Big Data Market size is set to grow by USD 508.73 billion from 2024-2028, Surge in data generation to boost the market growth, Technavio

NEW YORK, May 21, 2024 /PRNewswire/ -- The global big data market  size is estimated to grow by USD 508.73 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 21.46%  during the forecast period. 

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Key Market Trends Fueling Growth

Businesses and consumer applications produce large amounts of data, both structured and unstructured. This data, characterized by high volume, velocity, and variety, is stored in data centers and sometimes on-premises. It is used to gain insights for crucial decisions. Big data analytics helps identify trends and patterns in this data. The concept of the 3Vs—Volume, Variety, and Velocity—governs this data. Volume refers to the vast amount of information collected from various sources like transactions and social media.

Variety indicates the different types of data, such as texts, images, and audio, in both structured and unstructured forms. Velocity denotes the real-time speed at which data is collected and processed. The growth of interconnected devices and factory automation, as seen in Industry 4.0, contributes significantly to the increasing data volumes.

Started by Germany under its High-Tech Strategy 2020, Industry 4.0 is now being adopted globally, with Germany supporting similar initiatives across Europe. This trend is expected to boost the demand for big data analytics, driving investments in this area. Consequently, the growing volumes of consumer and business data will fuel the market for big data analytics in the foreseeable future.

Market Challenges

•         Enterprises are increasingly leveraging advanced technologies like big data analytics to boost productivity and streamline operations. For example, Shell International B.V. (Shell) has installed digital sensors across its global production and manufacturing sites.

•         These sensors continuously generate data, which Shell analyzes to enhance its operational processes and decision-making. However, the adoption of IoT has resulted in the creation of massive data sets, raising significant data privacy concerns. Current security applications struggle to protect these vast volumes of data and manage the dynamic, continuous data streams essential for big data analysis.

•         In recent years, companies have faced numerous cyberattacks. For instance, in September 2022, Samsung Electronics Co Ltd. experienced a data breach that exposed personal information such as names, contact numbers, dates of birth, and product registration details. Cybercriminals can manipulate data quality by inserting false data into data lakes.

•         This highlights the serious challenge of data security in adopting big data solutions. Traditional network security measures are insufficient to address this challenge. Enterprises must secure their devices and applications to protect data in case of a network breach.

•         Even one compromised device can lead to a severe data breach, potentially hindering the growth of the global big data market during the forecast period.

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Segment Overview 

1. Deployment 
• 1.1 On-premises
• 1.2 Cloud-based
• 1.3 Hybrid
2. Type 
• 2.1 Services
• 2.2 Software
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 On-premises- 

During the forecast period, the growth of the on-premises segment in the big data software market will be significant. On-premises solutions allow end-users to install both hardware and software, providing complete control over system functionality. Although these solutions come with high capital expenditure due to hardware purchases, they feature a one-time installation fee instead of ongoing monthly payments, which is a key advantage over cloud-based deployment.

In 2018, the on-premises segment was the largest, valued at USD 86.53 billion. However, the use of on-premises big data software solutions is expected to decrease during the forecast period. This is because these solutions require hosting hardware and software on internal or local servers, leading to high maintenance costs and capital expenditure for enterprises.

Despite these costs, the benefits of having control over the system and avoiding recurring payments are driving many enterprises to adopt on-premises solutions. This adoption is anticipated to contribute to the growth of the market through the on-premises segment during the forecast period.

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Research Analysis

In today's dynamic business environment, transparency and data protection are crucial for organizations across various sectors, including BFSI, healthcare, government, and retail. Leveraging distributed computing and AI-driven analytics platforms, businesses can enhance decision-making processes through autonomous systems and smart city initiatives. Data-driven decision-making is pivotal in precision medicine and genomic analytics, enabling personalized healthcare solutions. Technologies like AR and VR facilitate innovative data exploration and customer engagement, transforming how businesses interact with consumers.

On-premise and cloud-based systems support various analytics needs, from customer and supply chain analytics to pricing and risk analytics. Sectors such as energy, transportation, IT, and telecom benefit from these advanced analytics, improving operational efficiency and strategic planning. The integration of mobile apps, IoT devices, and wearable technology further enriches data collection and analysis.

Businesses in retail, e-commerce, and consumer goods can leverage marketing and workforce analytics to better understand their target audiences and optimize offline and online transactions. Visualization tools and social media platforms aid in the democratization of data, making insights accessible to decision-makers. As the e-commerce industry continues to grow, the adoption of cloud computing and secure data management practices will be essential for maintaining consumer trust and driving innovation in the digital age.

Market Research Overview

In the era of the digital revolution, strategic decision-making is increasingly driven by real-time data processing. Businesses are leveraging both on-premise and cloud-based systems to enhance customer experiences through robust data creation and analytics. Customer, marketing, pricing, spatial, risk and credit, transportation, and energy and utilities analytics are vital for gaining comprehensive insights. These insights enable companies to tailor their offerings and optimize operations effectively.

Customer and marketing analytics help in understanding consumer behavior, ensuring personalized interactions that boost satisfaction. Pricing analytics aids in setting competitive and profitable prices, while spatial analytics supports location-based decision-making. Risk and credit analytics are crucial for assessing financial risks and maintaining credit integrity. Transportation analytics streamlines logistics and supply chain management, enhancing efficiency. In the energy and utilities sector, analytics drive operational improvements and resource management.

With the increased focus on data, ensuring data protection and privacy is paramount. Companies must adhere to stringent regulations to safeguard customer information. Embracing these technologies and practices not only enhances operational efficiency but also fosters trust and loyalty among customers, ultimately contributing to sustained business growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment 
• On-premises
• Cloud-based
• Hybrid
• Type 
• Services
• Software
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio