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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Rising Internet Penetration to Aid the Market Growth of Big Data
As the volume of data generated through various devices is growing at an exponential rate, the requirement for extracting value out of this data is the need of the hour. The introduction of cloud computing has eased the storage of data, making it more cost effective, flexible, and secure. Affordable storage services and rapid technological services that have increased the accessibility of the internet and data has increased the demand for big data. The emergence and adoption of IoT are also pushing the market forward. Managing vast volumes of data and extracting value and business insights from the same is pushing business in unprecedented ways. Investing in research and development, such as in companies like Facebook, is also driving the demand for big data. The market for big data is expected to grow at a fast rate in emerging economies such as China in the forecast period.
Big Data Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global big data market attained a value of nearly USD 311.72 billion.
The market is projected to grow at a CAGR of 14.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 1088.06 billion by 2032.
The major drivers of the industry include rising population, growing urbanisation, increasing adoption of IoT and allied services by major industrial sectors and investing in research and development.
Rising internet penetration is expected to be a key trend guiding the growth of the industry.
The components of big data available by component are solution and services.
Big data finds applications as customer analytics, operational analytics, fraud detection, compliance, and data warehouse optimisation, amongst others.
Big data can have different end-uses like manufacturing, retail, media and entertainment, healthcare, IT and telecommunication, government, gaming, energy and power, engineering, and construction, amongst others.
The market can be segmented by hardware into storage, network equipment, and server, amongst others.
The deployment modes for the market are on-premises, cloud, and hybrid.
The categories on the basis of organisation size are large enterprises, and small and medium-sized enterprises.
The leading players in this market are IBM Corporation, Oracle Corporation, Microsoft Corporation, Accenture Plc, Amazon Web Services, Inc, Google LLC, Dell Technologies, Inc, VMware, Inc, Hewlett Packard Enterprise Development LP, Teradata Corporation, SAP SE, and ScienceSoft, among others.
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