Big Data Market

Big data refers to a framework that allows the analysis and management of a larger amount of data than the traditional data processing technologies. Big data supposes a change from the traditional techniques in three different ways: the amount of data, the rate of data generation and transmission, and the types of structured and unstructured data. The era of big data is producing unprecedented amounts of data points giving greater insights, which help in driving extensive research, better business decisions, and greater value for customers. The increasing adoption of the internet and the growing demand of e-commerce is boosting the demand for big data analytics as it helps organizations in collecting and managing a large amount of data. The use of big data analytics, for instance, in e-commerce, is to manage huge quantities of the transaction, click-stream, voice, and video data in e-commerce. A big data system usually contains an enormous amount of personal information and data privacy is the primary concern of big data security techniques. Enterprises have to maintain a strategic plan for ensuring the security of big data stored in on-premise and cloud servers.

Big data analytics is used across industries to drive customer traffic to gain a competitive advantage. The companies have a huge amount of used data analytics that helps to direct their strategy to maximize profits. The companies are using clouds and analytics that could help businesses to store, interpret, and process their big data. These data are further used to fulfill the customer’s requirement in the organizations. With the use of big data analytics, the business would be able to create data-driven applications and enhance business agility and productivity while reducing costs. The emerging technologies such as private, public, and hybrid cloud, are rapidly changing and are thus increasing the demand of big data in the market. It helps in determining a large amount of big data that can solve an organization’s business problems and align opportunities. The demand for cloud computing has witnessed a massive growth in a short span of time, which is expected to drive the growth of the big data analytics cloud-based services in the coming years.

The global big data market is expected to grow at a 13.35% CAGR during the forecast period, 2018–2023. In 2017, the market was led by North America with 45.0% share, followed by Europe, and Asia-Pacific with shares of 28.7% and 17.4% respectively. There has been significant growth in the adoption of cloud-based solutions and services in China, Japan, Germany, and the US.

The global big data market has been segmented based on component, technology, deployment, organization size, end users, and region. Among end users, IT segment accounted for the largest market share in 2017, with a market value of USD 7,639.4 million, which is projected to grow at a CAGR of 13.69% during the forecast period. Based on organization size, SMEs accounted for the largest market in 2017, with a market value of USD 23,106.4 million, whereas, the large enterprises segment is projected to grow at a CAGR of 12.07%.