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The global big data technology market size stood at USD 36.8 Billion in 2018 is projected to reach USD 104.3 Billion by 2026, exhibiting at a CAGR of 14.0% in the forecast period.
Big data technology can be utilized for insights that lead to better decisions and strategic business initiatives. Big data technology comprises a combination of several software tools such as Hadoop and Apache Spark, as well as application markets with the functionality to collect, manage, organize, analyze, access, and deliver unstructured as well as structured data. Various studies conducted in this field suggest a positive impact of using big data analytics tools on productivity growth by around 5-10% depending on several supporting and restrictive factors.
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Among the prominent market, drivers include increasing adoption of Internet of Things (IoT) and growth of Infrastructure-as-a-Service (IaaS) market. Increasing investments in robotic automation, growth in IoT devices market and implementation AI solutions are some of the other factors augmenting global big data technology market demand. Further, expansion of blockchain technology, lower data storage costs, enormous data generation, and the rise of e-commerce companies are the expected drivers of the global market. Cloud computing solutions are likely to pave the way for new market opportunities since it is capable of eliminating the requirement of using hardware while improving the complicated designing process.
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"Big data service offering segment to gain traction during the forecast period"
Big data solution segment accounts for a maximum revenue share of the global market. Big data service implementation has the potential of creating a more accurate and complete view of data collected by data mining and analytical tools. With the exact BI platform, businesses can collect data from various sources, thereby reducing the risk of critical information.
"Cloud-based deployment to account for maximum revenue share"
Merging cloud computing with big data is a powerful combination capable of transforming businesses. A large number of enterprises have adopted cloud computing to improve their IT operations and develop better software, faster. Further, cloud-based deployment can help organizations process and analyze big data more efficiently, which can augment the global big data technology market revenue.
"Operational Analytics application to witness the fastest CAGR"
By application, operational analytics segment has been forecasted to be the fastest-growing segment. Big data solutions in operational analytics help in determining the root causes of failures, issues, and defects in near-real-time. Also, it leads to cost reductions and time reduction detecting fraudulent behavior becomes simpler.
"IT & Telecom and BFSI end-use industry segment to exhibit the highest adoption rate"
Healthcare, BFSI, IT & telecom, and retail segment have been estimated to together account for nearly two-thirds of the global big data technology market share. The growing need to combine several heterogeneous data sources in IT & telecom, along with the rise of cloud computing, is creating a demand for effective data analytics tools and services. Financial firms face certain issues in manual processing systems related to costs and time management. Focus on improving customer experience and streamlining the process while ensuring accurate data analysis, has favored the adoption of big data technology in this sector.
North America is expected to hold the maximum share in the global market during the forecast period followed by Europe. In North America, the U.S. is expected to witness a high rate of big data implementation across its core industries. Moreover, awareness regarding implementing the most appropriate big data technology tools is well-known in the region. European countries such as Germany and France are estimated to maintain a strong foothold in the global big data technology market.
In the Asia Pacific region, developed countries such as Japan and China are expected to hold a strong position in the field of big data and analytics technology within the global market. This development is due to the huge investment done by the government and the presence of global players in countries such as South Korea, India, China, and others. For instance, in 2017, the big data technology implementation by the Chinese government has further paved the way for accelerating growth in the APAC market.
North America Big Data Technology Market, 2018
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"SAS Institute, Microsoft Corporation, and Oracle Corporation to emerge as top vendors of the global big data technology market"
IBM Corporation, Microsoft Corporation, SAS Institute, Oracle Corporation, Salesforce.com, and, Tableau Software account for more than half of the market revenue share in the global market. Some of the factors likely to affect the market positioning and brand image of players include an emphasis on enabling transparent processes in organizations and reducing data complexity by offering flexible data management solutions.
Market share of key players is dependent on its investment in advanced big data and analytics tools, focus on product portfolio expansion, creating product differentiation, and strategic partnerships and acquisitions. These are some of the key growth factors likely to affect the market positioning of leading players. Other prominent players operating in the global big data technology market are Amazon Inc., Cisco Systems Inc., Cloudera, Inc., SAP SE, Teradata Corporation, among others.
Big data technology has the potential of holding a vast amount of information, enormous zettabytes of data flowing between devices and machine sensors. By means of implementation of accurate big data tools, organizations can manage, store, and analyze this data to find out the most valuable customers and enable organization shape strategies and transform the decision-making process.
The report offers quantitative and qualitative insights into big data technology solutions and services. Comprehensive analysis of the global big data technology market size & growth rate for all possible segments in the market has been covered in the report. The market for big data technology is studied based on segmentation in terms of the offering, deployment, application, end-use industry, and geographically. By offering, the market is classified into solution and services.
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In terms of deployment, the market segments are on-premise, cloud, and hybrid. By application, the global market segments include customer analytics, operational analytics, fraud detection, and compliance, enterprise data warehouse optimization, and others (new product & service innovation). On the basis of end use industry, the global big data technology market segments are BFSI, retail, manufacturing, IT and telecom, government, healthcare, utility, and others. By geography, the market is studied for five major geographic regions, i.e., North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further divided into countries for market analysis and estimation.
Along with this, the report provides an elaborative analysis of market dynamics, competitive landscape, and emerging market trends. Key insights offered in the report are the big data implementation model analysis, adoption trends of big data solutions by individual segments, recent industry developments such as partnerships, mergers & acquisitions, Porter’s five forces analysis, consolidated SWOT analysis of key players, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
By End Use Industry
The global big data technology market was valued at US$ 36.8 Bn in 2018 and is expected to reach US$ 104.3 Bn by 2026. Big data analytics technologies are facilitating entirely new ecosystems, while also serving as a supportive technology for Artificial Intelligence (AI).
According to Fortune Business Insights, the big data technology market is projected to grow at a compounded annual growth rate (CAGR) of 14.0% due to ever-increasing volume, variability, and complexity of information.
North America accounted for approximately 44% of the global big data technology market share owing to high rate of big data implementation across its core industries. Also, widespread awareness regarding implementing the most appropriate big data technology tools based on need has supported market development in the region.
The customer analytics based application segment of big data technology market is estimated to hold maximum market share. It has the capability to provide an integrated customer view and insights, this intuitive platform quickly transforms businesses into agile, data-driven organizations. A detailed analysis of customer behavior and preferences helps in making strategic and tactical business decisions, while automatically creating personalized recommendations.
Among the key driving factors of big data technology market are increasing investments in robotic automation, growth in IoT devices market and implementation AI solutions. Further, better access to cloud-based models, data governance and enterprise-grade security solutions offered by market players is favoring market development
Tableau Software, Microsoft Corporation, Oracle Corporation, SAP SE, and IBM Corporation are among the leading market players functioning in big data technology market. The market leaders are making considerable investment in advanced big data and analytics tools and creating product differentiation.
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