Big Data Software Market is anticipated to grow USD 667.4 Billion at a CAGR of 16.70% CAGR by 2030
Big Data software market to hit USD 667.4 billion by
2030, registering a 16.70% CAGR during the forecast period, 2022–2030. Big data
software’s are enterprise-class information technology platforms, providing
features and functionalities for developing, deploying, operating and managing
big data by patterns recognition, correlations, trends discovery, and other
from huge datasets.
Market
Scenario
Growing Big Data And
Potential Applications Expanse Is Driving A Large Market
The
worldwide digital healthcare data reached a quantum figure of around 500
petabytes in 2012 alone and which is anticipated to reach 25,000 petabytes by
2020.
The
applications of big data include differentiating pricing strategies and price
optimization, search engine optimization (SEO), advanced forecasting of
patterns, better sample selection and others. The business opportunities
include quantification of the link between actions and revenues, higher market
penetration, better customer targeting and engagement, economies of
personalized medicine, real-time data for feedback and brand equity, corrective
actions for customer switching, greater product differentiation, not to mention
better customer satisfaction.
Growth In Capacity
And Capabilities In Technology Are Driving Greater Adoption
Advances
in database management and technology such as relational and parallel database
architecture, development of data specific languages such as python, R and
others are driving faster adoption as big data software’s are now capable of
handling large and complex data sets. Development of big data platform that
blends traditional technologies suited for structured data, with new
technologies designed to manage unstructured data address speed, flexibility,
advanced analytics, ideal for data exploration, discovery, and unstructured
analysis. The increase in adoption of smart devices and the shift to digital
technologies are significant drivers of market growth.
High Installation
And Maintenance Cost Coupled With Nascent Stage Of Technology Is Hampering The
Market
High
installation and maintenance cost coupled with the nascent stage of technology
is the prime deterrent of the market. Other market barriers are legal
restrictions, data security, privacy concerns, problems with data collection
and processing, integration of multi-point and multi-sectorial cross-channel
data, and others.
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Segmentation:
To gain
an unparalleled view of the global big data software market, the report is
segmented by component, deployment, and end-user.
Based
on the component, the market is bifurcated into software and services.
Based
on the deployment segment, the market is segregated into cloud and on-premise.
Based
on the end-user segment, the market is segmented into BFSI, government and
defense, healthcare and life sciences, manufacturing, retail, media and
entertainment, energy and utility, transportation, it and telecommunication and
others.
Based
on geography, the market is segmented into North America, Europe, Asia Pacific,
Middle East and Africa.
Regional
Analysis
North America
region led by the U.S. accounts for the most significant market share followed
by Europe due to fast technological uptake, the presence of significant players
and enormous purchasing power. Asia Pacific region led by Japan, China and
India are expected to grow at the fastest CAGR owing to growing IT sector,
growing data centers and a massive amount of data generated. The attractive
labor economics of the developing countries such as India is another driver of
the Asia Pacific market. The Middle East and Africa are expected to be led by
Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Key Players
Some of
the significant players in the global big data software market IBM (U.S.),
Oracle (U.S.), Microsoft (U.S.), HPE (U.S.), SAP (Germany), Amazon Web Services
(US), SAS Institute (U.S.), Dell Technologies (U.S.), Teradata (US), Splunk
(U.S.), Palantir Technologies (U.S.), Cloudera (U.S.), Hitachi (Japan), Guavus
(U.S.), 10data (U.S.) and others.
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