Big Data Technology Market to Reach $116.07 Billion by 2027; Early Adoption of AI and Predictive Analysis will Emerge in Favor of Market Growth

The global big data technology market size is projected to reach USD 116.07 billion by the end of 2027. The presence of several large scale big data vendors across the world will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Big Data Technology Market Size, Share & COVID-19 Impact Analysis, By Offering (Solution and Services), By Deployment (On-premise, Cloud based, and Hybrid), By Application (Customer analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, and Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 41.33 billion in 2019 and will exhibit a CAGR of 14.0% during the forecast period, 2020-2027.

Big data is a combination of structured semi structured and unstructured data that is primarily used in study of predictive algorithms. The use of big data increases the efficiency of concepts such as artificial intelligence and machine learning algorithms. The increasing use of AI-integrated devices across the world has given the platform for big data vendors. The increasing investments in research and development of efficient big data technology tools will emerge in favor of growth of the overall market. The presence of several large scale companies in the sector will also contribute to the growth of the market in the coming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/big-data-technology-market-100144

NHAI’s Latest AI-powered Big Data Platform is a Major Highlight of Recent Times

The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the market. It is observed that the increasing number of product launches has had the highest impact on the growth of the market in recent years. In June 2020, the National Highway Authority of India (NHAI) announced the launch of a new big data platform. The NHAI introduced its own AI-powered and cloud integrated Big Data Analytics platform. The Data Lake and Project Management Software will offer a fully digitized platform to improve the overall customer experience. Increasing number of such product innovations will have a massive impact on the growth of the overall market in the coming years.

Increasing Use of AI will Create Several Opportunities for Market Growth

The increasing integration of concepts of artificial intelligence and machine learning has given the platform for companies in the market. The massive investments in the integration of cloud platforms by almost all companies in the IT sector will also result in the growth of the big data technology market.  Additionally, the increasing internet penetration across the world will contribute to market growth.

Major Companies are Focused on Product Innovations

The global market for big data technology is fragmented in nature. The presence of several large scale companies across the world is consequential to the massive demand for AI and big data. Leading companies such as SAP SE and IBM Corporation are focusing on product innovations as a way to establish a strong brand image.

List of companies profiled in the report:

•          Amazon.com, Inc. (Washington, United States)

•          IBM Corporation (New York, United States)

•          Microsoft Corporation (New Mexico, United States)

•          Oracle Corporation (California, United States)

•          SAP SE (Weinheim, Germany)

•          Infosys Limited (Bengaluru, India)

•          Software AG (Darmstadt, Germany)

•          Dell Technologies (Texas, United States)

•          Cisco Systems, Inc. (California, United States)

•          Cloudera, Inc. (California, United States)

•          SAS Institute (North Carolina, United States)

•          Salesforce.com, inc. (California, United States)

•          Teradata Corporation (California, United States)

•          Tableau Software (Washington, United States)

•          Huawei Technologies Co., Ltd. (Shenzhen, China)

•          Fujitsu Limited (Tokyo, Japan)

•          The Hewlett-Packard Company (HPE) (California, United States)

•          Prolifics, Inc. (New York, United States)

•          Xplenty (California, United States)

•          Clairvoyant LLC (Arizona, United States)

•          Teradata Corporation (California, United States)

•          Deloitte Touche Tohmatsu Limited (London, United Kingdom)

•          EquBot Inc. (California, United States)

•          CMIC Co., Ltd. (Tokyo, Japan)

•          Databricks (California, United States)

•          VMware, Inc. (California, United States)

•          Dell Technologies (Texas, United States)

Industry Developments:

• February 2020: - Huawei Technologies Co., Ltd. announced the launch of a new storage solution - "OceanStor 5G-Era". The company aims to help enterprises and carriers to cope with the extensive growth of mass data in the 5G era.

The global market is segmented on the basis of: