Pune, Sept. 13, 2019 (GLOBE NEWSWIRE) -- The global Big Data Technology Market is set to experience an impressive growth trajectory owing to the rising investment in robotic automation. According to experts, investment in robotic process automation will exponentially rise in the coming years. This shows that automation in the knowledge industry is lowering production costs for companies and more importantly, it is making processes efficient by streamlining them. This will be a major factor that will significantly augment the global Big Data Technology Market revenue during the forecast period. According to a published report by Fortune Business Insights, titled, “Big Data Technology Market: Global Market Analysis, Insights, and Forecast, 2018-2026,” the global Big Data Technology Market will reach US$ 104.3 Bn by 2026 from its current valuation at US$ 36.8 Bn. The report also contains a detailed analysis of the plausible market trends and factors that play an influential role in the stipulated time period. Additionally, assessment of the regions, segments, and major competitors has also been provided in a holistic manner in the report.
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Big Data can be understood as a term that describes extremely large volumes of structured and unstructured data that businesses have to collect and analyse on a daily basis. Structured data is essentially numerical in nature that can be objectively analysed. Unstructured data is one that is subjective in that it is retrieved from a variety of sources, such as social media, and needs to be interpreted in different ways. A combination of the two types of data creates Big Data, analysing which requires different technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and Machine Learning (ML).
Growing IoT Application Areas to Boost the Market
According to a research by Cognizant, by 2020, the number of connected devices in the world is going to reach 30 billion, spiking the demand for IoT across sectors and industries. The research also highlights how profitable implementing IoT will be for businesses. For instance, it says that enterprises that integrate IoT into their processes can reduce their supply chain costs by 20% and increased productivity by 10 to 20%. This factor will contribute to the expansion of the global Big Data Technology Market size till 2026.
Widening Scope of AI to Fuel the Market
Growing evidence suggests that multiple sectors are actively adopting AI solutions. For example, McKinsey estimates that 75% of the service operations in the telecom sector are being performed using AI, while 52% of marketing and sales functions in the retail sector are being accomplished through AI. Ever-increasing volumes of data will require extensive use of AI technology, which will spur the global Big Data Technology Market growth in the coming decade.
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Investments in Big Data and Related Technologies to Propel Growth in North America
North America, particularly the US, is witnessing rising implementation of big data technologies across various industries. As a result, North America will occupy a prominent position in the global Big Data Technology Market during the forecast period. However, Asia-Pacific will hold the largest chunk in the global Big Data Technology Market share owing to the massive leaps made by Japan, China, and South Korea in IoT, Machine Learning, AI, Big Data Analytics, and other advanced technologies.
Remunerative Opportunities Await Competitors
In September 2019, Dubai-based Aramex announced that it would be transferring its on-site technology infrastructure onto Amazon Web Service (AWS) platform to enhance their data management capacities and improve customer experience. The global Big Data Technology Market is slated to gain as companies begin to acknowledge the productivity advantages that cloud computing and affiliated technologies have. Market competition in big data is also seeing a rising trend of acquisitions. For instance, Alibaba acquired Data Artisans in 2018 and transformed its online customer experience through application of AI in its core operations.
Fortune Business Insights covers the following players in the global Big Data Technology Market:
- SAS Institute
- IBM Corporation
- Amazon Inc.
- Google LLC
- Dell Technologies
- Cloudera, Inc.
- Apple, Inc.
- Microsoft Corporation
- Siemens
- Oracle Corporation
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Big Data Technology Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Offering (Value)
- Solution
- Services
- By Deployment (Value)
- On Premise
- Cloud
- Hybrid
- By Application (Value)
- Customer Analytics
- Operational Analytics
- Fraud Detection and Compliance
- Enterprise Data Warehouse Optimization
- Others (New Product & Service Innovation)
- By End Use Industry (Value)
- BFSI
- Retail
- Manufacturing
- IT and Telecom
- Government
- Healthcare
- Utility
- Others
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Offering (Value)
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