PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1410956
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1410956
Scope of the Report | |
---|---|
Years Considered for the Study | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | USD (Billion) |
Segments | By Offering, Business Function, Data Type, Vertical, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
The big data market is projected to grow from USD 220.2 billion in 2023 to USD 401.2 billion by 2028, at a compound annual growth rate (CAGR) of 12.7% during the forecast period. The growth of the big data market is primarily driven by the advent of artificial intelligence and machine learning in corporate applications, the global surge in data volume, and innovations in unstructured data management software.
"By offering, big data analytics software segment is expected to register the fastest market growth rate during the forecast period."
The big data analytics software segment stands out as the fastest-growing in the big data market, driven by its pivotal role in extracting valuable insights from vast datasets. Factors contributing to its rapid growth include the increasing need for data-driven decision-making, advancements in analytics algorithms, and the rising demand for real-time analytics. Market trends showcase a shift towards integrated analytics platforms, AI-driven analytics, and a focus on user-friendly interfaces, reflecting the evolving landscape where businesses seek comprehensive solutions for effective data analysis and strategic decision-making.
"By business function, marketing & sales segment is expected to account for the largest market share during the forecast period."
The marketing & sales segment dominates the big data market as the largest in the business function, driven by the need for targeted customer insights and personalized strategies. Its prominence is attributed to the increasing reliance on data-driven marketing, customer segmentation, and the optimization of sales processes. Key market trends include the integration of AI for predictive analytics, emphasis on customer journey analytics, and the adoption of marketing automation tools. As businesses prioritize customer-centric approaches, the marketing & sales segment remains at the forefront, shaping the future of data-driven strategies in the competitive landscape.
"By region, Asia Pacific is slated to grow at the fastest rate and North America to have the largest market share during the forecast period."
Asia Pacific leads as the fastest-growing segment in the big data market due to rapid digitization, expanding internet connectivity, and proactive government support for technological advancements. Countries like China, India, and Japan are at the forefront, with robust tech ecosystems and a surge in big data adoption. Meanwhile, North America holds the largest market share, driven by a mature IT infrastructure, widespread adoption of advanced technologies, and a strong focus on innovation. The region's well-established enterprises and early adoption of big data solutions contribute to North America's dominance in shaping the global landscape of the big data market.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), vice presidents, innovation and technology directors, system integrators, and executives from various key organizations operating in the big data market.
The report includes the study of key players offering big data software and services. The major players in the big data market include Oracle (US), Microsoft (US), SAP (Germany), IBM (US), SAS Institute (US), Salesforce (US), AWS (US), Teradata (US), Google (US), Accenture (Ireland), Alteryx (US), Cloudera (US), TIBCO (US), Informatica (US), Wipro (India), HPE (US), Qlik (US), Splunk (US), and VMWare (US), Ataccama (Canada), Imply (US), Centerfield (US), Datapine (Germany), Fusionex (Malaysia), BigPand (US), Bigeye (US), Rivery (US), Cardagraph (US), Syncari (US), Firebolt (US), ValueCoders (India), Sisense (US), Digital Guardian (US), Centric Consulting (US), and Happiest Minds Technologies (India).
Research Coverage
This research report categorizes the big data market by Offering (Software and Services), by Business Function (marketing & sales, human resources, operations, finance & accounting, and other business functions), by Data Type (unstructured data, semi-structured data, and unstructured data), by Vertical (BFSI, telecommunications, retail & consumer goods, healthcare & life sciences, government & defense, automotive, education, manufacturing, transportation & logistics, and other verticals), and by region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the big data market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions; and recent developments associated with the big data market. Competitive analysis of upcoming startups in the big data market ecosystem is covered in this report.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall big data market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.