The big data market size is projected to grow from $162.6 billion in 2021 to $273.4 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period, according to MarketsandMarkets.
Big data solutions segment to account for a larger market size
The big data market has been segmented by two components: solutions and services. The deployment of big data has witnessed an increase in adoption, as serves a variety of purposes, such as fraud detection and risk management.
The growing adoption of big data across all major verticals, such as BFSI, Government and Defense, Healthcare and Life Sciences, Manufacturing, Retail and Consumer Goods, Media and Entertainment, Telecommunications and IT, Transportation and Logistics, Other Verticals( (real estate, energy and utilities, travel and hospitality, and education and research).
Based on deployment mode, cloud segment to grow at a higher CAGR
Cloud computing refers to the storage, management, and processing of data via networks of remote servers, which are typically accessed via the internet. According to Statista, cloud computing would generate more than $300 billion in revenue in 2020 as a component of IT services. At the same time, PwC shows the COVID-19 crisis has accelerated the cloud transition even further as per data during the first quarter of 2020, cloud spending increased by 37% to $29 billion.
The increasing generation of data leads to various challenges for several organizations. These challenges include storage, privacy, and affordability.
Based on solution, data discovery segment to hold the largest market size
Data discovery is the process of gathering and analyzing data from diverse sources in order to identify trends and patterns in the data. It necessitates a series of actions that businesses may utilize as a framework to comprehend their data. Data discovery, which is often connected with business intelligence (BI), aids in informing business choices by bringing different, segregated data sources together to be examined. Having a lot of data is pointless until users can discover a way to make sense of it.
Connecting multiple data sources, purifying and preparing the data, disseminating the data around the organization, and performing analysis to acquire insights into business operations are all part of the data discovery process. Data discovery enables organizations to unlock the value contained within data.
With the adoption of data discovery solutions, organizations can easily convert raw data into meaningful, actionable insights and recommendations that can help data scientists to make daily and long-term strategic business decisions. Data discovery solutions exhibit capabilities, such as preparing data, finding patterns in data sharing and operationalizing.
Based on cloud type, hybrid cloud segment to grow at a higher CAGR
A hybrid cloud is a cloud computing environment that is a mix of both public cloud and private cloud. It helps organizations enhance their data centers by deploying data on a multi-cloud platform. Various benefits, such as agility, scalability, and cost optimization features, are boosting the adoption of hybrid cloud analytics solutions in the global cloud analytics market. Enterprises are adopting hybrid cloud as it helps them overcome complexities related to the traditional IT environments.
Healthcare and life science segment expected to grow at a higher CAGR
Big data are gaining acceptance among all verticals to improve profitability and reduce overall costs. The major verticals adopting big data software are BFSI, Government and Defense, Healthcare and Life Sciences, Manufacturing, Retail and Consumer Goods, Media and Entertainment, Telecommunications and IT, Transportation and Logistics, Other Verticals (real estate, energy and utilities, travel and hospitality, and education and research). Healthcare and life science, by vertical segment, is expected to grow at a higher CAGR during the forecast period.
Based on organization size, SMEs segment to grow at the highest CAGR
The Despite contributing a major share to the world’s economy, SMEs are more open toward the adoption of new technologies to smoothen and enhance the business processes, but SMEs are under constant pressure to adopt cost-effective and reliable strategies that effectively support their business goals and help them grow.
Small businesses can use big data to better understand their customers, including what motivates them to buy, how they prefer to shop, why they switch, what they will buy next, and what variables cause them to promote a firm to others. Analyzing consumer feedback to improve a product or service can also help companies better interact and engage with customers.
North America to hold the largest big data market size
North America is estimated to account for the largest market share during the forecast period. In North America, data discovery and big data analytics are considered highly effective by most organizations and verticals. On the other hand, Europe is gradually incorporating these advanced solutions within its enterprises. APAC is witnessing a substantial rise in the adoption of big data owing to the increasing digitalization and rising demand for centrally managed systems.