Big Data Market Worth 66.79 Billion USD by 2021
PUNE, India, May 2, 2016 /PRNewswire/ --
According to a new market research report, "Big Data Market by Component (Software and Services), Type (Structured, Semi-Structured and Unstructured), Deployment Model, Vertical, and Region (North America, Europe, Asia-Pacific, Latin America & Middle East and Africa) - Global Forecast to 2021", published by MarketsandMarkets, the market is expected to grow from USD 28.65 Billion in 2016 to USD 66.79 Billion by 2021, at a high Compound Annual Growth Rate (CAGR) of 18.45%.
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Browse 64 market data Tables and 52 Figures spread through 174 Pages and in-depth TOC on "Big Data Market"
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For the purpose of the report, 2015 has been considered as the base year and 2016 as the estimated year for performing market estimation and forecasting. The forecast period is 2016-2021.
The Big Data Market is witnessing a rapid growth due to the tremendous increase in organizational data. Enterprises have deployed the big data solutions to analyse and manage the data generated to assist in quick decision making process. Additionally, the increase in number of mobile devices and apps, and the organizations shift from analog to digital technologies are few of the drivers driving this market.
"Big Data analytics software is expected to gain prominence in Big Data Market by software segment".
The big data analytics software is expected to hold the highest market share in big data software market. Due its capability to analyze big data to extract actionable insights, more and more enterprises are deploying this software solution. Among services, the managed services segment is expected to grow with the highest CAGR during the forecast period.
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"APAC is expected to be the fastest-growing region"
Considering the regional trends of the Big Data Market, North America is projected to hold the largest market size. The market in APAC is in the growth phase and is the fastest-growing regional Big Data Market. This is mainly attributed to the growing manufacturing industry in this region. Moreover, the growing data centres in developing countries such as India and China, the amount of data being generated have increased tremendously. Hence, organizations are looking for big data solutions to perform advanced analytics and management on this data to get real-time access. The Latin America and MEA regions also depict great potentials in terms of adoption of big data solutions and services.
There are various companies that are coming up with innovative and efficient big data solutions and services in this market due to the need for advanced analytics solutions globally. The major players offering bid data solutions and services are IBM, Oracle Corporation, Microsoft Corporation, Hewlett-Packard Enterprise, SAP SE, Amazon Web Services, SAS Institute, Dell Inc., Teradata Corporation, and Splunk. Moreover, there are various key innovators in the market that provide innovative big data solutions and services.
The market is segmented on the basis of component into software and services. The software segment includes big data analytics, data discovery and visualization, and data management. Services consist of consulting & system integration, training & support and managed services. Further, the Big Data Market is also segmented based on big data types, deployment models, verticals, and regions. The scope of the report covers detailed information regarding the major factors influencing the growth of the Big Data Market, such as drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, partnerships, collaborations, expansions, and competitive landscape associated with the Big Data Market.
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