The Big Data market is expected to grow from $28.65 billion in 2016 to $66.79 billion by 2021, at a high compound annual growth rate of 18.45%, according to a new research report, "Big Data Market by Component (Software and Services), Type (Structured, Semi-Structured and Unstructured), Deployment Model, Vertical, and Region (North America, Europe, Asia-Pacific, Latin America & Middle East and Africa) - Global Forecast to 2021", published by MarketsandMarkets.
For the purpose of the report, 2015 has been considered as the base year and 2016 as the estimated year for performing market estimation and forecasting. The forecast period is 2016-2021.
The Big Data market is witnessing a rapid growth due to the tremendous increase in organizational data. Enterprises have deployed Big Data solutions to analyze and manage the data generated to assist in quick decision-making processes. Additionally, the increase in number of mobile devices and apps, and organizations’ shift from analog to digital technologies are few of the drivers propelling this market.
The Big Data analytics software is expected to hold the highest market share in the Big Data software market. Due to its capability to analyze Big Data and extract actionable insights, more and more enterprises are deploying this software solution. Among services, the managed services segment is expected to grow with the highest CAGR during the forecast period.
Considering the regional trends of the Big Data market, North America is projected to hold the largest market size. The market in APAC is in the growth phase and is the fastest-growing regional Big Data market. This is mainly attributed to the growing manufacturing industry in this region. Moreover, the growing data centers in developing countries such as India and China, and the amount of data being generated have increased tremendously. Hence, organizations are looking for Big Data solutions to perform advanced analytics and manage this data to get real-time access. The Latin American and MEA regions also depict great potentials in terms of adoption of Big Data solutions and services.
There are various companies coming up with innovative and efficient Big Data solutions and services in the market due to the need for advanced analytics solutions globally. The major players offering Big Data solutions and services include IBM, Oracle, Microsoft, Hewlett-Packard, SAP SE, Amazon Web Services, SAS Institute, Dell Inc., Teradata Corporation and Splunk. A few other key innovators such as Palantir, Cloudera, Hitachi, Mongo DB and Gooddata offer comparatively narrower, yet locally-effective solutions and distribution networks in the big data market ecosystem.
The market is segmented on the basis of component into software and services. The software segment includes Big Data analytics, data discovery and visualization and data management. Services consist of consulting and system integration, training and support and managed services. Further, the Big Data market is also segmented based on Big Data types, deployment models, verticals and regions. The scope of the report covers detailed information regarding the major factors influencing the growth of the Big Data market, such as drivers, restraints, opportunities and challenges. Learn more about this market research report.