The global big data market is expected to reach USD 123.2
billion by 2025, according to a new report by Grand View Research, Inc. The
amount of data flowing across organizations has witnessed enormous growth over
the last few years and the trend continues. Evolving consumer demands coupled
with contracting budgets are impacted by the proliferating data, which puts
considerable pressure on organizations to make the right decision in order to
seize a competitive advantage.
Big data solutions enable
organizations to effectively manage large data volumes thereby reducing cost.
Additionally, these solutions also facilitate companies to overcome frauds,
streamline critical business processes, and reduce errors. Further, the growing
need to manage and monitor the heterogeneous nature of the data generated from
web clicks to satellite data is also anticipated to significantly propel the
industry growth over the next few years.
Increased adoption of
cloud computing has generated a large amount of data on account of rapid
technological advancements and increased connectivity, owing to smartphone
proliferation. Thus, the big data industry is estimated to witness a high
demand in order to keep pace with this data explosion. However, lack of skilled
manpower including data analysts and data scientists that are required to
leverage big data capabilities is expected to hamper the demand. There exists a
huge requirement for professionals who are capable of exploiting big data
analytics in order to make valuable decisions.
In depth research report on Big Data Market
Further key findings from the report suggest:
·
The
network equipment segment is expected to witness a healthy growth at a CAGR
exceeding 20% over the forecast period, owing to the reinforcement of new
network infrastructures in order to offer enhanced security.
·
The
visualization segment emerged as the fastest growing software segment over the
forecast period, which is ascribed to the elevating demand for visuals to
represent the analyzed data and convey exact interpretation to consumers.
·
Media
& entertainment and gaming captured a sizeable share exceeding 5% of the
overall revenue, which is attributed to the growing number of companies seeking
to escalate the value of their assets by integrating creativity with
technological breakthroughs.
·
North
America accounted for a sizeable revenue share exceeding 30% in 2015, which is
attributed to the high penetration, primarily, across the IT &
telecommunication, BFSI, and retail sectors.
·
Notable
industry players, such as IBM, HP, Cloudera, and Oracle, are gradually
investing in R&D, for developing unified big data solutions that offer
increased capabilities. These players rely on developing innovation-led
solutions to increase productivity and reduce cost in an attempt to attract new
customers.
Grand View Research has
segmented the big data market based on hardware, software, service, end-use,
and region:
Big
Data Hardware Outlook (Revenue, USD Million; 2014 - 2025)
·
Storage
·
Server
·
Network
Equipment
Big Data
Software Outlook (Revenue, USD Million; 2014 - 2025)
·
Analytics
·
Database
·
Visualization
·
Distribution
Tools
·
Others
Big Data
Service Outlook (Revenue, USD Million; 2014 - 2025)
·
Consulting
·
Deployment
& Maintenance
·
Training
& Development
Big
Data End-Use Outlook (Revenue, USD Million; 2014 - 2025)
·
BFSI
·
Manufacturing
·
Retail
·
Media
& Entertainment
·
Gaming
·
Healthcare
·
Telecommunication
·
Government
·
Others
Big
Data Regional Outlook (Revenue, USD Million; 2014 - 2025)
·
North
America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia
Pacific
o
China
o
India
o
Japan
·
Latin
America
o
Brazil
o
Mexico
·
The
Middle East & Africa
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research reports of this category:
About Grand View
Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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