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.
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China big data market share by software, 2015 (USD Million)
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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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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.
For more market analysis reports, please
visit: http://www.grandviewresearch.com/
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