London, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Estimated to demonstrate the revenue expansion nearly triple between 2022 and 2029, global big data market is all set for a robust growth outlook. In a latest published report, Fairfield Market Research suggests that the global market for big data continues to receive an impetus from the soaring demand for big data analytics that would most likely drive the valuation to US$395.8 Bn toward the end of forecast year. The report expects an approximately 11.5% CAGR for big data market through 2029 and projects a promising scenario to prevail with soaring need for large-scale structured, and unstructured data analysis. Big data tools are garnering greater traction with growing significance of data analytics across industry as an effective means of reaching target audience. Heightening adoption of the Internet of Things (IoT) and enabled devices further elevate the scope of growth for market according to the study.
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Key Research Insights
- Global big data market size was around US$133 Bn in the year 2019
- Demand for big data technologies and tools from BFSI sector accounts for over 2/5th of overall demand
- North America’s big data market remains dominant with over 29% value share
Insights into Segmental Analysis
Adoption of big data technologies is likely to remain substantial across BFSI sector in line with an increasing number of banking and finance companies seeking effective and efficient management of the vigorously ballooning volumes of structured and unstructured data. This data itself is creating new penetration opportunities for big data market. BFSI currently registers more than 40% big data market share with revenue contribution of over US$75 Bn. On the other hand, manufacturing, and healthcare and life sciences record a collective value share of over 20% in global big data market. The report further marks the other potential end-use industries that are projected to encourage long-term growth of the market, including retail, IT and telecom, media and entertainment, and gaming. It also spots emerging opportunities residing in areas like predictive analytics, relationship management, and brand reputation as organizations increasingly look for more effective management of data traffic, and better operational optimization.
Key Report Highlights
- Together, North America, and Europe account for more than half the global big data market size
- The flourishing remote working/virtual office culture has augured well for the growth of big data market. Moreover, proliferating consumption of smart technology tends to produce swelling volumes of data
Insights into Regional Analysis
While the report anticipates clear dominance of North America with more than 29% share in the overall big data market valuation, Europe also remains a key market, closely trailing the market share of North America. Both the regions hold a collective revenue share of more than 55% in the market, whereas the report indicates rapidly rising attractiveness of Asia Pacific in global big data space. The region accounts for over a fourth of the total market valuation but may outpace the other two through the end of forecast period, suggests the study. North America’s market leverages the exploding start-up ecosystem across the region in addition to the frequent innovations in the space here. Europe on the other hand surges ahead steadily on account of surge in adoption of big data tools and technologies across government and administrative sectors across the region.
Key Competitors in Global Big Data Market
GlobalStep, IBM, HCL, Salesforce, SAS Institute, EXL, Catapult, ChyronHego, TruMedia Network, Stats Perform, DataArt, Orreco, Zebra Technologies, Exasol, and Quant4Sport constitute some of the leading company names in global big data marketplace. The report covers these players under the competition analysis section to reveal the most significant strategic developments.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2019 | US$133 Bn | |
| Estimated Market Size in 2029 | US$395.8 Bn | |
| CAGR | 11.5% | |
| Key Players | GlobalStep, IBM, HCL, Salesforce, SAS Institute, EXL, Catapult, ChyronHego, TruMedia Network, Stats Perform, DataArt, Orreco, Zebra Technologies, Exasol, Quant4Sport | |
Market Segmentation
Components Coverage
- Solutions
- Services
Deployment Coverage
- Cloud
- On-premises
Verticals Coverage
- BFSI
- Government and Defense
- Healthcare and Life Sciences
- Manufacturing
- Retail and Consumer Goods
- Media and Entertainment
- Telecommunications and IT
- Transportation and Logistics
- Other Verticals (real estate, energy and utilities, travel and hospitality, and education and research)
Application Coverage
- Finance
- Marketing and Sales
- Human Resources
- Operations
Org Size Coverage
- Small and Medium-sized Enterprises
- Large Enterprises
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
Leading Companies
- IBM
- Oracle
- Microsoft
- SAS
- Teradata
- AWS
- Salesforce
- Accenture
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Component-wise Analysis
- Deployment-wise Analysis
- Vertical-wise Analysis
- Application-wise Analysis
- Organization Size-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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