Big Data Solutions Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

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.

Industry Definition and Segmentation

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).

The North American Region is Driving the Growth of the Industry

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.

Best Procurement Practices

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.

Category Management Studies

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.

Rapid Technological Advancements, Further Augmenting the Big Data Solutions Market

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.

Key Industry Players Mentioned in the Big Data Solutions Industry Report

• SAP SE
• IBM Corporation
• Oracle Corporation
• Microsoft Corporation
• Hewlett Packard Enterprise Development LP
• Accenture Plc

Market Landscape

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.

Key Initiatives by Companies

• In May 2020, HSBC Holdings plc teamed up with EquBot, Inc., and IBM Watson to establish the AI-powered US Equity Index (AiPEX) family. The goal is to provide retail customers with distinctive and value-driven retirement alternatives.
• The Wall Street Journal launched the WSJ/Realtor.com Emerging Housing Markets Index in April 2021, intending to detect upward housing markets and the potential for future home price increases and a higher standard of living.