Big Data Market

The big data market is anticipated to be worth USD 510.03 billion by 2032 from USD 199.63 billion in 2024, expanding at a CAGR of 12.44 per cent from 2024-2032.

Current Scenario of the Market

The big data market is proliferating with the increasing use of AI and all its offshoots. The BD importance is rising as the base of these branches, which is urging data scientists, IT, and more to get a deeper look at the information being supplied into their models and predictions. Moreover, the market expanded significantly in 2024 across all industries. Big data with natural language processing (NLP) is transforming the overall operation of businesses, especially in healthcare, where it brought enhanced results in cardiovascular diseases and an expected 1 billion dollars in savings from lowering laboratory tests and office visitations.

Market Drivers

The growth of machine learning (ML) and artificial intelligence (AI) is driving the big data market forward. The blend of ML and AI with big data is a turning point, starting a new period of business intelligence and data analysis. These technologies improve current procedures and unfold unique insight possibilities and data management. Also, both AutoML (Automated ML) and NLP are accelerating the growth rate of the market. NLP helps in handling and analyzing unstructured data and enables machines to translate and understand human languages, facilitating greater data accessibility and intuitive insights. And, AutoML provides automatic model selection and training. It reduces the entry hurdles for data analysis, enabling more companies to take advantage of BD without requiring comprehensive data science proficiency.

Market Restraints

Data quality, security threats, and privacy and protection are the major challenges derailing the big data market. Protecting data in today’s technology-driven world is the key question for the stakeholders. Lately, in 2024, the revisions to the General Data Protection Regulation (GDPR), the adoption of AI technologies, and the introduction of the AI Act have brought major complications to privacy and protection. Furthermore, maintaining the confidentiality of international data exchanges has become a great challenge.

Segment Analysis

By Type

●        Hardware

●        Software

●        Services

The services segment held the maximum market share of the big data and is believed to increase its proportion further during the forecast period. Companies are progressively capitalizing on big data for tactical decision-making; still, only 57 per cent of the data gathered is used. BD consultants facilitate organizations with great value in insights into their market trends, customers, and operations. Moreover, the segment’s market size is expanding also due to its ability to streamline operations and increase productivity. With the help of BD analytics, companies can examine different processes like sales, supply chain, and production and determine performance gaps and bottlenecks.

By Deployment Mode

●        On-Premises

●        Cloud

The cloud segment in recent times has become more popular in the big data market and is likely to maintain its performance throughout the estimation period. Start-ups, small and medium enterprises, and global brands require cloud-based BD solutions to foster development and optimize the productivity of functions such as logistics, product positioning, and marketing. This is also because operating big data analytics on-premises is expensive. As per a report by McKinsey, cloud-based data solutions can generate a 7 to 15 per cent rise in EBITDA, reduce IT expenditure by 10 to 20 per cent, and surge the rate of product development by up to 30 per cent.

By Organization Size

●        Large Enterprises

●        SMEs

The large enterprises segment is the biggest user in the big data market and is anticipated to witness higher growth during the forecast period. One factor fuelling the segment's market growth is the availability of abundant resources. These enterprises generally have large technical and financial resources to vest time and effort in BD skilled personnel, tools, and technologies.

By Business Function

●        Operations

●        Finance

The operations segment gained the top spot in this category of the big data market. 2023 outlook by the World Economic Forum revealed that about 86 per cent of companies intend to decrease operation expenditures, around 78 per cent will lay off employees, and approximately 77 per cent in 2023 aim to maximize their supply chain. This necessity is expanding the segment’s market size.

By Industry Vertical

●        BFSI

●        Manufacturing

●        Healthcare and Life Sciences

●        Telecommunications

●        Energy and Natural Resources (Oil and Gas)

●        Business

●        Logistics and Distribution

●        Transportation

●        Research and Education

●        Consumer and Retail       

The healthcare and life science segment accounted for a substantial share of the big data market and is projected to remain in its growth course over the estimation period. This industry has been a notable beneficiary of BD. Predictive analytics, propelled by a large quantity of patient information, have enabled more customized and preventative healthcare approaches.

Regional Analysis

North America is spearheading the development of the big data market and is estimated to gain a greater share in the coming years. The USA, especially, has become a focal point for big data analytics, with various prominent companies providing this service to domestic and international clients.

Recent Market Developments

●       In October 2024, MicroStrategy Incorporated, an innovator in AI-powered business intelligence, reported the newest launch of MicroStrategy ONE, the entirely cloud-based BI/AI platform to address their most complex data problems.

Related Report

Big Data and Data Engineering Services Market

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