According to a new report, published by KBV research, The Global Big Data Market size is expected to reach $300.7 billion by 2027, rising at a market growth of 10.9% CAGR during the forecast period.
The Solution segment acquired maximum revenue share the Global Big Data Market by Component in 2020, thereby, achieving a market value of $208.7 billion by 2027. Big data solutions have a high adoption rate among large corporations since it provides an almost endless source of business and informational expertise that can contribute to operational improvements and new revenue opportunities for businesses in almost any industry. Companies are attempting to establish cutting-edge analytics operations for use cases such as consumer personalization, risk mitigation, fraud prevention, internal operations analysis, and other new use cases appearing on a near-daily basis, due to the value hidden in company data.
The Finance segment is showcasing a CAGR of 11.3% during (2021 - 2027). Big data in finance pertains to the petabytes of unstructured and structured data that may be utilized by banks and financial institutions to predict client behavior and develop strategies. The financial sector creates a large amount of data. Structured data is information that is maintained within a company to provide critical decision-making insights. Unstructured data gets accumulated from a variety of sources and provides enormous opportunities for analysis.
The Cloud segment has shown growth rate of 12.5% during (2021 - 2027). Cloud computing is the storing, management, and processing of data through networks of remote servers that are accessed through the Internet. A public cloud is a collection of hardware, networking, storage, services, applications, and interfaces maintained and owned by a third party that is made available to other organizations and individuals. These commercial firms construct a massively scalable data center while keeping the underlying technology hidden from the end-user. Public clouds are viable because they frequently handle very simple or repeated activities. For example, electronic mail is a rather straightforward application. As a result, a cloud service provider can optimize the environment to serve a large number of customers.
The Large Enterprises segment is leading the Global Big Data Market by Organization Size in 2020, thereby, achieving a market value of $186.2 billion by 2027. Due to the ever-increasing usage of the cloud, large companies are increasingly adopting big data solutions and services. Large corporations generate massive amounts of data that can be traced back to a diverse client base. Data plays a critical role in analyzing the overall performance of multinational corporations. Large corporations are relying on real-time data from a variety of sources, such as social media feeds, sensors, and cameras. Each record must be handled in a way that preserves its relationship to other data and time sequences.
The BFSI segment dominated the Global Big Data Market by Vertical in 2020, thereby, achieving a market value of $70.4 billion by 2027. Big data is critical in banking, financial, and insurance organizations since it aids in the development of effective policies and choices. Data, both organized and unstructured, is used to improve strategy and predict client behavior. The financial sector creates a large amount of data. Structured data is information that is maintained within a company to provide critical decision-making insights. Unstructured data gets accumulated from a variety of sources and provides enormous opportunities for analysis.
North America is the fastest growing region in the Global Big Data Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $104.1 billion by 2027. The Europe market is estimated to witness a CAGR of 10.1% during (2021 - 2027). Additionally, The Asia Pacific market would exhibit a CAGR of 12.8% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/big-data-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Google LLC, Oracle Corporation, Microsoft Corporation, SAS Institute, Inc., SAP SE, Alteryx, Inc., Teradata Corporation, Salesforce.com, Inc., and TIBCO Software, Inc.
By Component
By Business Function
By Deployment Mode
By Organization Size
By Vertical
By Geography
Companies Profiled
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