NEW YORK, June 21, 2021 /PRNewswire/ -- Technavio identifies the increasing volumes of data generation as one of the major factors driving the growth of the big data market. Most businesses worldwide are increasingly adopting consumer-based applications. This is resulting in the generation of huge amounts of structured and unstructured data. Also, the growing adoption of Industry 4.0 is further increasing the amount of data generated among organizations. This is forcing businesses to invest in technologies such as big data analytics to derive insights, which help them make crucial operational and managerial decisions.
In 2020, North America accounted for about 48% of the global market share, and the region is expected to continue its dominance during the forecast period. Over the years, enterprises in the region have undertaken various digital transformation initiatives by investing in emerging technologies such as big data and advanced analytics, IoT, and several mobility projects. In addition, rising investments in warehouse expansion by retail giants in the region are creating significant growth opportunities for market vendors.
Similarly, the market generated maximum revenue from the services segment in 2020. The growth of the segment can be attributed to the rising demand for big data analytics services from enterprises. In addition, the growing need to modernize IT infrastructure will support the growth of the services segment during the forecast period.
Although the big data market is expected to record a healthy growth during the forecast period, data security issues and system integration and interoperability issues might reduce the growth opportunities for market participants. This report on the big data market will help businesses become better equipped, make informed decisions, and develop effective strategies to improve their market positions.
Reports covering over 100 major technology markets
Years of market research experience
Technavio's reports offer customizations as per the specific needs of companies. Our custom reports include a further breakdown of market segmentation at regional levels, information on additional market players, and the strategies adopted by vendors during the COVID-19 recovery phase.
Related Reports on Information Technology Include: Global Big Data Services Market – Global big data services market is segmented by end-user (BFSI, telecom, retail, and others) and geography (North America, Europe, APAC, South America, and MEA). Request a Free Sample Report
Global Advanced and Predictive Analytics Tools Market – Global advanced and predictive analytics tools market is segmented by deployment (cloud and on-premise) and geography (North America, Europe, APAC, South America, and MEA). Request a Free Sample Report
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio's comprehensive coverage, extensive research, and actionable market insights help businesses identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.