The global big data market is supported by the growth of big data and business analytics market, which attained USD 311.72 billion in 2023. The global big data and analytics market is expected to grow at a CAGR of 14.9% in the forecast period of 2024-2032 to attain USD 1088.06 billion by 2032.
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North America holds a major revenue share of the market and will continue to do so, while the Asia Pacific region is projected to grow at the highest rate among regional markets for big data. North America is experiencing rapid developments in the big data market. This is mainly due to the increasing adoption of IoT and allied services by major industrial sectors, thus generating massive amounts of useful data which can be exploited. Companies and organizations have started exploiting big data to generate key insights and strategies and business decisions to remain competitive. This trend is increasingly being adopted by major players in the developing regions as well. China is expected to be the fastest growing country within the regional markets, followed by countries such as Australia, India, and South Korea, all contributing to a healthy growth rate for the big data market in the forecast period as well.
Big data refers to a field that treats ways to analyze, extricate information from, or manipulate data sets that are extremely large and complex to be dealt with by traditional data-processing application software. These use techniques such as machine learning and advanced optimization algorithms to generate valuable insights for the organization based on these big data sets.
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The market is divided on the basis of component into:
By hardware, the market is segmented into:
The market is categorised in terms of deployment mode into:
The market is divided on the basis of organisation size into:
The market is segregated on the basis of application into:
The market is segmented on the basis of end use into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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As the volume of data generated through various devices is growing at an exponential rate, the requirement for extracting value out of this data is the need of the hour. The introduction of cloud computing has eased the storage of data, making it more cost effective, flexible, and secure. Affordable storage services and rapid technological services that have increased the accessibility of the internet and data has increased the demand for big data. The emergence and adoption of IoT are also pushing the market forward. Managing vast volumes of data and extracting value and business insights from the same is pushing business in unprecedented ways. Investing in research and development, such as in companies like Facebook, is also driving the demand for big data. The market for big data is expected to grow at a fast rate in emerging economies such as China in the forecast period.
The report gives a detailed analysis of the following key players in the global big data market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
