Big data is primarily intended to analyze, process, and extract information from massive amounts of data and extremely complex structures. Big data analytics are widely associated with many other massively augmented technologies such as artificial intelligence (AI), deep learning, machine learning, and the Internet of Things (IoT) among the larger concepts of rage in technology. The rising adoption of big data analytics across a range of industries is a key factor that is driving market growth. This technology is gaining much-needed popularity because it aids in the collection and analysis of massive amounts of data that businesses and governments deal with on a daily basis.

Big Data Market Report Statistics

• Global big data market revenue is projected to reach USD 473.6 Billion by 2030 with a CAGR of 12.7% from 2022 to 2030
• As per current predictions, the world is expected to generate 181 zettabytes of data by 2025
• As per recent statistics, 2.5 quintillion bytes of data is created daily by internet users globally
• North America big data market share generated over US$ 57.2 billion in revenue in 2021
• Asia-Pacific big data market growth will record CAGR of around 14% from 2022 to 2030
• Based on component, the services sub-segment achieved 46% shares in 2021
• Among industry vertical, the BFSI sub-segment occupied 18% shares in 2021
• Growing adoption of IoT and Hadoop is a prominent big data market trend that drives the industry demand

Global Big Data Market Dynamics

Market Drivers

• Exponential rise in data volume
• Growing application of cloud computing
• Implementation of digital transformation across industries
• Rising penetration of internet and smartphones

Market Restraints

• Growing security and privacy issues
• High implementation cost and shortage of data analysts

Market Opportunities

• Rising adoption of edge computing
• Increasing government investments to improve digital technologies

Big Data Market Report Coverage

Big Data Market Growth Factors

The advent of the COVID-19 pandemic favored the exponential growth of big data and business analytics. During the pandemic period, the growing trend of working from home and remote work culture was a primary factor driving the global big data market. Furthermore, big data analytics solutions have significantly benefited the healthcare sector. The growing number of COVID patients in hospitals generated a large amount of healthcare data, which big data solutions easily handled and catered to in a well-structured manner. However, surging privacy and data security concerns may limit market growth during the forecast period. Users store confidential information and data on big data platforms related to their business operations. Nevertheless, there are potential vulnerabilities and liabilities in managing and storing the documents.

The adoption of cloud computing is a very prominent aspect that is boosting the global big data analytics market growth. The advent of cloud computing has simplified data storage, making it more secure, cost-effective, and flexible. Furthermore, rapid growth in smart payment technologies is another aspect that is anticipated to generate numerous growth opportunities for the market during the forecast timeframe from 2022 to 2030. Contactless and smart payments complement each other. Contactless payments simplify the task of transferring money between multiple parties; IoT automates and connects various processes and tasks. Many digital firms are utilizing machine learning to gather insights from the commerce sector.

Big Data Analytics Market Segmentation

The global big data market is segmented based on component, deployment model, business function, application, industry vertical, and geography.

Big Data Market By Component

• Hardware
  • Storage
  • Network Equipment
  • Server
  • Others
• Software
  • Big Data Analytics
  • Data Discovery
  • Data Management
  • Data Visualization
• Services
  • Hadoop as a Service
  • Analytics as a Service
  • Consulting Services
  • Data as a Service
  • Deployment and Integration Service

As per the big data industry analysis, services sub-segment achieved a significant market share in 2021 and is expected to do so in the coming years. The services segment is further bifurcated into Hadoop as a service, data as a service, analytics as a service, consulting services, and deployment and integration service. However, the software component is expected to witness a fastest growth CAGR during the projected timeframe from 2022 to 2030.

Big Data Market By Deployment Model

• On-Premise
• Cloud-Based
  • Private Cloud
  • Public Cloud
• Hybrid

Based on our deployment model analysis, on-premise will lead the segment with utmost shares in 2021, whereas the segment will also continue to lead the market in the coming future. On the other hand, the public cloud among cloud segment generates significant market revenue during the forecast period. A public cloud is a collection of hardware, storage, networking, services, applications, and interfaces owned and controlled by a third party and made available to other businesses and individuals.

Big Data Market By Business Function

• Finance
• Sales and Marketing
• Human Resources
• Operations

Finance is a very important segment of all business functions because the entire enterprise's financial status is dependent on it. As a result, many banking and financial titans rely heavily on big data analytics to increase economic stability and provide precise funding ideas. Sales and marketing, on the other hand, are gaining traction in the big data analytics space, heavily utilizing its services and assisting in increased revenue generation and business expansion.

Big Data Market By Business Application

• Customer Analytics
• Operational Analytics
• Fraud Detection
• Compliance
• Data Warehouse Optimization
• Others

On the basis of application, customer analytics is a very prominent application that has been used by end-users. The growing social media platforms, increasing e-commerce industry, and rising internet penetration will support customer analytics. Meanwhile, fraud detection is poised to grow at an exponential rate owing to the increase in fraudulent activities across the world.

Big Data Market By Industry Vertical

• Manufacturing
• Media & Entertainment
• BFSI
• IT & Telecommunication
• Healthcare
• Energy and Power
• Retail & E-Commerce
• Government
• Transportation
• Others

The BFSI industry is dubbed as the major revenue generating segment and is rushing to the same path. The increasing demand for real-time feedback on services is driving the adoption of big data in the BFSI industry vertical. Big data analytics are being used to help the BFSI sector effectively acquire, grow, and retain customers. During the forecast period, the retail & e-commerce segment is anticipated to grow at the highest CAGR. Retail & e-commerce are using cutting-edge analytical tools to better understand consumer preferences and shifting market trends.

Big Data Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Big Data Market Regional Analysis

According to our big data regional analysis, North America is currently leading the market and is expected to lead throughout the forecasted timeframe from 2022 to 2030. Extensive adoption of big data analytics solutions in industries such as BFSI, Retail & E-Commerce, IT & telecom, and healthcare among other in the United States is a leading aspect that is driving the global North American big data market. Additionally, the rapid adoption of technologies such as AI, machine learning, Hadoop, and IoT are also favoring the American market growth. Meanwhile, Asia-Pacific region is expected to record a substantial growth rate during the projected years from 2022 to 2030. The APAC’s big data market is expanding as a result of the expanding use of big data technologies like Apache and Hadoop, IoT devices, the expansion of the insurance and banking industries, and the penetration of novel technologies like connected devices.

Big Data Market Players

Some of the leading big data companies include Accenture, Alteryx, AWS, Cloudera, Equifax, Inc. Google, IBM, Oracle, Microsoft, SAS, SAP, TIBCO, Teradata, Salesforce, Qlik, and VMware.