Big Data Technology Market to Grow at 14.8% CAGR over 2024 to 2032; Rising Adoption of Business Analytics among End-use Industries to Impel Market Expansion over the Study Period

The global big data technology market size stood at USD 349.40 billion in 2023. The market value is slated to rise from USD 397.27 billion in 2024 to USD 1,194.35 billion by 2032 at a CAGR of 14.8% during 2024-2032. The growth is driven by the surging integration of ML, AI, and data analytics with big data. End-users can improve network security by using real-time insights from AI solutions. Additionally, the combination of artificial intelligence (AI) and big data platforms optimizes the customer experience and business operations.

Fortune Business Insights™ presents this information in its report, titled “Big Data Technology Market Size, Share & COVID-19 Impact Analysis, By Type (Big Data Storage, Big Data Mining, Big Data Analytics, and Big Data Visualization), By End-use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, and Others), and Regional Forecast, 2024-2032”.

Detailed Data Capturing Capability of Big Data Technology Impelled Industry Growth during the Coronavirus Pandemic

The COVID-19 pandemic had a positive influence on this market. Owing to the thorough data capturing capability, big data technology gained immense traction during the COVID-19 pandemic to stop the further spread of the virus. It was also used to get insights into the control and transmission of the virus.

Teradata Inks a Deal with FICO to Provide Advanced Solutions

In May 2023, Teradata, a prominent software company, and FICO, a data analytics company, inked a deal to bring integrated advanced analytics solutions for supply chain optimization, handling insurance claims, and detecting fraudulent payments. As per the agreement, the companies would focus on providing solutions to detect frauds for real-time payments, enhance supply chain efficiency, increase resilience, and improve outcomes for complex medical claims.

Market Value to Grow Owing to Surging Adoption of Business Analytics among End-use Industries

The big data technology market growth is driven by the surging adoption of business analytics and big data among end-use industries. The product helps collect and analyze huge chunks of data that different enterprises and governments deal with daily.

However, information loss and application vulnerabilities may hinder product adoption to some extent.

Major Companies Enter Partnership Agreements to Expand their Market Hold

Notable market players are devising various strategies to extend their global footprints. They are focusing on partnership agreements, mergers and acquisition strategies, joint ventures, and product innovations to reinforce their market positions. Many companies are also focusing on R&D investments to launch innovative products.

Key Players Profiled:

• IBM Corporation (U.S.)


• KNIME (Switzerland)


• Oracle Corporation (U.S.)


• Alteryx (U.S.)


• Databricks (U.S.)


• Tableau (U.S.)


• Cloudera, Inc. (U.S.)


• Salesforce.com, Inc. (U.S.)


• Teradata Corporation (U.S.)


• Mongo DB (U.S.)

Notable Industry Development

September 2022: - ActionIQ, a leading software company, inked a deal with Teradata, another leading software company, to integrate AIQ’s new HybridCompute technology with the Teradata VantageCloud analytics and data platform. This deal would help enterprise IT teams maintain a seamless user experience while maximizing the value of existing investments in technology.

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

Further Report Findings

• Based on region, the market has been studied across North America, South America, Europe, the Middle East & Africa and Asia Pacific.


• The North America big data technology market share is expected to grow considerably over the estimated period. The growth can be ascribed to the strong presence of major market players, such as Oracle Corporation, IBM Corporation, Microsoft Corporation, and others, in the region.


• The Asia Pacific market is slated to grow substantially over the estimated period. The surge is propelled by the rapid expansion of the regional e-commerce sector.


• The Europe market is anticipated to grow considerably over the study period. The region is home to a significant number of top retailers.


• Based on end-use industry, the market is segmented into retail, BFSI, IT and telecom, government, healthcare, manufacturing, and others. The BFSI segment is projected to witness substantial expansion over the estimated period. The cost-effectiveness of big data technology has increased its demand in the BFSI sector.

Table of Segmentation