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The global big data technology market size was valued at USD 309.43 billion in 2022 and is projected to grow from USD 345.52 billion in 2023 to USD 842.17 billion by 2030, exhibiting a CAGR of 13.6% during the forecast period.
Big data is a large volume of structured and unstructured data sets extracted from various sources. Big data technology can be utilized for insights that lead to better strategic initiatives and business decisions. It is a combination of various software tools with the functionality to manage, collect, analyze, organize, deliver, and access structured and unstructured data.
Big data technology is gaining traction owing to rising investments and spending on various technological projects by government and private players. According to the Worldwide Big Data and Analytics Spending Guide published in 2022, the spending on big data technology will rise by 1.6 times by 2025. In addition, the rising internet penetration and growing adoption of technologies, such as cybersecurity, Internet of Things (IoT), and 5G infrastructures, are likely to drive the market growth.
Increased Investments by Organizations in Big Data amid the COVID-19 Pandemic Propelled the Market Growth
The COVID-19 pandemic had a positive impact on this market. Organizations and governments invested substantial amounts in big data technology to store data and information about patients diagnosed with COVID-19 in 2020. This technology helped store a large amount of real-time data on COVID patients digitally. It also helped reveal insights into the control and spread of coronavirus. With the detailed data capturing capability, this technology helped prevent further spread of coronavirus.
The data obtained further helped develop future preventive methods amid COVID-19. Various enterprises also implemented advanced analytics solutions to eliminate the influence of the virus, understand its nature, and safeguard those who are highly susceptible to serious illness. Such active initiatives are expected to fuel the demand for big data solutions in the coming years.
Rising Adoption of Big Data and Business Analytics among End-use Industries
With the emergence of big data technology, the need to process and analyze massive data economically and faster is crucial for enterprises worldwide. One of the emerging trends is the rising adoption of big data analytics across enterprises. Big data analytical solutions are gaining traction as they facilitate efficient analysis and collection of large volumes of data that various governments and enterprises have to deal with daily. This allows enterprises to strengthen and upgrade their IT infrastructure, which could augment the big data technology market growth during the forecast period.
The demand for big data analytics is increasing among enterprises to process data cost-effectively and quickly. Analytics solution also assists organizations in demonstrating information in a more sophisticated format for better decision-making. Key market players are focusing on launching advanced big data solutions enabled with analytics capabilities to enhance customer experience.
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Increasing Adoption of AI, ML, and Data Analytics to Boost Market Growth
As the adoption of technologies, such as Machine Learning (ML), AI, and data analytics, is increasing, it is changing the aspect of the big data technology space. Integration of technologies with big data is helping organizations make complex data more usable and accessible through visual representation and to increase their visualization capabilities. For studying the unstructured and structured data, ML tools use business intelligence solutions. End-users are using data analytics and machine learning tools that are integrated with big data technology for analyzing the information and deriving insights about the sales, prize, and quantity to reach the target customers. This is helping end-users to forecast future conditions and efficiently manage the shipping and supply chain components.
The artificial intelligence solution provides businesses with real-time insights, allowing them to improve network security, accelerate digital businesses, and deliver a better customer experience. Integration of AI with big data is helping to optimize business operation, decision-making speed, and customer experience. Increasing adoption of these technologies is expected to drive the market growth. Major players in the market are focusing on entering into partnerships with other players to launch innovative solutions based on core technologies such as AI and others.
Rising Concerns on Information Security and Privacy to Hinder Market Growth
Users store their sensitive data and information regarding business activities on big data platforms. However, numerous possible liabilities and vulnerabilities are present in managing and storing documents. With the gaining popularity, security concerns about data breaches, unforeseen emergencies, application vulnerabilities, and information loss are also increasing.
Information security and privacy concerns can reduce the revenues in some industries such as academia & research, federal government departments, financial services, and others. This can severely damage the reputation of the enterprises and eventually hinder the confidence of the people running the business. This, in turn, may create criminal penalties and even lawsuit liability. Sensitive information and data are often stored in databases and on-cloud, which allows cybercriminals to subvert valuable company information and use it to enter unlawful dealing. In addition, massive investments and complications associated with the big data infrastructure across SMEs are expected to impede the market growth.
Big Data Analytics Segment to Lead the Market Share Owing to Growing Trend of Edge Computing
Based on type, the market is categorized into big data storage, big data mining, big data analytics, and big data visualization.
The big data analytics segment dominated the market in 2022 and is estimated to showcase a high CAGR during the forecast period, as it helps reduce the cost of storing all the business data at one place. Big data analytics providers, including Splunk, KNIME, and others are focusing on providing analytics solutions to businesses to help them use the solution to improve their marketing effort and strengthen their relationships with their customers. Big data analytics helps companies understand their competition better by providing better insights about market trends, market conditions, and other parameters.
The big data visualization segment is expected to gain traction in the coming years as it is a visualization tool that helps businesses to cut out the lengthy process of data comprehension and make it possible for businesses to understand large and complex data stores at a glance. According to a survey by Phocas Software Company, businesses that use visual data discovery tools are 28% more likely to find timely information. Some companies that provide visualization tools include Tableau, Looker, Plotly, and others. Big data mining & big data storage technology is expected to gain immense traction in the coming years. Some big data mining providers include Rapidminer, Presto, and others. Big data storage providers include MongoDB, Inc., Rainstor, and others.
BFSI Segment to Dominate the Market Fueled by Rising Adoption of Big Data Solutions
Based on end-use industry, the market is segmented into BFSI, retail, manufacturing, IT and telecom, government, healthcare, and others.
Among these, the BFSI segment held a major market share in 2022. The big data solution for the BFSI sector is gaining traction owing to its cost-effectiveness and ease of use. Several FinTech companies are increasingly adopting big data solutions for operations and supply chain optimization, risk management, and preventive & predictive maintenance.
The retail segment is likely to showcase considerable growth during the forecast period. The rising adoption of cloud-based solutions in the retail industry to optimize in-store operations and staff performance is expected to drive the segment growth. In addition, the rising product adoption across manufacturing, IT and telecom, government, healthcare, utility, and other end-use industries is likely to propel the market growth.
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Geographically, the market is segmented across five major regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
North America Big Data Technology Market Size, 2022 (USD Billion)
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North America held major market share in 2022. The U.S. generated maximum revenue in 2022, owing to the early adoption of advanced technologies and the strong presence of many data centers in the country. Furthermore, a huge volume of data is created every day due to increasing adoption of connected devices, video streaming services, and digital payments, among others, creating opportunities for the players in the region.
The presence of major key players, such as IBM Corporation, Oracle Corporation, Microsoft Corporation, and others, is boosting the demand for big data solutions in the region.
Asia Pacific is expected to grow exponentially during the forecast period. The rising adoption of Internet of Things (IoT) devices and big data technologies, such as Hadoop, Apache, and others, across enterprises is driving regional growth. According to Oracle, enterprises in India are adopting big data solutions for improving operations and enhancing customer experience faster than in other countries in the region. Also, a surge in the region's e-commerce industry is aiding the big data technology market share expansion.
Key market players are focusing on merger and acquisition strategies to enhance their product portfolio.
Europe is expected to showcase radical growth in the coming years. Europe is showcasing the presence of a significant number of top retailers. Retailers from the largest markets in Europe, including France, Germany, Italy, Spain, and the U.K. are the major contributors to the growth of big data solutions.
The Middle East & Africa and South America markets are expected to experience a gradual CAGR during the forecast period.
Key Players Focus on Developing Innovative Big Data Solutions to Intensify Competition
Major big data technology players, such as SAP SE, IBM Corporation, and Microsoft Corporation, are strengthening their market positions by upgrading their existing product lines. In addition, the adoption of partnership and collaboration strategies will enable the companies to expand the product line and achieve organizational goals. Key players are deploying big data solutions with advanced technologies, such as AI, ML, and cloud, to enhance the products and deliver enhanced solutions. These key players are currently focusing on investing in the development of various big data-related projects across the globe.
An Infographic Representation of Big Data Technology Market
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The market research report provides a detailed market analysis. It focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that contributed to the market growth in recent years.
CAGR of 13.6% from 2023 to 2030
Value (USD Billion)
By Type, End-use Industry, and Region
By End-use Industry
Fortune Business Insights says that the market value stood at USD 309.43 billion in 2022.
Fortune Business Insights says that the market is expected to reach USD 842.17 billion by 2030.
The market is expected to grow at a CAGR of 13.6% during the forecast period (2023-2030).
Based on type, the data analytics segment is expected to lead the global market during the forecast period.
The increasing adoption of Artificial Intelligence (AI), Machine Learning (ML), and data analytics is one of the key market drivers.
SAP SE, IBM Corporation, Microsoft Corporation, and Oracle Corporation are the top companies in the market.
Based on end-use industry, the BFSI segment holds a major market share.
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