NEW
YORK, Aug. 12, 2024 /PRNewswire/ -- The global
big data services market size is estimated to grow by
USD 459.1 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 55.18% during the forecast
period. growing amount of data is driving market
growth, with a trend towards big data in blockchain
technology. However, adhering to diverse client requirements
poses a challenge. Key market players include Accenture Plc,
Alphabet Inc., Alteryx Inc., Amazon.com Inc., Cloudera Inc.,
Datameer Inc., Dell Technologies Inc., Deloitte Touche Tohmatsu
Ltd., Enthought Inc., Hewlett Packard Enterprise Co., Hitachi
Vantara LLC, International Business Machines Corp., IRI, Microsoft
Corp., Oracle Corp., PricewaterhouseCoopers LLP, Qubole Inc.,
Salesforce Inc., SAP SE, SAS Institute Inc., and Teradata
Corp..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Component (Solution and
Services), End-user (BFSI, Telecom, Retail, and Others), and
Geography (North America, Europe, APAC, South America, and Middle
East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Accenture Plc, Alphabet
Inc., Alteryx Inc., Amazon.com Inc., Cloudera Inc., Datameer Inc.,
Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Enthought
Inc., Hewlett Packard Enterprise Co., Hitachi Vantara LLC,
International Business Machines Corp., IRI, Microsoft Corp., Oracle
Corp., PricewaterhouseCoopers LLP, Qubole Inc., Salesforce Inc.,
SAP SE, SAS Institute Inc., and Teradata Corp.
|
Key Market Trends Fueling Growth
Blockchain technology, a distributed network of digital
databases, is revolutionizing the financial sector by replacing
centralized business models. Traditional financial services rely on
a central ledger, such as the Federal Reserve, to manage and secure
transaction information. In contrast, blockchain technology offers
a decentralized solution where each transaction is
transparently registered in a shared cloud database, eliminating
the need for intermediaries. Beyond finance, blockchain technology
is also valuable in sectors like e-commerce, IT, and retail for
secure and efficient transactions. While some firms, such as
Goldman Sachs and Overstock.com, have already adopted this
technology, others are conducting proof of concept. However,
traditional blockchains have limitations, including less
scalability and lack of query languages. Big data blockchain
technology addresses these challenges by offering scalable
databases, query languages, and accurate blockchains.
Decentralized control of this technology enables
organizations to share authority with appropriate parties. Big data
blockchains facilitate the collection and interpretation of vast
amounts of data, enhancing decision-making processes, increasing
operational efficiency, and improving security. Fraud,
hacking, and unauthorized data access can be identified and
addressed through this technology, making it a crucial investment
for businesses during the forecast period.
The Big Data Services Market is experiencing significant growth
as businesses and organizations across industries seek to harness
the power of data for competitive advantage. Trends include the use
of social media platforms for customer insights, governments and
hospitals leveraging data for public services, and manufacturing,
media and entertainment, IT and telecom, and healthcare sectors
optimizing operations and customer experiences. Cloud solutions
like public, private, and hybrid offer scalable infrastructure for
handling large datasets. Advanced analytics, real-time processing,
and machine learning algorithms enable predictive modeling and
consumer behavior analysis. Untapped data sources such as social
media data, IoT generated information, and unstructured data are
being integrated and made interoperable for better decision making
and revenue growth. The digital revolution brings opportunities for
smart city development and smart nation initiatives, enhancing
urban living through data-driven innovation.
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Market Challenges
- The effective implementation of big data services is hindered
in various industries due to the absence of clear data storage
policies. This challenge impacts the market presence of big data
service providers, as subpar service quality ensues.
Developing innovative solutions to meet evolving customer needs is
a complex and costly process for vendors. Failure to grasp client
requirements can result in wasted resources and time. Clients seek
tangible business outcomes but are cautious about investments. The
absence of a proactive policy complicates the calculation and
monitoring of return on investment for vendors. These factors may
impede the growth of the big data services market during the
forecast period. To ensure sustainable growth, vendors must
comprehend the current market demands and customize offerings to
meet client needs.
- The Big Data Services Market is experiencing significant growth
due to the digital revolution and the need for operational
efficiency. Advanced analytics and real-time processing are key
drivers, requiring scalable infrastructure to handle fragmented
data landscapes. Integration and interoperability are challenges,
as data comes from various sources like social media, IoT, and
unstructured data. Scalability is crucial to handle the massive
data generation. Machine learning algorithms and predictive
modeling help businesses understand consumer behavior and
preferences, driving revenue growth in sectors like online shopping
and inventory management. Smart city development and public
services also benefit from big data, with technology players
collaborating to provide data analytics capabilities for resource
allocation and urban living improvements. Economic growth is a
significant outcome of these initiatives.
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challenges - Download a Sample Report
Segment Overview
This big data services market report extensively covers market
segmentation by
- Component
- 1.1 Solution
- 1.2 Services
- End-user
- 2.1 BFSI
- 2.2 Telecom
- 2.3 Retail
- 2.4 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Solution- Businesses increasingly utilize big
data and analytics to enhance their operations, leveraging an
expanding range of consumer data from various sources. Big data
solutions enable management to analyze consumer sentiment towards
products or services, gain a comprehensive view of the customer
journey across multiple channels, and act on these insights to
enhance the customer experience. The term "big data" signifies the
vast expansion and accessibility of structured and unstructured
data. By examining consumer behaviors across numerous channels,
firms can gain a deep understanding of their operations, leading to
efficiency improvements, reduced costs, increased sales, and
superior customer service. The intensifying competition among
companies in various industries, fueled by the rising demand for
convenience and customer satisfaction, will drive the expansion of
the global big data services market throughout the forecast
period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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reports
The Global Data-as-a-Service (DaaS) market is experiencing
robust growth, driven by the increasing adoption of cloud-based
services and big data analytics across industries. The healthcare
analytics market in APAC is also witnessing significant expansion,
fueled by the rising demand for advanced data analysis in
healthcare to improve patient outcomes and operational efficiency.
With key players investing heavily in these sectors, the DaaS
market is projected to grow substantially, while the APAC
healthcare analytics market is expected to see continued strong
growth through 2028.
Research Analysis
The Big Data Services Market is experiencing exponential growth
due to the increasing demand for data-driven insights across
various industries. Social media platforms generate vast amounts of
data every day, providing opportunities for businesses to gain
valuable customer insights. Governments, hospitals, manufacturing,
media and entertainment, healthcare, IT and telecom, and other
sectors are leveraging Big Data to improve decision making, enhance
customer experiences, and increase operational efficiency. The
digital revolution has led to an explosion of information and
datasets, requiring scalable infrastructure for real-time
processing and advanced analytics. Public, private, and hybrid
cloud solutions are transforming the way businesses store and
analyze data. Big Data Services enable organizations to harness the
power of data to gain a competitive edge, optimize operations, and
deliver innovative solutions.
Market Research Overview
The Big Data Services Market is experiencing rapid growth as
social media platforms, governments, hospitals, Manufacturing,
Media and Entertainment, Healthcare, IT and Telecom, and other
sectors increasingly rely on data to drive decision making, improve
customer experiences, and achieve operational efficiency. The
digital revolution has led to an explosion of data from various
sources, including public and private clouds, hybrid clouds, data
analytics, and untapped sources like social media data and
IoT-generated information. This fragmented data landscape presents
challenges in terms of integration and interoperability, but also
opportunities for advanced analytics, real-time processing, and
scalable infrastructure. Machine learning algorithms and predictive
modeling are key tools for making sense of this data, enabling
applications ranging from consumer behavior analysis and revenue
growth to inventory management and demand forecasting. Technology
players are collaborating to develop big data infrastructure and
expand their data analytics capabilities, while governments and
organizations are investing in smart city development and smart
nation initiatives to improve public services and resource
allocation. The economic growth potential of big data is
significant, with applications spanning from urban living and
online shopping to supply chain optimization and demand
forecasting.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- End-user
-
- BFSI
- Telecom
- Retail
- Others
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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