Big Data Technology Market Size, Share & Industry 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

The global big data technology market size was valued at USD 349.40 billion in 2023 and is projected to grow from USD 397.27 billion in 2024 to USD 1,194.35 billion by 2032, exhibiting a CAGR of 14.8% during the forecast (2024-2032). North America accounted for a market value of USD 104.90 billion in 2023. Big data is a large volume of structured and unstructured data sets extracted from various sources. Big data technology can be utilized for insights that lead to better strategic initiatives and business decisions. It is a combination of various software tools with the functionality to manage, collect, analyze, organize, deliver, and access structured and unstructured data.

Big data technology is gaining traction owing to rising investments and spending on various technological projects by government and private players. According to the Worldwide Big Data and Analytics Spending Guide published in 2022, spending on big data technology will rise by 1.6 times by 2025. In addition, the rising internet penetration and growing adoption of technologies, such as cybersecurity, Internet of Things (IoT), and 5G infrastructures, are likely to drive the market growth.

Organizations and governments invested substantial amounts in big data technology to store data and information about patients diagnosed with the COVID-19 in 2020. This technology helped store a large amount of real-time data on COVID patients digitally. Various enterprises also implemented advanced analytics solutions to eliminate the influence of the virus, understand its nature, and safeguard those who are highly susceptible to serious illness. Such active initiatives are expected to fuel the demand for big data solutions in the coming years.

Big Data Technology Market Trends

Rising Adoption of Big Data and Business Analytics among End-use Industries

With the emergence of big data technology, the need to process and analyze massive data economically and faster is crucial for enterprises worldwide. One of the emerging trends is the rising adoption of big data analytics across enterprises. Big data analytical solutions are gaining traction as they facilitate efficient analysis and collection of large volumes of data that various governments and enterprises have to deal with daily. This allows enterprises to strengthen and upgrade their IT infrastructure, which could augment the big data technology market growth during the forecast period.

The penetration of big data technology has a massive impact on various industrial sectors, which mainly include retail, healthcare, manufacturing, telecom, finance, and transportation. The demand for big data analytics to process data cost-effectively and quickly is increasing among enterprises. Analytics solutions also assist organizations in demonstrating information in a more sophisticated format for better decision-making. Key market players are focusing on launching advanced big data solutions that are enabled with analytics capabilities to enhance customer experience.

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Big Data Technology Market Growth Factors

Increasing Adoption of AI, ML, and Data Analytics to Boost Market Growth

As the adoption of technologies, such as Machine Learning (ML), AI, and data analytics, is increasing, it is changing the aspect of the big data technology space. Integration of technologies with big data is helping organizations make complex data more usable and accessible through visual representation and increase their visualization capabilities. For studying unstructured and structured data, ML tools use business intelligence solutions. End-users use data analytics and machine learning tools that are integrated with big data technology to analyze information and derive insights about sales, price, and quantity to reach the target customers. This is helping end-users to forecast future conditions and efficiently manage the shipping and supply chain components.

The integration of artificial intelligence (AI) and machine learning (ML) solutions with big data can amplify the hidden trends and correlations from the massive amount of data by reducing manual intervention. This relationship between AI and big data brings advancements, including natural language processing and predictive analytics across various industries, such as finance, e-commerce, and healthcare, to deliver data-driven experiences. The AI solution provides businesses with real-time insights, allowing them to improve network security, accelerate digital businesses, and deliver a better customer experience. Integration of AI with big data is helping to optimize business operations, decision-making speed, and customer experience. Increasing adoption of these technologies is expected to drive the market growth. Major players in the market are focusing on entering into partnerships with other players to launch innovative solutions based on core technologies such as AI and others.

• For instance, in April 2023, Fujitsu, a Japanese communications technology company, launched Fujitsu Kozuchi, a new AI platform that enables customers to accelerate the testing and deployment of AI technologies.

RESTRAINING FACTORS

Rising Concerns on Information Security and Privacy to Hinder Market Growth

Users store their sensitive data and information regarding business activities on big data platforms. However, numerous possible liabilities and vulnerabilities are present in managing and storing documents. With the gaining popularity, security concerns about data breaches, unforeseen emergencies, application vulnerabilities, and information loss are also increasing.

Information security and privacy concerns can reduce the revenues in some industries, such as academia & research, federal government departments, financial services, and others. This can severely damage the reputation of the enterprises and eventually hinder the confidence of the people running the business. This, in turn, may create criminal penalties and even lawsuit liability. Sensitive information and data are often stored in databases and on-cloud, which allows cybercriminals to subvert valuable company information and use it to enter unlawful dealing. In addition, massive investments and complications associated with the big data infrastructure across SMEs are expected to impede the market growth.

Big Data Technology Market Segmentation Analysis

By Type Analysis

Big Data Analytics Segment to Lead the Market Share Owing to Growing Trend of Edge Computing

Based on type, the market is categorized into big data storage, big data mining, big data analytics, and big data visualization.

The big data analytics segment dominated the market in 2022 and is estimated to showcase a high CAGR during the forecast period, as it helps reduce the cost of storing all the business data at one place. Big data analytics providers, including Splunk, KNIME, and others are focusing on providing analytics solutions to businesses to help them use the solution to improve their marketing effort and strengthen their relationships with their customers. Big data analytics helps companies understand their competition better by providing better insights about market trends, market conditions, and other parameters.

By End-use Industry Analysis

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BFSI Segment to Dominate the Market Fueled by Rising Adoption of Big Data Solutions

Based on end-use industry, the market is segmented into BFSI, retail, manufacturing, IT and telecom, government, healthcare, and others.

Among these, the BFSI segment held a major market share in 2022. The big data solution for the BFSI sector is gaining traction owing to its cost-effectiveness and ease of use. Several FinTech companies are increasingly adopting big data solutions for operations and supply chain optimization, risk management, and preventive & predictive maintenance.

The retail segment is likely to showcase considerable growth during the forecast period. The rising adoption of cloud-based solutions in the retail industry to optimize in-store operations and staff performance is expected to drive segment growth. In addition, the rising product adoption across manufacturing, IT and telecom, government, healthcare, utility, and other end-use industries is likely to propel the market growth.

REGIONAL INSIGHTS

Geographically, the market is segmented across five major regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

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North America held a major market share in 2023. The U.S. generated maximum revenue in 2023, owing to the early adoption of advanced technologies and the strong presence of many data centers in the country. Furthermore, a huge volume of data is created every day due to the increasing adoption of connected devices, video streaming services, and digital payments, among others, creating opportunities for the players in the region.

The presence of major key players, such as IBM Corporation, Oracle Corporation, Microsoft Corporation, and others, is boosting the demand for big data solutions in the region.

• For instance, in August 2022, Cloudera launched Cloudera Data Platform (CDP) One, which enables fast and easy self-service analytics and exploratory data science on any data. CDP One has in-built machine learning and enterprise security.

Asia Pacific is expected to grow exponentially during the forecast period. The rising adoption of Internet of Things (IoT) devices and big data technologies, such as Hadoop, Apache, and others, across enterprises is driving regional growth. According to Oracle, enterprises in India are adopting big data solutions for improving operations and enhancing customer experience faster than in other countries in the region. Also, a surge in the region's e-commerce industry is aiding the big data technology market share expansion. Key market players are focusing on merger and acquisition strategies to enhance their product portfolio.

Europe is expected to showcase radical growth in the coming years. Europe is showcasing the presence of a significant number of top retailers. Retailers from the largest markets in Europe, including France, Germany, Italy, Spain, and the U.K., are the major contributors to the growth of big data solutions. According to the CBI Ministry of Foreign Affairs, in 2021, investments by SMEs and large enterprises present across Central and Eastern Europe (CEE) countries are increasing to adopt business analytics and big data techniques for analyzing customer experiences.

The Middle East & Africa and South America markets are expected to experience a gradual CAGR during the forecast period. Growing usage of big data analytics in the hydrocarbon, healthcare, education, and transportation sectors in the Middle East & Africa region helps to optimize business operations by making data-driven decisions.

List of Key Companies in Big Data Technology Market

Key Players Focus on Developing Innovative Big Data Solutions to Intensify Competition

Major big data technology players, such as SAP SE, IBM Corporation, and Microsoft Corporation, are strengthening their market positions by upgrading their existing product lines. In addition, the adoption of partnership and collaboration strategies will enable the companies to expand the product line and achieve organizational goals. Key players are deploying big data solutions with advanced technologies, such as AI, ML, and cloud, to enhance the products and deliver enhanced solutions. These key players are currently focusing on investing in the development of various big data-related projects across the globe.

List of Key Companies 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.)

KEY INDUSTRY DEVELOPMENTS:

• February 2024: - SQream, a GPU data analytics platform, partnered with Dataiku, an AI and machine learning platform, to deliver a comprehensive solution for efficiently generating big data analytics and business insights by handling complex data.


• October 2023: - MultiversX (ELGD), a blockchain infrastructure firm, formed a partnership with Google Cloud to enhance Web3’s presence by integrating big data analytics and artificial intelligence tools. The collaboration aims to offer new possibilities for developers and startups.


• May 2023: - Vpon Big Data Group partnered with VIOOH, a digital out-of-home advertising (DOOH) supply-side platform, to display the unique advertising content generated by Vpon’s AI visual content generator "InVnity" with VIOOH's digital outdoor advertising inventories. This partnership pioneers the future of outdoor advertising by using AI and big data solutions.


• May 2023: - Salesforce launched the next generation of Tableau for users to automate data analysis and generate actionable insights.


• March 2023: - SAP SE, a German multinational software company, entered a partnership with AI companies, including Databricks, Collibra NV, and DataRobot, Inc., to introduce the next generation of data management portfolio.


• November 2022: - Thai Oil and Retail Corporation PTT Oil and Retail Business Public Company implemented the Cloudera Data Platform to deliver insights and enhance customer engagement. The implementation offered a unified and personalized experience across 1,900 gas stations and 3,000 retail branches.


• November 2022: - IBM launched new software for enterprises to break down data and analytics silos that helped users make data-driven decisions. The software helps to streamline how users access and discover analytics and planning tools from multiple vendors in a single dashboard view.


• September 2022: - ActionIQ, a global leader in CX solutions, and Teradata, a leading software company, entered a strategic partnership and integrated AIQ’s new HybridCompute Technology with Teradata VantageCloud analytics and data platform.

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The market research report provides a detailed market analysis. It focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that contributed to the market growth in recent years.

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