Big data consists of a sizable amount of structured and unstructured data sets that have been gathered from diverse sources. Insights gained from big data technology can help with strategic planning and corporate decisions. The ability to manage, gather, analyse, organise, deliver, and access both structured and unstructured data is provided by a collection of different software tools.
According to SPER market research, ‘Big Data Technology Market Size– By Offering, By Deployment, By Application, By Organization Size, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Big Data Technology Market is predicted to reach USD 1241.48 billion by 2033 with a CAGR of 13.81%.
Within the anticipated time frame, it is predicted that a rise in the rate of financial losses being recovered will accelerate the expansion of the big data technology market. The Big Data Technology Market assists all businesses and organisations in reducing losses from a range of daily occurrences, such as network damage and disruption to data breaches involving sensitive consumer information. It offers assistance prior to, during, and after an assault, but it does not shield any organisation from the hack itself. Additionally, it assists with remediation expenses such as paying for legal counsel, crisis communicators, investigations, and customer credits or refunds. Moreover, it is projected that future growth would be supported by the rising use of block chain and artificial intelligence in risk analytics.
Despite the growth opportunities in the global big data technology market, there are many challenges that hinder the growth of the market. Users regularly save their private information and business-related data on big data platforms, but doing so has a number of risks and weaknesses. As these platforms become more popular, worries about data breaches, unforeseen catastrophes, application vulnerabilities, and data loss are also growing. Security and privacy concerns, particularly in industries like academia, government, and finance, can cause revenue decreases, harm a company’s brand, lose customer trust, and even have legal repercussions. Businesses are put at risk when valuable data kept in databases and the cloud attracts the attention of cybercriminals. Additionally, big data infrastructure’s costly investments and complex requirements might impede market expansion, especially for small and medium-sized businesses (SMEs).
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Impact of COVID-19 on Global Big Data Technology Market
Furthermore, the COVID-19 pandemic had a positive impact on the market. In 2020, both businesses and governments made significant investments in big data technology to store data and information about COVID-19 patients. This digital storage allowed for real-time data tracking, aiding in the discovery of new insights about the virus’s transmission and prevention. It played a crucial role in curbing the spread of COVID-19 by capturing extensive data, informing future prevention strategies, and safeguarding vulnerable populations. Some companies also integrated advanced analytics solutions to better understand the virus and protect at-risk individuals. These proactive efforts are expected to drive increased demand for big data solutions in the coming years.
Big Data Technology Market Key Players:
Geographically, the majority of the market is in North America. Due to its early adoption of cutting-edge technologies and the substantial presence of numerous data centres there, the U.S. generated a good revenue. Furthermore, as connected gadgets, video streaming services, and other technologies become more widely used, a massive amount of data is generated every day. Additionally, some of the market key players are Accenture PLC, Cisco Systems Inc., Hewlett-Packard Company, IBM Corporation, Oracle Corporation, SAP SE, SAS Institute, Others.
Big Data Technology Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Offering: Based on the Offering, Global Big Data Technology Market is segmented as; Services (Big Data Analytics, Data Discovery, Data Management, Data Visualisation), Solution (Managed Services, Professional Services).
By Deployment: Based on the Deployment, Global Big Data Technology Market is segmented as; Cloud, Hybrid, On-premises.
By Application: Based on the Application, Global Big Data Technology Market is segmented as; Customer Analytics, Data Analytics, Enterprise Data Warehouse Optimisation, Fraud Detection and Compliance, Operational Analytics.
By Organization Size: Based on the Organization Size, Global Big Data Technology Market is segmented as; Large Enterprises, Small and Medium Size Enterprises.
By End Use: Based on the End Use, Global Big Data Technology Market is segmented as; BFSI, Education, Government, Healthcare, IT and Telecom, Manufacturing, Retail, Utility, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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