The global big data market, valued at US$133 billion in 2019, is poised for significant growth, projected to reach a valuation of US$395.8 billion by the end of 2029. This substantial growth is expected to be driven by a robust CAGR of 11.5% between 2022 and 2029.
Key Market Drivers:
- Rising Significance of Data Analytics: The increasing importance of data analytics across various business verticals globally, for understanding market trends, hidden patterns, and correlations in structured and unstructured data, is a key driver of the global big data market. The rapid data exchange due to digitalization is expected to further fuel the demand for big data solutions.
- Thriving Remote Working Culture: The shift towards remote working culture, accelerated by digitalization and the COVID-19 pandemic, has led to a surge in data generation, creating substantial opportunities for the big data market.
- Unprecedented Growth of Smart Devices: The adoption of smart devices, mobile applications, and the growth of the Internet of Things (IoT) have led to an exponential increase in data, driving the demand for data analytics and big data solutions.
Key End-Use Industries:
- BFSI Sector: The Banking, Financial Services, and Insurance (BFSI) sector is expected to be a prominent user of big data solutions for efficient data management, operational optimization, relationship management, predictive analytics, and brand reputation enhancement.
Regional Insights:
- North America Dominance: North America is expected to maintain its leadership position in the global big data market. The thriving start-up ecosystem in the US and the regions enterprise sectors adoption of big data are key factors contributing to North Americas market dominance.
- Europe: Europe closely follows North America in the big data market, driven by the growing demand for enhanced operational efficiency in both administrative and government sectors.
- Asia Pacific Growth: Asia Pacific is poised to exhibit exceptional growth and may outperform other regions in the big data market, with a share of over 25% in the global market value.
Global Big Data Market Competitive Landscape:
Major vendors in the global big data market include IBM, SAS Institute, Salesforce, EXL, GlobalStep, Catapult, HCL, ChyronHego, Stats Perform, TruMedia Network, DataArt, Orreco, Quant4Sport, Zebra Technologies, and Exasol.
Browse Global Big Data Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 (By Components Coverage, By Deployment Coverage, By Verticals Coverage, By Application Coverage, By Org Size Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/big-data-market
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This press release first seen on Brilad
COMTEX_440956089/2840/2023-09-26T04:42:21
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