Burgeoning Big Data Market to Clock a CAGR of 10.6% by 2027

Published | 18 November 2021

The global big data market is growing at a high CAGR because of the increasing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), the Internet of Things (IoT), etc. Such technologies generate large volumes of data that can be utilized to get better insights into the business, its process, as well as customer behavior.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global big data market was worth USD 140.2 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 10.6%, earning revenue of around USD 282.4 billion by the end of 2027. Due to a growing adoption of advanced technologies such as artificial intelligence, machine learning, internet of things, etc., the global big data market is growing at an explosive rate. These technologies generate large volumes of data that can be used to gain better insights into businesses, their processes, and customer behavior. The application of big data allows businesses to make demand and supply predictions, analyze consumer behavior, improve supply chain and channels, etc. Such benefits are prompting businesses across the globe to invest in big data services and solutions, propelling the overall market growth.

Increasing Adoption of Big Data Among Large Enterprises Driving the Global Big Data Market

Based on organization size, the global big data market is categorized into large enterprises, and small and medium-sized enterprises. The large organization’s segment accounts for the largest market share. Although big data offers many benefits to a business, the costs of managing it are prohibitive for an average business. Since large organizations possess high financial capabilities, they invest a significant amount into big data, thereby boosting the market growth. However, the small and medium-sized enterprises are anticipated to witness substantial growth during the forecast period. Small and medium businesses are currently embracing the 'digital first' approach to turn challenges into opportunities after the COVID-19-induced pandemic disrupted several industries and age-old conventional business models.

Expanding Investment in Target Marketing Boosting Global Big Data Market

Based on business functions, the global big data market is segmented into marketing & sales, operations, finance, and human resources. Among these, the marketing & sales segment holds the largest share in the market. The information gathered through the processing of big data is used by enterprises to track customer behavior and target them accordingly. Customer analytics are being deployed on a large scale by companies to target the right audience at the right time. This helps them gain more customers for their businesses and expand their revenue.

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Global Big Data Market - By End-User

Based on end-users, the global big data market is categorized into banking, financial services, & insurance, manufacturing, government and defense, IT & telecom, healthcare and life sciences, retail and consumer goods, transportation and logistics, media and entertainment, and others. The banking, financial services, & insurance sector accounts for the largest market share because of the potential of big data to streamline and efficiently manage huge volumes of transactions and clients’ data. Furthermore, the application of big data analytics in the BFSI sector can provide bankers with crucial insight that can help them in detecting fraud, optimizing transaction processing, improving customer understanding, etc.

Global Big Data Market - Regional Insights

Geographically, the global big data market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the global big data market among all the regions. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period because of the growing investment towards the adoption of advanced technologies like artificial intelligence, machine learning, Internet of Things (IoT) in various industries including manufacturing, e-commerce, healthcare, etc. Furthermore, the leading companies in this region such as Lynx Analytics, Tookitaki, Nugit, Grab, etc., are significantly adopting market strategies, such as mergers and acquisitions that are projected to drive the market during the forecast period.

Impact of COVID-19 on Global Big Data Market

The global big data market received tremendous growth opportunities after the sudden outbreak of the COVID-19 pandemic. Government and healthcare sectors have been adopting big data at an increasing rate as it is being used for capturing and processing data about COVID-19-infected patients, and regions and using that information to develop plans for the future. Furthermore, the market also gained significant traction among other industries, such as medial and entertainment, e-commerce, etc., as internet traffic surged several folds and the application of big data analytics helped the organizations identify and track potential customers and target them with personalized marketing.

Global Big Data Market - Competitive Landscape

The leading players in the global big data market are Amazon Web Services, Dell, Teradata, Splunk, SAP SE, SAS Institute, Microsoft, Johnson Controls, EMC, Oracle Corporation, Datameer, Hewlett Packard Enterprise Development LP, IBM Corporation, VMware, Inc., Cisco Systems, Inc., Intel Corporation, Cloudera, Information Builders, Yellowfin, and other prominent players.

The market is dominated by technology giants, such as AWS, Microsoft, IBM, etc., who lead the pack with their advanced big data analytic services. However, small companies are also emerging with great potential and services, especially SMEs. The company’s focus on expanding their offering and services and are prominently investing in advanced technologies, such as artificial intelligence, machine learning, cloud, etc. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity of the global big data market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global big data market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global big data market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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