Big Data Technology Market to Reach $116.07 Billion by 2027; Early Adoption of AI and Predictive Analysis will Emerge in Favor of Market Growth, says Fortune Business Insights™

Pune, Oct. 29, 2020 (GLOBE NEWSWIRE) — The global big data technology market size is projected to reach USD 116.07 billion by the end of 2027. The increasing integration of AI and machine learning will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Big Data Technology Market Size, Share & COVID-19 Impact Analysis, By Offering (Solution and Services), By Deployment (On-premise, Cloud based, and Hybrid), By Application (Customer analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, and Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 41.33 billion in 2019 and will exhibit a CAGR of 14.0% during the forecast period, 2020-2027.Big data is a combination of structured and unstructured data that is mostly collected by large scale as well as medium scale organizations across the world.  This data is aimed at applications in machine learning algorithms and predictive analysis. The increasing internet penetration across the world coupled with the growing adoption of cloud-based platforms has resulted in a huge amount of data that is circulated over the internet. The introduction of artificial intelligence has completely transformed several large scale industry sectors across the world. The use of big data technology has pioneered this transformation in the past few years. The presence of several large scale big data technology companies across the world will have a positive impact on the growth of the overall market in the coming years.Click here to get the short-term and long-term impact of COVID-19 on this Market.
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Future insights into the marketIn-depth study of the regionsProduct and brand strategiesFactors enabling market growthCompetitive landscapeCOVID-19 impactThe recent coronavirus outbreak has had a negative impact on several industrial sectors across the world. Accounting to the rapid spread of the disease, governments in several countries have implemented strict measures to control the virus. These measures have restricted the growth of businesses to an extent that a few SMEs have been compelled to shut down. The COVID-19 pandemic has had a diverse impact on the big data technology market.  Due to the increasing implementation of work from home policies for employees of all major organizations across the world, there has been a surge in the volume of online data.  While this has given a platform for big data vendors, the lack of workforce and confined capital budgets of IT businesses will restrict the growth of the market.
Market Driver:
Increasing Number of Product Innovations will Emerge in Favor of Market GrowthThe report encompasses several factors that have contributed to the growth of the overall market in recent years.  Accounting to the increasing applications of the product across diverse industry verticals, there is a healthy market competition. As a result, companies are looking to integrate concepts such as AI and machine learning with the aim of establishing a strong brand presence. In February 2020, Huawei Technologies announced the launch of a new storage solution. The company introduced ‘OceanStor 5G-Era,’ a product that will help enterprises cope with a massive expansion of data especially in the 5G era.  The company claims that this product will be a huge step for those looking to upgrade their data infrastructures and ultimately towards the global digital transformation.
North America to Emerge Dominant; Increasing Adoption of Concepts such as AI and IoT will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in North America is expected to hold the largest market share in the coming years. The presence of several large scale space big data vendors in the US will have a positive impact on the growth of the market in the coming years. The increasing adoption of AI and machine learning adoption at an early stage will create several opportunities for market growth. As of 2019, the market in North America was worth USD 18.48 billion and this value is projected to rise at a considerable pace in the coming years. Besides North America, the market in Asia Pacific will rise at a considerable pace driven by the massive internet use and increasing smartphone penetration in several countries across this region.
List of companies profiled in the report:•          Amazon.com, Inc. (Washington, United States)•          IBM Corporation (New York, United States)•          Microsoft Corporation (New Mexico, United States)•          Oracle Corporation (California, United States)•          SAP SE (Weinheim, Germany)•          Infosys Limited (Bengaluru, India)•          Software AG (Darmstadt, Germany)•          Dell Technologies (Texas, United States)•          Cisco Systems, Inc. (California, United States)•          Cloudera, Inc. (California, United States)•          SAS Institute (North Carolina, United States)•          Salesforce.com, inc. (California, United States)•          Teradata Corporation (California, United States)•          Tableau Software (Washington, United States)•          Huawei Technologies Co., Ltd. (Shenzhen, China)•          Fujitsu Limited (Tokyo, Japan)•          The Hewlett-Packard Company (HPE) (California, United States)•          Prolifics, Inc. (New York, United States)•          Xplenty (California, United States)•          Clairvoyant LLC (Arizona, United States)•          Teradata Corporation (California, United States)•          Deloitte Touche Tohmatsu Limited (London, United Kingdom)•          EquBot Inc. (California, United States)•          CMIC Co., Ltd. (Tokyo, Japan)•          Databricks (California, United States)•          VMware, Inc. (California, United States)•          Dell Technologies (Texas, United States)
June 2020: – The National Highway Authority of India (NHAI) introduced a unique artificial intelligence (AI) powered and cloud-based big data analytics platform – “Data Lake and Project Management Software”. The aim is to offer fully digitalized platform to improve customer experience.1.      Introduction1.1. Definition, By Segment1.2. Research Methodology/Approach1.3. Data Sources2.      Executive Summary3.      Market Dynamics3.1. Macro and Micro Economic Indicators3.2. Drivers, Restraints, Opportunities and Trends3.3. Impact of COVID-193.3.1. Short-term Impact3.3.2. Long-term Impact4.      Competition Landscape4.1. Business Strategies Adopted by Key Players4.2. Consolidated SWOT Analysis of Key Players4.3. Porter’s Five Force Analysis4.4. Global Big Data Technology Key Players Market Share Analysis and Matrix, 20195.      Key Market Insights and Analysis, By Segments6.      Global Big Data Technology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-20276.1. By Offering (Value)6.1.1. Solution6.1.2. Services6.2. By Deployment (Value)6.2.1. On-Premise6.2.2. Cloud6.2.3. Hybrid6.3. By Application (Value)6.3.1. Customer Analytics6.3.2. Operational Analytics6.3.3. Fraud Detection and Compliance6.3.4. Enterprise Data Warehouse Optimization6.3.5. Others (Data Analytics, etc.)6.4. By End-Use Industry (Value)6.4.1. BFSI6.4.2. Retail6.4.3. Manufacturing6.4.4. IT and Telecom6.4.5. Government6.4.6. Healthcare6.4.7. Utility6.4.8. Others (Education, etc.)6.5. By Region (Value)6.5.1. North America6.5.2. Europe6.5.3. Asia Pacific6.5.4. Middle East & Africa6.5.5. Latin America7.      North America Big Data Technology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-20277.1. By Offering (Value)7.1.1. Solution7.1.2. ServicesContinued….!
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