Big Data Market by Component [Solution (Big Data Analytics, Data Discovery, Data Visualization, and Data Management), and Service], Deployment (Cloud-based and On-Premises), Organization Size (SMEs and Large Enterprises), and Industry (BFSI, IT & Telecom, Retail & Consumer Goods, Media & Entertainment, Healthcare, Manufacturing, and Others): Global Market Size Estimates and Forecast (2022-2030)

The big data market crossed US$ 172.82 billion mark in 2022 and is expected to hit US$ 371.86 billion by 2030, recording a CAGR of 10.1% during the forecast period.

Rising volumes of data is creating lucrative opportunities for the big data market\'s growth. The development of a vast number of structured and unstructured data is ultimately influenced by the rising volume of company data, quickening technical advancements, and dropping average selling prices of smart gadgets. More than 80% of organizations\' data is not stored in a typical relational database. As an alternative, it is hindered by unstructured documents, social media posts, machine logs, pictures, and other sources. The management of this flood of unstructured data presents difficulties for many enterprises. Particularly in the age of cloud computing, big data solutions are essential for handling data for businesses of all sizes. Unquestionably, a framework is required to handle and combine different big data and data analytics sources to maximize value.

Within the report, the big data market is segmented into components, deployment, organization size, industry, and geography. By component, the big data market is further segmented into solutions and services. The solutions segment is further divided into big data analytics, data discovery, data visualization, and data management. Based on deployment, the big data market is divided into cloud-based and on-premises. Based on organization size, the big data market is bifurcated into SMEs and Large Enterprises. Based on industry, the big data market is segmented into BFSI, IT & Telecom, Retail & Consumer Goods, Media & Entertainment, Healthcare, Manufacturing, and Others. Geographically, the big data market is sub-segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).

Increasing adoption of smart technologies is driving the big data market\'s growth.

Big data technology is evolving due to the growing adoption of technologies like AI, ML, IoT, blockchain, and data analytics. By combining these technologies with big data, organizations can improve their visualization skills and make complex data more accessible through visual representation. ML technologies analyze both structured and unstructured data using business intelligence tools. To evaluate the data and derive insights about the prize, sales, and quantity to reach the target clients, end-users can employ big data technology linked with ML and data analytics. End users can forecast future conditions and effectively manage the supply chain and transportation components. The big data market is projected to rise due to the increasing acceptance of such technologies. The big data market\'s major players are concentrating on concluding joint ventures to introduce cutting-edge solutions built on fundamental technologies like AI and others.

Growing adoption of big data across the BFSI segment is one of the major factors accelerating the big data market growth.

Big Data is gaining acceptance among all verticals to improve profitability and reduce overall costs. In the BFSI, big data refers to large, heterogeneous data sets generated in real-time through various activities such as ATM transactions, cash transactions, online fund transfers, account opening, risk assessment, payment processing, and other operations. The BFSI segment is expected to account for a larger size in big data market during the forecast period. The rising demand for tracking feedback on services in real time is driving the adoption of big data in the BFSI industry vertical.

Recent strategic developments in Big Data Market

The big data market has undergone several significant developments, and a few of these have been mentioned below:

- In December 2021, Microsoft introduced The Azure Data Lake Storage soft delete for blobs capability. By temporarily keeping deleted data in the system, this function prevented accidental deletion of files and directories. During the retention period, users had the option to restore a softly deleted object, such as a file or directory, to its prior state.

- Oracle upgrades with a fresh new look, more space, and typefaces appropriate for dense data, Oracle Analytics Cloud, Oracle\'s in January 2022.

The big data Market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Amazon Web Services, Dell Inc., Hewlett-Packard Enterprise., IBM Corporation, and Microsoft Corporation are among the prominent players operating in the big data market.

Target audience for the report:

- Big data-related service providers

- Big data-related solutions providers

- Big data-related associations, organizations, forums, and alliances

- Government bodies, such as regulating authorities and policy makers

- Venture capitalists, private equity firms, and start-up companies

- End users of big data

- Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the big data market has been segmented on the basis of:

- Component:

- Solutions

- Big Data Analytics

- Data Discovery

- Data Visualization

- Data Management

- Services

- Deployment

- Cloud-based

- On-Premises

- Organization Size

- SMEs

- Large Enterprises

- Vertical:

- BFSI

- IT & Telecom

- Retail & Consumer Goods

- Media & Entertainment

- Healthcare

- Manufacturing

- Others

- Region

- North America

- Europe

- Asia Pacific (APAC)

- Rest of the World (RoW)

- Companies profiled

- Amazon Web Services

- Dell Inc.

- Hewlett-Packard Enterprise.

- IBM Corporation

- Microsoft Corporation