (US), Splunk (US), Palantir Technologies (US), 1010data (US), Hitachi Vantara (US), Fusionex (Malaysia), Information Builders (US), AWS (US), SAP (Germany), Salesforce (US), Micro Focus (UK), HPE (US), MicroStrategy (US), ThoughtSpot (US), and Yellowfin (Australia). It also includes an in-depth competitive analysis of the key players in the Big Data Market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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