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September 10, 2019 | Information & Technology
Rising popularity of blockchain technology is expected to be a major driver of the global big data technology market growth, according to a Fortune Business Insights report, titled “Big Data Technology Market Size, Share and Global Trend By Offering (Solution, Services), By Deployment (On-Premise, Cloud, Hybrid), By Application (Customer Analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, Others) and Geography Forecast till 2026”.
From its current value of US$ 36.8 bn, the global market value is projected to reach US$ 104.3 bn by 2026, the analysis in the report points out. The market is therefore expected to rise exponentially at a CAGR of 14% during the forecast period. In addition to this, the report also provides an in-depth evaluation of the factors that will influence and shape the market during the forecast period.
Big data technology serves to collect, access, manage, organize, and deliver not just structured but also unstructured data. It is an amalgam of multiple software tools such as Hadoop and other applications. A variety of studies conducted to assess the viability of big data technologies found that big data analytics can enhance productivity between 5% and 10%.
High Adoption in BFSI and Retail to Fuel the Market
The global big data technology market size is expected to broaden considerably owing to the high adoption rate of big data tools in the BFSI, healthcare, retail, and IT and Telecom sectors. Big data technology offers multiple benefits in these sectors. For example, in BFSI, big data mechanisms can help in fraud detection and greater compliance in companies and consumers. The global big data technology growth will also be fostered by the increasing application of cloud computing technology which enables swifter and more efficient data analysis from remote locations.
Increasing Need for Fraud Detection to Aid the Rise of Operational Analytics
Operational analytics, as an indispensable component of big data technology, performs a crucial function of detecting fraudulent activities which have become rampant today on account of increased connectivity. Early detection can minimize the damage and even prevent such occurrences in the future. Moreover, operational analytics enable an organization to identify defects and issues on a real-time basis. This is expected to push up the global big data technology market revenue in the forecast period.
IBM, Microsoft to Dominate Market Sales
Large corporations such as Microsoft, IBM, and Oracle are expected to have a commanding presence in the global market. Other key players are engaging in strategic collaborations and acquisitions to gain an edge in the competitive landscape of big data technology. For example, with an aim to deliver big data solutions to customers, SAS Institute partnered with Cloudera and Hortonworks to develop hybrid Hadoop and data analytics platforms in 2017.
Fortune Business Insights covers the following key players in the global big data technology market:
Massive Government Investment to Drive the Market in Asia-Pacific
In Asia-Pacific, the government initiated programs and policies in countries such as Japan, South Korea, India, and China is anticipated to accelerate the global big data technology market growth. North America will, however, hold the largest chunk of the global market share as a result large-scale deployment of big data technology across core industries in the US.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/big-data-technology-market-100144
The Global Big Data Technology Market is Segmented as Follows:
By End Use Industry