Big Data Market Estimated to Touch USD 297.28 Billion at a 14.52% CAGR Between 2020 to 2030
Increasing Adoption of Technologies to Boost Big Data Market Growth
New York, US, May 05, 2022 (GLOBE NEWSWIRE) — Big Data Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Big Data Market” information by Technology, by Organization Size, by Deployment, by End-User and Region – Forecast to 2030” market size to reach USD 297.28 billion, growing at a compound annual growth rate of 14.52% by 2030.
Emerging developments in big data analytics, like social media analytics & text analytics, are expected to open up new opportunities. Besides, because social media is more effective than traditional advertising, many organizations have made it their primary source for different advertising campaigns, events, and product promotions.
Dominant Key Players on Big Data Market Covered are:
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Market USP Exclusively Encompassed:
Big Data Market Drivers
Increasing Adoption of Technologies to Boost Market Growth
The rise of technologies like machine learning, data analytics and artificial intelligence, is altering the big data technology’s landscape. The use of these technologies in conjunction with big data allows businesses to improve their visualization capabilities, make complex data more useable, and more accessible through visual representation. Business intelligence solutions are used by machine learning techniques to analyze organized and unstructured data. End-users can analyze data and draw insights regarding the sales, price, and quantity to reach target customers using machine learning and data analytics combined with big data technologies. This enables end-users to forecast future conditions and handle transportation & supply chain components more efficiently.
Data Security Concerns to act as Market Restraint
Data security concerns, strict data security regulations, and data silos may act as market restraints over the forecast period.
Poor Data Quality to act as Market Challenge
The poor data quality, dearth of skilled workforce, and high implementation cost may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The global big data market is bifurcated based on end user, deployment, organization size, technology, and component.
By end user, IT will lead the big data market over the forecast period.
By deployment, cloud will dominate the market over the forecast period.
By organization size, SMEs will spearhead the market over the forecast period.
By technology, machine learning will have the lions share in the market over the forecast period.
By component, service will have the largest share in the big data market over the forecast period.
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North America to Lead Big Data Market
Over the projection period, North America will lead the market. It is expected to grow at a rate of 12.4 percent every year. The rapid use of latest information technologies, the surging focus on the technology application in Canada and the United States, the presence of some top market players, and the rising use of IoT devices by various businesses are all contributing to the region’s global big data market growth. North America now precedes the market and is expected to do so for the duration of the study. North America’s market is estimated to grow at a CAGR of 12.4 percent over the forecast period. The region’s strong position is due to factors such as rapid adoption of new information technology and a focus on big data applications in nations like the United States and Canada.
Furthermore, the presence of major market players such as IBM Corporation, Oracle Corporation, Microsoft Corporation, & Amazon, among others, contributes to the region’s market growth. Most enterprises and verticals in North America regard data discovery & big data analytics to be quite productive. The region is observing the presence of key enterprises across all industries and is implementing big data analytics technologies on a large scale. This is due to an increase in the number of people using smartphones, wearable gadgets, as well as other smart connected devices. In the global big data market in North America, things are moving quickly. This is primarily because large industrial sectors are increasingly adopting IoT and related services, resulting in fixed volumes of relevant data that may be exploited. To stay competitive, businesses and organizations have begun to use big data to develop important insights, strategies, and business decisions. Major players in developing regions are progressively adopting this strategy as well. The strong growth rate in this region can be linked to the region’s rising usage of IoT devices via various businesses. Organizations, particularly in the United States, have favored to use big data solutions to produce data insights in order to strategic business decisions & stay competitive.
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COVID-19 Impact on the Global Big Data Market
When the novel coronavirus first swept over the world, healthcare leaders’ main worries were resource allocation and hospital capacity. The unfavourable reality was understaffed facilities, a lack of fans, and packed ICUs. However, this lethal virus had a favorable effect on the big data sector. Governments and companies are making extensive usage of big data technology for storing infected people’s information as well as data. This method can digitally store a large amount of data from persons who have been diagnosed with COVID-19 in real time. It also aids to discover new information on the control and spread of the virus. Its ability of capturing extensive data can be put to good use in preventing the virus to spread. The data gathered can be utilized for designing future coronavirus prevention strategies. Big data is unique in that it is used to store data from all types of cases, including recovered, expired, and infected, and others afflicted with the virus. Big data also aids epidemiologists, scientists, and healthcare professionals in making the best decisions possible. Most businesses have already installed the most up-to-date analytics solutions to eliminate the virus’s influence, better understand the virus’s nature, and safeguard those who are at risk of serious sickness. In COVID-19, the part of big data in healthcare begins with the first step of detection. Its importance is becoming more apparent, with institutions including as Microsoft, the CDC, and the WHO developing dashboards based on it. These dashboards aid in the gathering of data from multiple countries as well as the display of locations, deaths, and verified cases.
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