The big data technology and service market was valued at USD 23.1 billion in 2018 and is expected to reach a value of USD 79.5 billion by 2024, at an estimated CAGR of 25.4 % over the forecast period 2019 - 2024. Across the world, people are exchanging information which is going to increase in the coming years. Domo Inc estimated that 1.7MB of data will be created every second for every person on earth by 2020 end.
- Owing to this, increasing adoption of data discovery and visualization tools like Tableau, Power BI is driving the market growth. It enables decision-makers to understand complex concepts, as well as identify new trends and patterns with ease. It helps organizations identify key trends, which is not possible by looking at quantitative data, thus improving the company's bottom line.
- The huge amount of data generated and stored is susceptible to hacking and tampering by insiders or third party. This will compromise the security of stored data. It will directly affect the big data technology vendors whose reputation will be at risk.
Scope of the Report
Not knowing the best way to read, understand, and apply data can actually cost a business lost revenue opportunities, lower efficiency and productivity and quality issues. Big data is a term that describes the large volume of data (both structured and unstructured). With the rapid growth in analytic capabilities on cloud platforms, users leveraged large cloud vendors more prominently for analytical software in 2018.
Key Market Trends
Retail Industry to Dominate the Market
- According to the most recent Shopping Index of Salesforce, e-commerce grew 17% in the third quarter in 2018, globally. The US Census Bureau reported that 87% of the US shoppers began their hunt in digital channels, up from 71% the prior year. This calls for increased use of big data services for cloud.
- Personalizing the shopping experience means customers' details and transaction history to be recorded so that the retailer can provide recommendations. Due to the increasing volume of shoppers' data, the need for big data services is also growing.
- Big data services are also used for forecasting demand and tracking customer journey from research to purchase.
- An emerging economy like India, which is facing increasing participation from foreign and private players, is predicted to generate revenue worth USD 60 billion in retail by 2020, according to IBEF. This increased revenue and demand for retail sales will generate more data requiring efficient big data technologies.
Asia-Pacific to Witness the Highest Growth
- Due to population growth and rise in e-commerce, Asia-Pacific is experiencing a surge in data generated from digital products and services.
- Government initiatives such as Digital India, planned to be completed in 2019 and aimed at transforming the country into a digitally empowered economy, is set to contribute to the growth of big data services in India.
- While global banks in Asia-Pacific (APAC) have been adopting big data in droves, more local banks in the region are now doing so to gain a "second-mover advantage.
- According to Oracle, Indian enterprises are adopting big data and visual tools to improve operations and enhance customer experience at a greater pace than the rest of the Asia-Pacific (APAC) countries.
- For cities such as Hong Kong, rooted as one of the world's leading hubs for financial services and home to an array of data-rich industries including banking, communications and media, transport and logistics, the opportunities to capitalize on these data assets are immense.
The market is concentrated with major legacy players dominating the market like IBM, Microsoft and SAP. Since companies are concerned regarding the privacy and management of their employee/customer data, they trust established vendors more rather than new entrants.
- June 2019 - Tableau was acquired by Salesforce in a bid to step up Salesforces's own work in data visualization and (more generally) tools to help enterprises make sense of the sea of data that they use and amass.
- June 2019 - Google acquired Looker, a unified platform for business intelligence, data applications, and embedded analytics.for USD 2.6 billion. It will help Google customers to offer a more complete analytics solution from ingesting data to visualizing results and integrating data and insights into their daily workflows.
- June 2019 - Microsoft announced its "Wave 2" product release plans for its Dynamics 365 enterprise resource planning solutions, as well as its Power Platform. (Power BI)
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