Big Data Market to Cross USD 419.29 Bn by 2030 Due to Rising Adoption of IoT Devices and Demand for Predictive Analytics

(Isstories Editorial):- Austin, Texas Oct 18, 2023 (Issuewire.com) – Big Data Market Overview

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As per SNS Insider’s research, the Big Data Market is poised for exponential growth, driven by technological innovations, the proliferation of IoT devices, predictive analytics, and enhanced focus on data security, real-time data processing capabilities, and industry-specific applications.

The big data market, as reported by SNS Insider, reached a valuation of USD 184.32 billion in 2022 and is anticipated to grow significantly, reaching USD 419.29 billion by 2030. This growth is expected to occur at a compound annual growth rate (CAGR) of 10.82% during the forecast period from 2023 to 2030.

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Major Key Players Included in the Report are:

• SAP
• Oracle
• Centerfield
• Microsoft
• Sisense
• SAS
• TIBCO
• Cloudera
• Teradata
• AWS
• Informatica
• Accenture
• Salesforce
• Splunk
• VMware
• Ataccama
• IBM
• Google
• COGITO
• HPE
• RIB Datapine
• Fusionex
• Bigeye
• Imply
• Rivery
• YugabyteDB
• Airbyte
• Cardagraph
• Firebolt
• BigPanda
• Alteryx
• Others

Market Report Scope

Big Data provides businesses with the ability to extract invaluable insights from massive datasets. By analyzing this data, companies can uncover patterns, trends, and correlations that were previously hidden. These insights can inform strategic decisions, enhance customer experiences, and drive innovation. With the aid of Big Data analytics, businesses can move away from gut-based decisions to data-driven strategies. By understanding customer behavior, market trends, and operational inefficiencies, organizations can optimize their processes, tailor their marketing efforts, and predict future trends.

Market Analysis

The rapid advancement in technology, particularly in areas such as machine learning, artificial intelligence, and cloud computing, has significantly contributed to the growth of the Big Data market. These innovations have enabled businesses to process and analyze vast volumes of data at unparalleled speeds, thereby enhancing their decision-making processes. The proliferation of Internet of Things (IoT) devices has led to an explosion of data generation. These interconnected devices, ranging from smart appliances to industrial sensors, generate colossal amounts of data every second. This data deluge has opened up new avenues for businesses, enabling them to gain valuable insights into consumer behavior and operational efficiency. Businesses are increasingly recognizing the importance of predictive analytics in gaining a competitive edge. With the implementation of stringent data protection regulations such as GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act), businesses are investing in secure Big Data solutions. The assurance of data security not only fosters customer trust but also fuels the growth of the market.

Market Segmentation and Sub-Segmentation Included Are:

By Component:

• Solutions
• Big Data Analytics
• Data Discovery
• Data Visualization
• Data Management
• Services
• Support and maintenance
• Consulting
• Deployment and Integration

By Business Function:

• Finance
• Marketing and Sales
• Human Resources
• Operations

By Deployment Mode:

• Cloud
• On-premises

By Organization Size:

• Small and Medium-Sized Enterprises
• Large Enterprises

By End users:

• BFSI
• Government and Defense
• Healthcare and Life Sciences
• Manufacturing
• Retail and Consumer Goods
• Media and Entertainment
• Telecommunications and IT
• Transportation and Logistics
• Other Verticals

Impact of Recession

The ongoing recession has reshaped the big data market, compelling businesses to rethink strategies, prioritize essential initiatives, and embrace innovative, cost-effective solutions. By focusing on efficiency, advanced analytics, data security, and collaborative efforts, businesses can not only weather the storm but also emerge stronger and more resilient. Adapting to the changing landscape of the market is not merely a response to economic challenges; it is a strategic imperative that propels businesses toward sustained growth in the post-recession era.

Impact of Russia-Ukraine War

The Russia-Ukraine War has cast a complex and multifaceted impact on the big data market. While challenges such as disrupted supply chains, rising costs, and data security concerns prevail, there are opportunities for innovation and growth, particularly in the realm of geopolitical analysis. Navigating this landscape requires adaptability, resilience, and a strategic vision to harness the potential for advancements in technology, ensuring that the market continues to evolve despite the geopolitical challenges it faces.

Key Regional Development

North America stands at the forefront of the Big Data revolution. The presence of tech giants, substantial investments in research and development, and a matured IT infrastructure have propelled the market in this region. The United States, in particular, is a hub for Big Data innovation, with Silicon Valley being the epicenter. Europe exhibits a diverse landscape in the big data market. Countries like the United Kingdom, Germany, and France have embraced Big Data technologies, primarily in sectors such as healthcare, finance, and manufacturing. Asia-Pacific emerges as a hotbed for Big Data adoption. Rapid digitization, burgeoning e-commerce platforms, and a tech-savvy population have propelled the demand for Big Data solutions in countries like China, India, and Japan.

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Key Takeaway from Big Data Market Study

• The BFSI segment’s domination in the market is set to intensify. As technologies such as blockchain and quantum computing become integrated into financial systems, the need for sophisticated big data solutions will further escalate. This sector’s continuous pursuit of innovation will drive the development of advanced analytics tools, solidifying its position as a leader in leveraging big data for strategic advantage.
• The finance segment’s embrace of big data analytics is reshaping the industry. Through data-driven insights, financial entities can streamline operations, enhance customer satisfaction, adhere to regulatory requirements, and achieve unparalleled success in an increasingly competitive landscape. As the sector continues to harness the power of big data, its influence on the market is set to grow, solidifying its pivotal role in the dynamic world of finance.

Recent Developments Related to Big Data Market

• Fifth Third Bank has officially announced its acquisition of Big Data Healthcare, a prominent payments company specializing in serving national health systems. This strategic merger marks a significant milestone for both companies, promising innovative solutions at the intersection of finance and healthcare.
• SQream, the pioneering company in GPU-based big data analytics, has successfully secured a substantial $45 million in funding. This significant influx of capital is set to pave the way for the expansion of SQream’s cutting-edge analytics platform, propelling the company to new heights in the realm of data processing and analysis.

Table of Contents – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia War
4.3. Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Big Data Market Segmentation, By Component
9. Big Data Market Segmentation, By Business Function
10. Big Data Market Segmentation, By Deployment Mode
11. Big Data Market Segmentation, By Organization Size
12. Big Data Market Segmentation, By End Users
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion

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About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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