LONDON, May 16, 2016 /PRNewswire/ -- "Tremendous growth of organizational data and massive increase in mobile devices and apps are driving the big data market"
The big data market is projected to reach USD 66.79 billion by 2021 at a Compound Annual Growth Rate (CAGR) of 18.45% during 2016–2021. The growth can be attributed to the tremendous increase in the data being generated across various organizations and the need to analyze it. Big data analytics is the highly used software solution used across various organizations worldwide. Moreover, the significant shift of enterprises from analog to digital technologies and the massive increase in the number of mobile devices and apps are as the major drivers of the big data market.
"Among software segment, big data analytics is expected to grow at the highest CAGR"
The big data analytics software solution is expected to grow at a highest CAGR in big data market during the forecast period. The growing need of organizations to analyze data to get actionable insights is driving the software segment. Similarly, among services, managed services segment is expected to grow at a high CAGR. This is due to the increasing demand of third party service providers among organizations for cost effective services.
"The market in Asia-Pacific (APAC) is expected to witness the highest growth"
The APAC big data market is expected to witness exponential growth during the forecast period. It is projected to be the fastest-growing region for the global big data market due to the growing number of data centers in this region, which will ultimately lead to the generation of high amount of data. On the other hand, Latin America shows great prospects in this space while Middle East and Africa (MEA) is expected to move toward the growth phase in the next five years.
Breakdown of primary research interactions:
To determine and verify the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Following are the details:
- By Company Type: Tier 1 (14%), Tier 2 (26%), and Tier 3 (60%)
- By Designation: C-level (10%), Director Level (29%), and Other Executives (61%)
- By Region: North America (34%), Europe (20%), and APAC (46%),
Prominent vendors in the big data market space include Hewlett-Packard Enterprises, International Business Machines (IBM) Corporation, Oracle Corporation, SAP SE, Amazon Web Services, SAS Institute, Dell Incorporation, Teradata Corporation, and Splunk, among various others. Various other vendors are also emerging in the market due to the growing demand of analyzing the data for actionable insights.
Reasons to Buy the Report:
From an insight perspective, this research report focuses on various levels of analysis, such as industry analysis, analysis of top players, their offered products and services, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the big data market, high-growth regions, drivers, restraints, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, will help the firms in garnering a larger market share. Firms purchasing the report could use any one or the combination of the below mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) to strengthen their market shares.
The report provides insights on the following pointers:
1. Market Penetration: Comprehensive information on products and solutions offered by the top 10 players in the big data market
2. Product Development/Innovation: Detailed insights on upcoming technologies, Research and Development activities, and new product launches in the big data market
3. Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for big data market across various regions
4. Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the big data market
5. Competitive Assessment: In-depth assessment of market shares, strategies, products, and capabilities of the leading players in the big data market.
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