The global Big Data Solutions market reached a value of about USD 172.81 billion in 2021. The industry is projected to grow at a CAGR of around 10% in the forecast period of 2022-2027 to reach a value of about USD 495 billion by 2027.
The global Big Data Solutions industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rapid growth of data volumes is driving the market, and the market is to develop rapidly as cloud-based data analytics solutions become more popular. The key demand indicator is the highest category spender in the industry report by region—North America.
Big data is a term that refers to data collections that are too massive or complicated for typical data-processing application software to handle. Data with many fields (rows) has more substantial statistical power, but data with many characteristics or columns have a higher false discovery rate. Solutions for Big Data analytics and insights, data and tech consulting, data governance, machine learning and forecasting, predictive analysis, predictive analytics, and strategy are all issues in extensive data analysis. Its features include streamlining resource management, increasing operational efficiency, optimising product development, creating new revenue and growth prospects, and allowing smart decision-making by evaluating data from any source. The Big Data Solutions industry report comprises segments by application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Risk & Credit Analytics, Transportation Analytics, Workforce Analytics), by end-user (BFSI, IT & Telecom, Healthcare, Retail & E-commerce, Government, Education, Manufacturing, Energy & Utilities, Transportation, Others) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America is leading the industry as it is the most advanced area in terms of technology adoption. In the significant data sector in North America, things are progressing quickly. This is primarily because large industrial sectors are increasingly adopting IoT and related services, resulting in vast volumes of relevant data that may be exploited. Furthermore, the area dominates the big data as a service industry because of industrialised economies such as the United States and Canada, which place a strong emphasis on R&D and technology-based advancements.
The industry is being primarily driven due to the rising need for managing significant data volumes. As the amount of data created by various devices continues to expand exponentially, the need to extract value from this data has never been greater. Data storage has been more accessible because of the emergence of cloud computing, which has made it more cost-effective, adaptable, and secure. The growing volume of corporate data, fast technical advancements, and falling average selling costs of smart devices all contribute to the creation of vast amounts of organised and unstructured data hidden in unstructured papers, social media posts, machine logs, photographs, and other sources. Many businesses are struggling to keep up with the influx of unstructured data. As a result, Organisations rely on big data solutions to manage their data. Other factors such as the vast expansion of big data throughout the world, the rise in demand for real-time data analytics, government efforts supporting extensive data infrastructure, and an increase in the usage of predictive modelling tools are likely to boost the market's expansion.
However, factors like security and privacy issues and a lack of considerable data IT skills are likely to hamper the industry growth.
The global Big Data Solutions industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Big Data Solutions regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Because "large" is a relative term, the system decides if the volume of data created is big data. This statistic might assist businesses in determining whether they require a big data solution to process their confidential data. The utility of data is determined by how rapidly it is created and moved across systems. Information is now gathered from a wide range of sources, including websites, apps, social networking sites, audio and video sources, smart devices, sensor-based equipment, etc. Enterprise business intelligence combines these various pieces of data. Data compiled from multiple sources may be partial, erroneous, or inconsistent. Enterprise business intelligence and analytics can only bring value if thorough, accurate, and consistent data. The value that big data adds to business choices determines how valuable it is for the company.
The industry is being propelled due to the adoption of various technological advancements. The use of AI, machine learning, IoT, blockchain, and data analytics is reshaping the big data environment. Business intelligence solutions are used by machine learning techniques to analyse organised and unstructured data. End-users can evaluate data and draw insights about the prize, sales, and quantity to reach the target customers using machine learning and data analytics combined with big data technologies. Enterprises may use the AI solution to gain real-time insights to improve network security, accelerate digital companies, and give a better customer experience. Business processes, decision-making speed, and customer experience improve when big data platforms and AI are combined. Edge computing is also becoming increasingly popular as the need for connected devices grows. Edge computing is primarily significant to industrial IoT since it allows for real-time data processing and shorter response times. Due to the advent of social media, the Internet of Things (IoT), and multimedia, which have created an overwhelming flow of data in either organised or unstructured format, the volume of data gathered by enterprises is constantly expanding.
The regional markets for the industry can be divided into Europe, North America, the Asia Pacific, South America, and the Middle East and Africa.
Big Data services have the potential to change the competitive landscape, bringing up a slew of new ways to differentiate and provide value-added services. The massive increase of Big Data analytics technology (due to the availability of open-source tools) may also encourage enterprises to stay up with competitors and give away too much of the enhanced product performance, escalating costs and eroding industry profitability in the process. The giant Big Data solution providers are buying or investing in new firms and technologies that will help them expand their product offerings.
1. Executive Summary
2. Global Big Data Solutions Market Snapshot
2.1. Big Data Solutions Market Outlook
2.2. Big Data Solutions Industry Analysis by Application
2.2.1. Customer Analytics
2.2.2. Supply Chain Analytics
2.2.3. Marketing Analytics
2.2.4. Pricing Analytics
2.2.5. Spatial Analytics
2.2.6. Risk & Credit Analytics
2.2.7. Transportation Analytics
2.2.8. Workforce Analytics
2.3. Big Data Solutions Industry Analysis by End User
2.3.2. IT & Telecom
2.3.4. Retail & E-commerce
2.3.8. Energy & Utilities
2.4. Regional Overview
2.4.1. North America
2.4.3. Asia Pacific
2.4.4. Latin America
2.4.5. Middle East and Africa
3. Impact of Recent Events
4. Big Data Solutions Value Chain Analysis
5. Trade Analysis
6. Major Risk Factors in Sourcing
7. Big Data Solutions Cost Structure
8. Key Demand Indicator Analysis
9. Key Price Indicator Analysis
10. Big Data Solutions Market Dynamics
10.1. Drivers & Constraints
10.2. Industry Events
10.3. Innovations & Trends
10.4. SWOT Analysis
10.5. Porter’s Five Forces
10.5.1. Buyer Power
10.5.2. Supplier Power
10.5.3. Threat of New entrants
10.5.4. Threat of Substitutes
10.5.5. Industry Rivalry
11. Industry Best Practices
11.1. Sourcing Strategy
11.2. Procurement Model
11.3. Contract Structure
11.4. Negotiation Levers
11.5. Pricing Model
11.6. Key Factors Influencing the Quotation
12. Key Supplier Analysis
12.1. SAP SE
12.2. IBM Corporation
12.3. Oracle Corporation
12.4. Microsoft Corporation
12.5. Hewlett Packard Enterprise Development LP
12.6. Accenture Plc
The global Big Data Solutions market size was valued at USD 172.81 billion in 2021.
As per the hardware provided, the Storage segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for managing big data in various industries is one of the essential drivers of the Big Data Solutions market growth.
IBM Corporation, Oracle Corporation, Microsoft Corporation, Hewlett Packard Enterprise Development LP, SAS Institute Inc., Amazon Web Services, and Accenture Plc are some of the key companies in the market.
The North American region of the Big Data Solutions industry holds a significant share in the market.
The global Big Data Solutions market attained a value of USD 172.81 billion in 2021, driven by the rising need for data management in a wide range of industries. The market is being driven by the various advantages that the system offers, including real-time data analytics etc. The market is aided by the growing technological advancements like the adoption of IoT and AI, furthering the market's growth. Due to the following factors, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 10%. The market is projected to reach USD 495 billion by 2027. Some of the leading players in the industry are IBM Corporation, Oracle Corporation, Microsoft Corporation, Hewlett Packard Enterprise Development LP, SAS Institute Inc., Amazon Web Services, and Accenture Plc.
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