Big Data Market Size Set to Achieve USD 473.6 Billion by 2030 growing at 12.7% CAGR – Exclusive Report by Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Big Data Market and Region Forecast, 2022 – 2030”
TOKYO, Dec. 15, 2022 (GLOBE NEWSWIRE) — The Global Big Data Market Size accounted for USD 163.5 Billion in 2021 and is projected to occupy a market size of USD 473.6 Billion by 2030 growing at a CAGR of 12.7% from 2022 to 2030.
Growing penetration of the internet and an increasing number of smartphone users are primary factors that are driving the global big data market. A single internet user, for example, generates approximately 1.7 megabytes of data per second. According to projections, the internet will contain 165 zettabytes of data by 2025.
Big Data Market Statistics
- Global big data market revenue valued at USD 163.5 Billion in 2021, with a 12.7% CAGR from 2022 to 2030
- Recent big data statistics reveal that more than 97% of key global businesses plan to invest in big data and AI
- Over 58% of the world’s large and small businesses are focusing to implement big data technology
- North America big data market share occupied around 35% in 2021
- Asia-Pacific big data market growth is estimated to attain 14% CAGR from 2022 to 2030
- By component, the services sub-segment grabbed revenue of USD 75.2 billion in 2021
- Based on industry vertical, the BFSI sub-segment gathered US$ 29.4 billion in revenue in 2021
- An increasing number of social media users is a prominent big data market trend driving the industry demand
- According to a recent study, there were 4.95 billion active social media users worldwide in January 2021
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Big Data Market Coverage:
|Market||Big Data Market|
|Big Data Market Size 2021||USD 163.5 Billion|
|Big Data Market Forecast 2030||USD 473.6 Billion|
|Big Data Market CAGR During 2022 – 2030||12.7%|
|Big Data Market Analysis Period||2018 – 2030|
|Big Data Market Base Year||2021|
|Big Data Market Forecast Data||2022 – 2030|
|Segments Covered||By Component, By Deployment Model, By Business Function, By Application, By Industry Vertical, And By Geography|
|Big Data Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Accenture, Alteryx, AWS, Cloudera, Equifax, Inc. Google, IBM, Oracle, Microsoft, SAS, SAP, TIBCO, Teradata, Salesforce, Qlik, and VMware.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Big Data Market Dynamics
Growing Trend of Social Media Analytics
Retail, hospitality, travel, and other industries are increasingly implementing cloud-based and AI-driven social media analytics solutions to support market expansion. Analytics-based AI services are becoming more and more common in developed nations like the U.K., the U.S., France, Japan, and others. As businesses look to use information assets to enhance customer relationships, business results, and operational efficiency, big data analytics is in high demand. Keeping up with the evolving needs and expectations of burgeoning big data analytics users, however, has grown more difficult. On the other hand, new big data analytics trends like text analytics and social media analytics are expected to open up a lot of business opportunities.
Growing Implementation across Businesses to Generate Lucrative Opportunities
The growing implementation of big data across enterprises is expected to provide key players with numerous opportunities as well as optimize their growth. Since big data facilitates the gathering and analysis of the enormous amounts of data that governments and businesses deal with on a daily basis, this technology is gaining the much-needed traction. Additionally, as big data analytics software enables organizations to study the factors influencing outcomes and provides the power of decision optimization, the increased need to gain insights for business planning is expected to provide lucrative opportunities for market expansion.
Growth in Security Concerns Restricts the Big Data Market Growth
Data misuse, whether intentional or unintentional, can have serious legal ramifications for both organizations and customers. To ensure that no data usage violates government laws, businesses should explicitly state clauses related to data usage, process, and detainment in their project contracts. The rate of data intrusions is increasing in tandem with the constant evolution of technologies. As a result, while improving analytics solutions for various vertical-specific applications, data privacy and security are critical.
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Big Data Market Segmentation
The global market has been split into components, deployment model, business function, application, industry vertical, and region.
Hardware, software, and services are the three components of the component segment. Based on the deployment model, the market is divided into three segments: on-premise, cloud-based, and hybrid. Finance, sales and marketing, human resources, and operations are the business function segments. Customer analytics, operational analytics, fraud detection, compliance, data warehouse optimization, and other applications are covered in the application segment.
Furthermore, the industry vertical segment is split into manufacturing, media & entertainment, BFSI, IT & telecommunication, healthcare, energy and power, retail & e-commerce, government, transportation, and others.
Big Data Market Share
According to our big data market forecast, the services sub-segment will account for the majority of the market share in 2021. In terms of growth, the software will see rapid expansion in the coming years.
Among deployment models, the on-premise sub-segment dominated the market and is expected to continue to do so in the coming years. Meanwhile, the cloud-based and hybrid segments are expected to grow at a rapid pace between 2022 and 2030.
As per our big data industry analysis, the finance business function dominated the market with the utmost shares in 2021 and will continue to do so in the coming years.
Based on our industry vertical analysis, BFSI will lead the market in terms of revenue, whereas retail & e-commerce will lead in terms of growth from 2022 to 2030.
Big Data Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa account for the majority of the worldwide big data industry. The emergence of big data technology has provided numerous opportunities for businesses to manage valuable data streams and transform them into valuable information. The regional market demand is expected to be driven by high usage in the retail and healthcare sectors. Asia-Pacific is expected to have the highest CAGR during the forecast period, owing to enormous growth in transactions and business strategies such as mergers and acquisitions and joint ventures across all industry verticals.
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Big Data Market Players
Some prominent big data companies covered in the industry include Accenture, Alteryx, AWS, Cloudera, Equifax, Inc. Google, IBM, Oracle, Microsoft, SAS, SAP, TIBCO, Teradata, Salesforce, Qlik, and VMware.
Questions Answered By This Report
- What was the market size of Big Data Market in 2021?
- What will be the CAGR of Big Data Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Big Data Market?
- Which region held the largest share Big Data Market in 2021?
- What are the key market drivers Big Data Market?
- Who is the largest end user Big Data Market?
- What will be the Big Data Market value in 2030?
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The Global Data Preparation Tools Market accounted for USD 3.1 Billion in 2020 with a considerable CAGR of 20% during the forecast period of 2021 to 2028.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
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