Big Data Market to grow in future by size, developments, trends by 2029

Registering the revenue worth US$133 Bn in 2019, worldwide adoption of big data tools and technology is all set for a solid double-digit growth rate over the next few years. With surging significance of the capabilities of data analytics in analysing a sea of data, growth of big data market is expected to be on a continuous uptrend. According to a recently published market intelligence report of Fairfield Market Research, global big data market has been estimated to hit a whopping US$395 Bn mark by the end of 2029. The report identifies critically growing need for analysing, and managing large-scale, data – both unstructured, and structured, which is primarily driving the rate of adoption favouring big data market.

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COVID-19 Offered a Strong, Indirect Push to Big Data Market

Big data tools are being increasingly perceived as an effective means to reach the right audience, which further drives the growth of market ahead. The report highlights ample opportunity of revenue generation in the expanding userbase of IoT-enabled devices. The COVID-19 pandemic has been an indirect booster to big data technology adoption as the it turned out to be a hotbed of opportunities for technologies that complemented the dramatically thriving virtual office/remote work culture amid the pandemic situation. Additionally, exponentially rising smart technology consumption will further bolster the expansion of big data market.

BFSI Registers over 40% of Total Adoption in Big Data Market

As per the segment-wise analysis, BFSI sector remains a clear leader in terms of big data technology adoption that makes up more than 40% of the total demand in global market. As a growing number of organizations in banking and finance continue to seek efficacious management of exorbitantly swelling data volumes – of both unstructured and structured, this trend will prevail through the end of 2029. While BFSI sector currently contributes more than US$75 Bn to global market valuation, healthcare and life sciences, and manufacturing industries will follow, accounting for a collective revenue share of around 20%.

Phenomenal Growth Potential Exists in Asia Pacific’s Big Data Market

Detailed regional analysis of global big data market space reveals that the leading markets, i.e., North America, and Europe hold a collective revenue share of more than 55%. The former however accounts for nearly 29% value share and will most likely retain the lead throughout the forecast period owing to the flourishing prospects for big data tools across start-ups. On the other hand, Europe will also represent a key market for big data market vendors on the back of a thriving outlook across both administrative, and government sectors. The report further uncovers the fact that Asia Pacific currently stands as the most lucrative big data market, capturing more than 25% value share. There are strong indications of the region outperforming both North America, and Europe toward the end of 2029, suggests the report.

Key Market Players

The global big data market report has covered some of the prominent brands in big data space under its dedicated competitive analysis section. Besides IBM, HCL, SAS Institute, Salesforce, and GlobalStep, the report has considered several other significant players such as EXL, ChyronHego, Catapult, TruMedia Network, DataArt, Stats Perform, Orreco, Zebra Technologies, Quant4Sport, and Exasol for thorough strategic analysis and profiling.

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