The Global Market for Big Data Technologies and Services is Projected to Reach $60 Billion by 2022

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Big Data market. The global market for Big Data Technologies and Services is projected to reach $60 billion by 2022, driven by soaring digital data volumes in organizations and the resulting need to turn this data into valuable insights for enhancing operational efficiency, tapping new opportunities and gaining competitive edge.

Defined as a natural result of mankind’s obsession with information technology and digitalization, “Big Data” refers to extremely large sets of structured, semi-structured and unstructured data of different types, including text, audio or video, generated from diverse data sources that has the potential to be mined for required information. While data supply associated with big data ecosystem has always been large and voluminous in most organizations, the ability to use these large datasets and convert them into meaningful insights is fairly recent. Resultantly, tapping big data for insightful intelligence is gaining attention among organizations globally.  Gleaning big data and using the knowledge, which until now was lying dormant in vast data supplies, is therefore growing in importance thus benefiting market adoption. With big data streams arriving from multiple sources at high volume, velocity and variety, organizations need optimal processing power, robust database management solutions, advanced analytical capabilities and enhanced data security to extract meaningful insights from it thereby driving focus on specialized big data technologies and services.

Growing realization of the importance of mission critical information in identifying and tapping opportunities in the marketplace will drive future growth in the market. Especially benefiting from the trend are advanced big data ready hardware and software solutions, including big data storage and database management systems, programming models, big data analytics software, and a number of big data security tools, all of which help efficiently handle data in large volumes in a secure environment. Shortage of talent and difficulty in hiring skilled data scientists and other data analysis professionals will drive demand for professional big data services among organizations. Growth in the market will also be sustained by steady rise in investments on cloud based big data-as-a-service model. Innovative solutions in the realm of big data storage and database management systems that are poised to benefit market prospects in the near term include commercial frameworks for database management systems such as Mongo DB, and Oracle Big Data; open source software frameworks for distributed storage such as Hadoop and Spark; distributed and local file systems; database tools such as NoSQL, and Big Data Analytics solutions such as Predictive Analytics and InMemory Analytics.

As stated by the new market research report on Big Data, the United States represents the largest regional market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market waxing at a CAGR of 23.7% over the analysis period. By segment, Big Data Hardware represents the largest market segment while Big Data software represents the fastest growing market segment with revenue waxing at a CAGR of 23.0% over the analysis period. Growth in the segment is especially driven by soaring demand for big data analytical and security software solutions. By End-Use, Finance represents the largest end-use market while Telecommunication sector represents the fastest growing end-use market.

Key players covered in the report include 1010data, Inc., Actian, Amazon Web Services, Inc., Cloudera, Inc., Dell, Inc., EMC Corporation, Fujitsu, Hewlett Packard, Hortonworks, Inc., Intel Corporation, International Business Machines, MapR Technologies, Inc., Oracle Corporation, SAP SE, Splunk, Inc., and Teradata Corporation , among others.

The research report titled “Big Data: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Key market segments analyzed for the global market include Software, Hardware and Services. End-Use industries analyzed for the global market include Telecommunications, Retail, Manufacturing, Healthcare, Oil & Gas, Finance, and Others.

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