Big Data is currently getting everyone’s attention. Big data technologies are a new generation of technologies and architectures designed to extract value from very large volumes of data by enabling high- velocity capture, discovery and analysis.
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 by marketsandmarkets.
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.
Big Data Market Sizing and Analysis Report by ResearchAndMarkets.com
- Big data in SCM will exceed $6.6B globally by 2026
- Data Integration and Quality Tools $9.9B globally by 2026
- Enterprise performance analytics will reach $27.8B globally by 2026
- Big data in business intelligence applications will reach $50.4B by 2026
This report also provides an analysis of leading big data solutions with key metrics such as streaming IoT data analytics revenue for leading providers such as Teradata, IBM, Oracle, SAS, and Datameter.
The global big data and business analytics market was valued at 169 billion U.S. dollars in 2018 and is expected to grow to 274 billion U.S. dollars in 2022. As of November 2018, 45 percent of professionals in the market research industry reportedly used big data analytics as a research method.
The big data market is expected to grow by USD 142.5 bn, progressing at a CAGR of over 13% during the forecast period. The #bigdata market will grow by USD 142.5 bn during 2020-2024, according to Technavio.
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The latest market report published by Credence Research, Inc. “Big Data Analytics Market — Growth, Future Prospects, and Competitive Analysis, 2019–2027” the Big Data Analytics market was valued at US$ 37.34 Bn in 2018 and expected to reach US$ 105.08 Bn by 2027 at a CAGR of 12.3% throughout the forecast period from 2019 to 2027.
Big Data Market to grow at 12% CAGR to reach $267 billion by 2025– Global Insights on Key Trends, Size, Leading Players, Investments Analysis, Expansion Plans, Key Growth Drivers, and Business Opportunities: Adroit Market Research.
The major players of the global big data market
The major players of the global big data market are Amazon Web Services (AWS), Microsoft, IBM, Google, Salesforce, Oracle, SAS, Cloudera, SAP, Teradata. Moreover, the other potential players in the Big Data Market are Fair Isaac Corporation, TIBCO Software, Splunk, Micro Focus, and MicroStrategy.
Amid the COVID-19 crisis, the global market for Big Data estimated at US$70.5 Billion in the year 2020, is projected to reach a revised size of US$243.4 Billion by 2027, growing at a CAGR of 19.4% over the analysis period 2020-2027.
Hardware, one of the segments analyzed in the report, is projected to record a 21.6% CAGR and reach US$148.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 15.1% CAGR for the next 7-year period.
The U. S. Market is Estimated at $21 Billion, While China is Forecast to Grow at 18.9% CAGR
The Big Data market in the U. S. is estimated at US$21 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$42.4 Billion by the year 2027 trailing a CAGR of 18.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.2% and 16.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 13.4% CAGR.
Services Segment to Record 17.8% CAGR
In the global Services segment, USA, Canada, Japan, China and Europe will drive the 17.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$12.8 Billion in the year 2020 will reach a projected size of US$40.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$28 Billion by the year 2027.
Global Big Data Analytics Market to Grow 4.5 Times by 2025, Powered by Data Security Requirements. The BDA market is estimated to garner a revenue of $68.09 billion by 2025 from $14.85 billion in 2019, up at a staggering CAGR of 28.9%.
Deltek forecasts that federal demand for commercial big data solutions and services will grow from $4.5 billion in FY 2020 to $5.8 billion in FY 2022 at a Compound Annual Growth Rate (CAGR) of 12.8%.
Research and Development (R&D) budgets related to big data continue to rise year over year, totaling $5.7B in FY 2021, $323M above FY 2020. High Performance Computing (HPC), quantum computing and Artificial Intelligence (AI) continue to lead investment dollars in big data R&D technologies.
Big data market in smarter cities is expected to witnessing market growth at a rate of 24.5% in the forecast period of 2020 to 2027.
10 Charts That Will Change Your Perspective Of Big Data’s Growth
- Worldwide Big Data market revenues for software and services are projected to increase from $42B in 2018 to $103B in 2027, attaining a Compound Annual Growth Rate (CAGR) of 10.48% according to Wikibon.
- Forrester predicts the global Big Data software market will be worth $31B this year, growing 14% from the previous year. The entire global software market is forecast to be worth $628B in revenue, with $302B from applications.
- According to an Accenture study, 79% of enterprise executives agree that companies that do not embrace Big Data will lose their competitive position and could face extinction. Even more, 83%, have pursued Big Data projects to seize a competitive edge.
- 59% of executives say Big Data at their company would be improved through the use of AI according to PwC.
Sales and Marketing, Research & Development (R&D), Supply Chain Management (SCM) including distribution, Workplace Management and Operations are where advanced analytics including Big Data are making the greatest contributions to revenue growth today.
McKinsey Analytics’ study Analytics Comes of Age, published in January 2018 (PDF, 100 pp., no opt-in) is a comprehensive overview of how analytics technologies and Big Data are enabling entirely new ecosystems, serving as a foundational technology for Artificial Intelligence (AI).
McKinsey finds that analytics and Big Data are making the most valuable contributions in the Basic Materials and High Tech industries. The first chart in the following series of ten is from the McKinsey Analytics study, highlighting how analytics and Big Data are revolutionizing many of the foundational business processes of Sales and Marketing.
The following ten charts provide insights into Big Data’s growth:
- Nearly 50% of respondents to a recent McKinsey Analytics survey say analytics and Big Data have fundamentally changed business practices in their sales and marketing functions. Also, more than 30% say the same about R&D across industries, with respondents in High Tech and Basic Materials & Energy report the greatest number of functions being transformed by analytics and Big Data. Source: Analytics Comes of Age, published in January 2018 (PDF, 100 pp., no opt-in).
- Worldwide Big Data market revenues for software and services are projected to increase from $42B in 2018 to $103B in 2027, attaining a Compound Annual Growth Rate (CAGR) of 10.48%. As part of this forecast, Wikibon estimates the worldwide Big Data market is growing at an 11.4% CAGR between 2017 and 2027, growing from $35B to $103B. Source: Wikibon and reported by Statista.
- According to NewVantage Venture Partners, Big Data is delivering the most value to enterprises by decreasing expenses (49.2%) and creating new avenues for innovation and disruption (44.3%). Discovering new opportunities to reduce costs by combining advanced analytics and Big Data delivers the most measurable results, further leading to this category being the most prevalent in the study. 69.4% have started using Big Data to create a data-driven culture, with 27.9% reporting results. Source: NewVantage Venture Partners, Big Data Executive Survey 2017 (PDF, 16 pp.)
- The Hadoop and Big Data Market are projected to grow from $17.1B in 2017 to $99.31B in 2022 attaining a 28.5% CAGR. The greatest period of projected growth is in 2021 and 2022 when the market is projected to jump $30B in value in one year. Source: StrategyMRC and reported by Statista.
- Big Data applications and analytics is projected to grow from $5.3B in 2018 to $19.4B in 2026, attaining a CAGR of 15.49%. Big Data market worldwide includes Professional Services is projected to grow from $16.5B in 2018 to $21.3B in 2026. Source: Wikibon and reported by Statista.
- Comparing the worldwide demand for advanced analytics and Big Data-related hardware, services and software, the latter category’s dominance becomes clear. The software segment is projected to increase the fastest of all categories, increasing from $14B in 2018 to $46B in 2027 attaining a CAGR of 12.6%. Sources: Wikibon; SiliconANGLE; Statista estimates and reported by Statista.
- Advanced analytics and Big Data revenue in China are projected to be worth ¥57.8B ($9B) by 2020. The Chinese market is predicted to be one of the fastest growing globally, growing at a CAGR of 31.72% in the forecast period. Sources: Social Sciences Academic Press (China) and Statista.
- Non-relational analytic data stores are projected to be the fastest growing technology category in Big Data, growing at a CAGR of 38.6% between 2015 and 2020. Cognitive software platforms (23.3% CAGR) and Content Analytics (17.3%) round out the top three fastest growing technologies between 2015 and 2020. Source: Statista.
- A decentralized general-merchandise retailer that used Big Data to create performance group clusters saw sales grow 3% to 4%. Big Data is the catalyst of a retailing industry makeover, bringing greater precision to localization than has been possible before. Big Data is being used today to increase the ROI of endcap promotions, optimize planograms, help to improve upsell and cross-sell sales performance and optimize prices on items that drive the greatest amount of foot traffic. Source: Use Big Data to Give Local Shoppers What They Want, Boston Consulting Group, February 8, 2018.
- 84% of enterprises have launched advanced analytics and Big Data initiatives to bring greater accuracy and accelerate their decision-making Big Data initiatives focused on this area also have the greatest success rate (69%) according to the most recent NewVantage Venture Partners Survey. Over a third of enterprises, 36%, say this area is their top priority for advanced analytics and Big Data investment. Sources: NewVantage Venture Partners Survey and Statista.
Key market players
Major vendors in the global big data market: include 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).
These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global big data market.