The global big
data market size is expected to reach USD 72.38
billion by 2022, according to a new report by Grand View Research, Inc. The
amount of data flowing across organizations, both small & medium and
large-scale has witnessed immense growth over the last few years, and the trend
continues. However, managing, identifying, and extracting valuable information
is a challenge.
The big data market is expected to witness growth since it is an
easy solution to overcome the given situation and ensure efficient
accessibility. Social media is considered one of the major contributors to
demand. Data generated by numerous social media interactions (generally in
unstructured form) is considered a veritable source of critical business
information. It helps better understand customer behavior, customer
satisfaction, and purchase patterns.
Cloud is becoming a ubiquitous storehouse of data while mobility
is improving collaboration and connectivity among enterprises, irrespective of
location and time, facilitating the seamless exchange of information.
Europe big data market by application, 2012 –
2022 (USD Million)
Further
key findings from the study suggest:
- Software & services segment is poised for significant growth. Surging demand for several business intelligence and analytical tools is expected to be the primary factor driving the segment growth over the forecast period.
- Big data market penetration into the BFSI and retail sector is higher owing to growing need for monitoring consumer buying preferences. Retail sector is expected to witness rapid, which may be attributed to rise in number of customers and increasing need for analysis in order to design a marketing plan.
- North America big data market size may be attributed to high penetration across the IT & telecommunication, BFSI and retail sector. Further, technological advancements and emergence of IoT is also expected to fuel regional demand over the next seven years.
- Key big data market players such as IBM, Cloudera, HP, and Oracle are focusing more on providing customized analytical solutions based on the end-user requirement. Industry players bid to capture share through continuous R&D efforts.
Grand View Research has segmented the global big data market on
the basis of component, application, and region:
Big
Data Component Outlook (Revenue, USD Million, 2012 – 2022)
- Software & Services
- Hardware
- Storage
Big
Data Application Outlook (Revenue, USD Million, 2012 – 2022)
- BFSI
- Manufacturing
- Healthcare
- IT & Telecommunication
- Government
- Retail
- Media & Entertainment
- Others
Big
Data Regional Outlook (Revenue, USD Million, 2012 – 2022)
- North America
- Europe
- Asia Pacific
- RoW
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About
Grand View Research
Grand View Research, Inc. is a market research and consulting
company that provides off-the-shelf, customized research reports and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and energy. With a
deep-seated understanding of varied business environments, Grand View Research
provides strategic objective insights.
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Grand View Research, Inc.
United States
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Website: Grand
View Research
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