Big Data Technology Market Size to Surpass USD 842.17 Billion by 2030, exhibiting a CAGR of 13.6%
As per the report by Fortune Business Insights, the global Big Data Technology Market size is projected to reach USD 842.17 Billion by 2030, at a CAGR of 13.6% during the forecast period.
Big Data Technology Market
Pune, India, Sept. 14, 2023 (GLOBE NEWSWIRE) — The global big data technology market size was valued at USD 309.43 billion in 2022 and is projected to reach USD 842.17 billion by 2030, exhibiting a CAGR of 13.6% during the forecast period. Fortune Business Insights™ provides this information in its research report titled Big Data Technology Market Forecast, 2023-2030.
The expansion can be credited to the rising adoption of Artificial Intelligence (AI), Machine Learning (ML), and data analytics globally. The deployment of these technologies with big data helps organizations make complex data accessible while increasing their visualization capabilities.
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Key Industry Development:
April 2023– Databricks, a leading software company, unveiled the Databricks Lakehouse for the manufacturing industry. The solution combines data and AI to provide record-breaking performance for any analytic use case.
Key Takeaways
- Increased Investments by Organizations in Big Data amid the COVID-19 Pandemic Propelled the Market Growth
- Rising Adoption of Big Data and Business Analytics among End-use Industries
- By Type Analysis: Big Data Analytics Segment to Lead the Market Share Owing to Growing Trend of Edge Computing
- Big Data Technology Market Size in North America was USD 103.56 Billion in 2022
- Databricks Launched the Databricks Lakehouse for Manufacturing to Gain Competitive Edge
Discover the Leading Players Featured in the Report:
“Companies leading the Big Data Technology Market are IBM Corporation (U.S.), KNIME (Switzerland), Oracle Corporation (U.S.), Alteryx (U.S.), Databricks (U.S.), Tableau (U.S.), Cloudera, Inc. (U.S.), Salesforce.com, Inc. (U.S.), Teradata Corporation (U.S.), MongoDB (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.6% |
| 2030 Value Projection | USD 842.17 Billion |
| Base Year | 2022 |
| Big Data Technology Market Size in 2022 | USD 309.43 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Type, End-use and Geography |
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https://www.fortunebusinessinsights.com/industry-reports/big-data-technology-market-100144
Drivers and Restraints:
Market Value to Grow Owing to Surging Adoption of AI, ML, and Data Analytics
One of the major factors presenting lucrative opportunities for market growth is the rising adoption of ML, AI, and data analytics. Business intelligence solutions are deployed in ML tools to find unstructured and structured data. This allows end-users to integrate data analytics and ML with big data technology to gain insights about product quantity and sales to reach the target audience.
However, rising concerns associated with privacy and information security may impede market growth.
Segmentation
By Type
- Big Data Storage
- Big Data Mining
- Big Data Analytics
- Big Data Visualization
By End-use Industry
- BFSI
- Retail
- Manufacturing
- IT and Telecom
- Government
- Healthcare
- Others (Utility)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate the Market Owing to the Growing Presence of Data Centers
North America held a dominant big data technology market share in 2022 and is projected to depict significant growth over the forecast period, owing to the robust presence of data centers in the region. The growing adoption of video streaming services, connected devices, digital payments, and others creates huge chunks of data, increasing the demand for big data technology in the region.
The Asia Pacific market is slated to grow substantially over the forecast period. The regional expansion is driven by the growing adoption of IoT devices and big data technology, such as Apache, Hadoop, and others, across enterprises.
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Competitive Landscape:
Key Companies Are Prioritizing Product Innovations to Strengthen Their Market Position
Notable industry players are focusing on product innovations to extend their global footprints. They are also investing substantial amounts in R&D activities to bring new products. Additionally, they are forging partnerships, mergers & acquisitions, and collaboration strategies to increase their market hold.
FAQ’s
How big is the Big Data Technology Market?
Big Data Technology Market size was USD 309.43 billion in 2022.
How fast is the Big Data Technology Market growing?
The Big Data Technology Market will exhibit a CAGR of 13.6% during the forecast period, 2023-2030
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