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(IT-NEWSWIRE.COM, May 09, 2022 ) According to a research report "Big Data Market with COVID-19 Impact Analysis, by Component, Deployment Mode, Organization Size, Business Function (Finance, Marketing & Sales), Industry Vertical (BFSI, Manufacturing, Healthcare & Life Sciences) and Region - Global Forecast to 2026" published by MarketsandMarkets, the Big Data market size is projected to grow from USD 162.6 billion in 2021 to 273.4 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. The Big Data industry is driven by sharp increase in data volume. However, rise in data connectivity through cloud computing and incorporation of digital transformation in top-level strategies.
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Based on the Component, solutions segment to account for a larger market size during the forecast period
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 during the forecast period
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 USD 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 USD 29 billion. The increasing generation of data leads to various challenges for several organizations. These challenges include storage, privacy, and affordability.
Based on vertical, the healthcare and life science segment is expected to grow at a higher CAGR during the forecast period
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.
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Based on organization size, SMEs segment to grow at the highest CAGR during the forecast period
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 market size during the forecast period
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.
Major Big Data vendors include IBM(US), Google(US), Oracle(US), Microsoft(US), SAS(US), SAP(Germany), Alteryx(US), TIBCO(US), Cloudera(US), Teradata(US), AWS(US), Informatica(US), Sisense(US), Salesforce(US), HPE(US), Qlik(US), Splunk(US), VMware(US), Accenture(Ireland), Ataccama(Canada), COGITO(US), Centerfield(US), RIB datapine(Berlin), Fusionex(Malaysia), BigPanda(US), Bigeye(US), Imply(US), Rivery(US), YugabyteDB (US), Airbyte(US), Cardagraph(US), Firebolt(US), Syncari(US).These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2022, which helped companies innovate their offerings and broaden their customer base.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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