DUBLIN–(BUSINESS WIRE)–The “Big Data Market with COVID-19 Impact Analysis, By Component, Deployment Mode, Organization Size, Business Function (Finance, Marketing, and Sales), Industry Vertical (BFSI, Manufacturing, Healthcare, and Life Sciences) life) and region – Global forecast to 2026″ report has been added to from ResearchAndMarkets.com offer.
The big data market size is expected to grow from USD 162.6 billion in 2021 to USD 273.4 billion in 2026, at a compound annual growth rate (CAGR) of 11.0% during the forecast period.
On the basis of components, the service segment is expected to grow at a higher CAGR during the forecast period
The services segment of the big data market is further segmented into professional services (consulting, support and maintenance, deployment and integration) and managed services. This section discusses the market size and growth rate of each Services sub-segment based on type (for selected sub-segments) and region.
Based on mode of deployment, on-premises segment is segmented to accommodate larger market size during the forecast period
Most cloud computing refers to the storage, management, and processing of data through networks of remote servers, usually accessible through the Internet. Companies, primarily in heavily regulated industry sectors, such as BFSI, healthcare and life sciences, and manufacturing, are opting for the on-premises deployment model of big data solutions. Additionally, large enterprises with sufficient IT resources should opt for the on-premises deployment model. On-premises is the most trusted mode of deployment that a business can count on for a high level of control and security. Businesses must purchase a license or copy to deploy cloud-based solutions.
Based on Business Function Operations segment to grow at a higher CAGR during the forecast period
The business function-based big data market is segmented into Finance, Marketing & Sales, Human Resources, and Operations. The operations segment is expected to grow at a rapid rate during the forecast period. Big data can help improve the performance of the order picking and inventory process in warehouse management with high accuracy. It aims to improve operational efficiency and effectiveness by enabling data-driven decisions at strategic, operational and tactical levels. It helps companies drive revenue growth, improve margins, better manage working capital, and improve overall control points throughout the supply chain.
On the basis of organization size, large enterprise segment to account for larger market size during the forecast period Most Adoption of big data software and services among large enterprises is high due to increasing cloud adoption, and the trend is expected to continue during the forecast period. Large companies accumulate huge amounts of data which can be attributed to the large customer base. In large enterprises, data plays a major role in evaluating the overall performance of organizations. Large companies leverage real-time data from a variety of sources; for example, social media feeds or sensors and cameras, each record should be treated in a way that preserves its relationship to other data and its sequence over time.
Based on the solution, the big data analytics segment is expected to grow at a higher CAGR during the forecast period
The adoption of big data analytics by large enterprises is high because it provides a nearly limitless source of business and informational insights, which can lead to operational improvements and new revenue opportunities for businesses of virtually any industry. sectors. The hidden value in business data drives businesses to develop cutting-edge analytics operation for use cases such as consumer personalization, risk reduction, fraud detection, operations analytics internals and other new use cases occurring almost daily.
APAC is expected to grow at a higher CAGR during the forecast period
Asia-Pacific (APAC) has continuously presented lucrative market opportunities for big data solutions and service providers with a notable increase in big data in its developed and emerging countries. Japan, China, and India have shown plenty of growth opportunities in the big data market. Due to a rapidly proliferating technology-backed economic structure, APAC is expected to become the fastest growing region in demand for big data software and services over the forecast period.
Market dynamics
Drivers
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Strong increase in data volume
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Increased data connectivity through cloud computing
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Integration of digital transformation into high-level strategies
Constraints
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Data security concerns and strict data security regulations
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High Big Data Processing Costs
Opportunities
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Increased adoption of big data technologies and analytics
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The growth of investments in IT sectors by companies
Challenges
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Data silos and poor data quality
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Lack of data professionals
Companies cited
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IBM
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google
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Oracle
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Microsoft
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Sap
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SAS
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Cloudera
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Teradata
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Tibco
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AWS
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Alteryx
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Computer science
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Sisens
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Selling power
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hep
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Qlik
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Splunk
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vmware
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Accenture
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Ataccam
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Cogito
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Center field
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Ribbed datapin
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Fusionex
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giant panda
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big eye
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Involve
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Resident
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Yugabyte database
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Airbyte
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Cardagraph
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Firebolt
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Syncar
For more information on this report, visit https://www.researchandmarkets.com/r/cp3ebe
