The global big data market size is expected to reach USD 123.2 billion by 2025, according to a new report by Grand View Research, Inc. The amount of data flowing across organizations has witnessed enormous growth over the last few years and the trend continues. Evolving consumer demands coupled with contracting budgets are impacted by the proliferating data, which puts considerable pressure on organizations to make the right decision in order to seize a competitive advantage.
Big data solutions enable
organizations to effectively manage large data volumes thereby reducing cost.
Additionally, these solutions also facilitate companies to overcome frauds,
streamline critical business processes, and reduce errors. Further, the growing
need to manage and monitor the heterogeneous nature of the data generated from
web clicks to satellite data is also anticipated to significantly propel the
industry growth over the next few years.
Increased adoption of cloud
computing has generated a large amount of data on account of rapid
technological advancements and increased connectivity, owing to smartphone
proliferation. Thus, the big data market is estimated to witness a high
demand in order to keep pace with this data explosion. However, lack of skilled
manpower including data analysts and data scientists that are required to
leverage big data capabilities is expected to hamper the demand. There exists a
huge requirement for professionals who are capable of exploiting big data
analytics in order to make valuable decisions.
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Big Data Market
Report Highlights
- The network equipment
segment is expected to witness a healthy growth at a CAGR exceeding 20%
over the forecast period, owing to the reinforcement of new network
infrastructures in order to offer enhanced security.
- The visualization segment
emerged as the fastest growing software segment over the forecast period,
which is ascribed to the elevating demand for visuals to represent the
analyzed data and convey exact interpretation to consumers.
- Media & entertainment
and gaming captured a sizeable share exceeding 5% of the overall revenue,
which is attributed to the growing number of companies seeking to escalate
the value of their assets by integrating creativity with technological
breakthroughs.
- North America accounted for
a sizeable revenue share exceeding 30% in 2015, which is attributed to the
high penetration, primarily, across the IT & telecommunication, BFSI,
and retail sectors.
- Notable industry players,
such as IBM, HP, Cloudera, and Oracle, are gradually investing in R&D,
for developing unified big data solutions that offer increased
capabilities. These players rely on developing innovation-led solutions to
increase productivity and reduce cost in an attempt to attract new
customers.
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Big Data Market
Segmentation
Grand View Research has segmented
the big data market based on hardware, software, service, end-use, and region:
Big Data Hardware
Outlook (Revenue, USD Million; 2014 - 2025)
- Storage
- Server
- Network Equipment
Big Data Software
Outlook (Revenue, USD Million; 2014 - 2025)
- Analytics
- Database
- Visualization
- Distribution Tools
- Others
Big Data Service
Outlook (Revenue, USD Million; 2014 - 2025)
- Consulting
- Deployment & Maintenance
- Training & Development
Big Data End-Use
Outlook (Revenue, USD Million; 2014 - 2025)
- BFSI
- Manufacturing
- Retail
- Media & Entertainment
- Gaming
- Healthcare
- Telecommunication
- Government
- Others
Big Data Regional
Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- The Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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