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The global big data technology market size was USD 41.33 billion in 2019 and is projected to reach USD 116.07 billion by 2027, exhibiting a CAGR of 14.0% during the forecast period.
Big data is a large volume of both structured and unstructured data sets that inundates businesses. Big data technology can be utilized for insights that lead to better strategic initiatives and business decisions. This technology is a combination of various software tools such as Apache Spark and Hadoop, as well as application markets with the functionality to manage, collect, analyze, organize, deliver, and access structured as well as unstructured data.
Big data technology is gaining traction in the market owing to the rising investments and spending on various technological projects by the government and key players. According to the Worldwide Big Data and Analytics Spending Guide, in 2018, key players in industries such as banking, process & discrete manufacturing, and federal/central government, spent around USD 81 billion on big data and business analytics projects. 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 growth of the market.
Outbreak of COVID-19 Pandemic to Uplift Demand for Big Data Technology
The COVID-19 pandemic is expected to have a positive impact on this market. Organizations and governments are adopting big data technology to store data and information regarding people infected with the coronavirus. Big data technology can digitally store a large amount of real-time data of COVID patients. It can also help in revealing insights into the control and spread of coronavirus. With the detailed data capturing capability, this technology can be used gainfully to minimize the risk of spreading coronavirus. The data obtained can further be utilized for developing future preventive methods amidst COVID-19. This technology is used to store data of all types of cases such as infected, recovered, and expired among others affected by the coronavirus. It also assists healthcare workers, epidemiologists, scientists by allowing them to make informed decisions to fight against the COVID-19 pandemic.
Various enterprises have implemented advanced analytics solutions to eliminate the influence of the virus, understand the virus nature, and safeguard those who are most vulnerable to serious illness.
Such active initiatives are expected to fuel the demand for big data solutions in the coming years.
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Rising Adoption of Big Data Analytics among End-use Industries is a Current Trend
With the emergence of big data technology, the need to process and analyze massive data economically and faster is a crucial thing for enterprises worldwide. One of the emerging trends is the rising adoption of big data analytics across enterprises. The 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 on a daily basis. This allows enterprises to strengthen and upgrade their IT infrastructure, which will augment the market growth opportunities in the forecast period.
The market demand for big data analytics is increasing among enterprises to process data cost-effectively and at a faster speed. Analytics solution also assists organizations to demonstrate 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 offer enhanced customer experience.
Increasing Adoption of Artificial Intelligence (AI), Machine Learning (ML), & Data Analytics to Boost Growth
The rising adoption of technologies such as Machine learning, AI, and data analytics, is changing the landscape of big data technology. The integration of such technologies with big data helps organizations to augment their visualization capabilities, make complicated data usable, and more accessible over visual representation. ML tools utilize business intelligence solutions to investigate structured and unstructured data. End-users can use ML and data analytics integrated with big data technology to analyze the information and draw insights about the prize, sales, and quantity to reach the target customers. This helps end-users to predict future conditions and to efficiently manage the transportation and supply chain components.
The AI solution provides real-time insights to enterprises, which enables them in improving network security, accelerates digital businesses, and offers a better consumer experience. The integration of big data platforms with AI helps to optimize business operations, decision-making speed, and customer experience. The rising adoption of such technologies is anticipated to drive the growth of the market. Key players in the market are focused on completing partnerships with other players, to launch advanced solutions based on core technologies such as AI and others.
Rising Concerns on Information Security and Privacy to Inhibit Growth
Users store their sensitive data and information regarding business activities on big data platforms. However, there are numerous possible liabilities and vulnerabilities present in managing and storing the documents. With the gaining popularity, the 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, and financial services, etc. This can severely damage the reputation of the enterprises and eventually hinder the confidence of people running the business. This, in turn, may create criminal penalties and even liability to lawsuits. 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 to this, the massive investments and complications associated with the big data infrastructure across SMEs are expected to impede the growth of the market.
Service Segment to Gain Traction during the Forecast Period
Based on offering, the market has been bifurcated into solutions and services. Among these, the solution segment is estimated to hold the largest big data technology market share during the estimated period. The growth is attributable to the rising demand for big data platforms such as Microsoft Azure, Cloudera, Tableau, and Collibra in various industry verticals. The services market segment is expected to exhibit a significant CAGR owing to the rising adoption of big data as a service (BDaaS) across small and medium enterprises.
Cloud-based Segment to Grow Rapidly Stoked by High Demand from Enterprises
Based on the scope, the deployment model segment is fragmented into cloud-based, on-premise, and hybrid.
The cloud segment is anticipated to exhibit the highest growth rate due to the rising adoption and popularity of cloud-based big data solutions across enterprises. Several organizations have adopted cloud computing services to develop advanced software solutions and improve their IT operations. The on-premise and hybrid deployment segment are expected to witness radical growth during the forecast period.
Operational Analytics Segment to Exhibit Highest CAGR Owing to Rising Adoption of AI & ML
Based on the applications, the market is divided into customer analytics, operational analytics, fraud detection and compliance, enterprise data warehouse optimization, and others.
Among them, the customer analytics segment is expected to hold the largest market share because of the advent of technologies, such as Artificial Intelligence, ML, and business process automation to streamline the various marketing operations
The operational analytics segment is likely to grow at the highest CAGR owing to the emergence of IoT-enabled devices and the rising need for operations & process control and optimization. Other segments such as fraud detection and compliance and enterprise data warehouse optimization are expected to grow at a considerable rate during the forecast period.
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BFSI Segment to Dominate Fueled by Rising Adoption of Big Data Solutions
Based on the end-use industry, the market is segmented into BFSI, retail, manufacturing, IT and telecom, government, healthcare, utility, and others.
Among these, the BFSI segment is expected to hold a dominant share during the forecast period. 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 the in-store operations and staff performance is expected to drive the segment growth. In addition to this, the rising adoption of the solutions across the manufacturing, IT and telecom, government, healthcare, utility, and other end-use industries is likely to propel the big data technology market growth.
North America Big Data Technology Market Size, 2016-2027 (USD Billion)
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Geographically, the market is segmented across five major regions, namely North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
North America is expected to dominate the market in terms of revenue share in the global market during the forecast period. The early adoption of advanced technologies and the presence of major key players such as IBM Corporation, Oracle Corporation, Microsoft Corporation, and others, are boosting the market demand for big data solutions.
Asia Pacific market is expected to grow exponentially during the forecast period. The rising adoption of IoT devices and big data technologies such as Hadoop, Apache, etc. to various enterprises would drive the market growth. Key market players are focusing on merger and acquisition strategies to enhance their product portfolio.
Europe is expected to showcase radical growth in the near future. Europe is showcasing the presence of a significant number of top retailers. The 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 Latin American regions are expected to experience a gradual CAGR during the forecast period.
Key Players Focus on Developing Innovative Big Data Solutions to Intensify Competition
Major players such as SAP SE, IBM Corporation, and Microsoft Corporation are strengthening their market position by upgrading their existing product lines. In addition to this, the partnership and collaboration strategies will enable the companies to expand the product line and achieve organizational goals. Key players are now deploying big data solutions with advanced technology such as AI, ML, cloud, and others to enhance the products and deliver enhanced solutions. These key market players are currently focusing on investing in the development of various big data-related projects all across the globe.
An Infographic Representation of Big Data Technology Market
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The market research report provides a detailed market analysis and focuses on key aspects such as leading companies, product types, and leading applications of the product. 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 have contributed to the growth of the advanced market in recent years.
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD Billion)
By End Use Industry
Fortune Business Insights says that the market value stood at USD 41.33 billion in 2019.
By 2027, the market size is expected to reach USD 116.07 billion.
The market is expected to grow at a CAGR of 14.0% in the forecast period (2020-2027).
Based on offerings, the solution 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.
The BFSI segment holds the major market share in terms of vertical.
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