MarketsandMarkets forecasts the global big data market size to grow from USD 138.9 billion in 2020 to USD 229.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period. The major growth factors of the big data market include the increasing awareness of Internet of Things (IoT) devices among organizations, increasing availability of data across the organization to gain deeper insights to remain competitive, and increasing government investments in various regions for enhancing digital technologies.
Large enterprises segment to hold a larger market size during the forecast period
The big data market is segmented by organization size into large enterprises and Small and Medium-sized Enterprises (SMEs). The large enterprises segment is expected to have a larger market size during the forecast period, due to accessing large volume of data being generated from various sources that demand for real-time data insights. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are growing at a rapid rate and are keen to implement big data on the cloud that will help them analyze huge volumes of data and make faster business decisions.
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By vertical, the manufacturing vertical to grow at the highest CAGR during the forecast period
The big data market by industry vertical is segmented into nine categories: Banking, Financial Services and Insurance (BFSI), government and defense, healthcare and life sciences, manufacturing, retail and consumer goods, media and entertainment, telecommunications and Information Technology (IT), transportation and logistics, and others (real estate, travel and hospitality, energy and utilities, and education and research). The manufacturing industry vertical is expected to grow at the highest CAGR during the forecast period. The manufacturing industry vertical is the most affected by big data trends and possibilities due to the nature and amount of data that is produced by it. Manufacturers are increasingly adopting big data solutions for risk management, operations and supply chain optimization, after-sales support, and predictive and preventive maintenance. The manufacturing industry in big data includes various use cases, such as predictive maintenance, production optimization, operational efficiency, and market pricing and planning. Organization such as HP needed to find the right technology for building an infrastructure for their internal big data development projects and provide new platform for its clients. HP implemented MapR ApacheTM Hadoop software in big data that will enable HP to develop new solutions that can monitor product quality through telemetry data and create a 360-degree customer experience.
The major big data vendors include Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Google (US), Adobe (US), Talend (US), Qlik (US), TIBCO Software (US), Alteryx (US), Sisense (US), Informatica (US), Cloudera (US), Splunk (US), Palantir Technologies (US), 1010data (US), Hitachi Vantara (US), Fusionex (Malaysia), Information Builders (US), AWS (US), SAP (Germany), Salesforce (US), Micro Focus (UK), HPE (US), MicroStrategy (US), ThoughtSpot (US), and Yellowfin (Australia). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global big data market. Partnerships, new product launches, acquisitions, and product enhancements have been the dominating strategies adopted by the major players from 2018 to 2020, which has helped them innovate on their offerings and broaden their customer base.
Oracle (US) caters to delivering a broad spectrum of products, solutions, and services that are designed to meet the requirements of corporate Information Technology (IT) environments, such as platforms, applications, and infrastructure. The company is best known for its Oracle database software that is a relational database management system. The company product portfolio comprises autonomous database, developer tools, engineering systems, IT infrastructure, Java, and middleware. It operates through three business segments: cloud and license, hardware, and services. In December 2019, Oracle and Microsoft extended their existing partnership across Canada to help their customers run their mission-critical workloads across Oracle Cloud and Microsoft Azure platforms.
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SAS Institute (US) offers various technology solutions, including advanced analytics, Artificial Intelligence (AI), and Machine Learning (ML), cloud computing, data management, and risk management. The company offers a wide range of products and services to various industry verticals, such as banking, manufacturing, healthcare and life sciences, retail, and education. SAS offers a cost-effective cloud-based platform for its clients, which helps them fulfil business needs and achieve business goals. The company has various offerings, which include cloud analytics, Business Intelligence (BI), in-memory analytics, data management, decision management, and risk and compliance management solutions. The valuable customers of SAS Institute include Honda, Orlando Magic, Interamerican, Nestle, HSBC, and Lufthansa. In the big data market, the company offers various solutions, such as Advanced Analytics solutions, Data Management solutions, IoT Analytics solutions, and Operationalizing solutions. In March 2019, SAS Institute announced an investment of USD 1 billion in AI over the next 3 years that will focus on three main areas, including software innovation, education, and expert services.
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