Organizations have been rapidly transforming their business functions along the digital curve. The rampant adoption of disruptive technologies, including the IoT, artificial intelligence, machine learning, and data analytics has unleashed new avenues of growth in the big data market. Soon, factors, such as a higher preference for remote workspaces, enterprise-wide digital transformation, and exponential growth in ownership of smart devices, are expected to bode well for the big data market.
The global big data market is expected to expand at a compound annual growth rate (CAGR) of 11.5% during the forecast period 2022-2029, as forecast by a new report by Fairfield Market Research. In 2019, the big data market was valued at $133 billion, which would reach $39.58 trillion by 2029 end. This promising figure indicates the lucrative business opportunities residing in the global big data market. Moreover, as companies across the world engage in new levels of cross-collaboration, the demand for big data solutions and services is predicted to reach unprecedented heights. This promising business landscape is set to positively influence innovation and mergers and acquisitions in the big data market.
The steady rise in remote work cultures has culminated into fresh growth prospects for the big data market. Today, as enterprises race towards creating secure, efficient, and agile digital workspaces, the need for intelligent tools and services has soared dramatically. Against this business landscape, big data solutions have emerged as an operational necessity for decision-makers. Big data services and solutions offer efficiency and ease in managing large data volumes in a safe and economical manner. Consequently, the demand for big data cloud and on-premises solutions and services is projected to augment over the study period. Notably, this demand is poised to be prominent in banking, financial services, and insurance (BFSI); IT and telecom; and retail sectors owing to sound developments in digital banking and social commerce. In addition to this, the big data market is expected to be favourably influenced by the rise in the ownership of smart devices, especially in the developed regions of the world.
In 2021, North America commanded a market value share of over 29% in the global big data market. Throughout the forecast period, this region is predicted to sustain its position as the leading big data market. In North America, the adoption of big data services by organizations, prevalence of a thriving startup ecosystem, and the presence of key market players are projected to drive its big data market to robust expansion. By 2029, the region is set to register a value CAGR of 11.1%. Following closely, Europe is poised to be a significant market due to the rising demand for big data solutions across the government and administrative sectors. At present, the Asia Pacific accounts for more than 25% share in the global big data market and going forward, it is set to emerge as a formidable contender in the global big data market.
According to the report, some of the main vendors operating in the global big data market include Orreco, Zebra Technologies, IBM, GlobalStep, HCL, ChyronHego, SAS Institute, Stats Perform, Exasol, TruMedia Network, DataArt, and EXL.