Big Data Market Research Report: Size, Share, Key Trends, Growth Drivers, Regional Outlook, Revenue Estimation and Forecast, 2023–2030

Market Overview

The global big data market is expected to reach USD 401.7 billion by 2030 from USD 186.8 billion (E) in 2023, observing 11.6% compound annual growth rate during 2023–2030.

The growth of the industry is primarily driven by the mounting volume of data gathered by enterprises and the rising usage of social media and the internet of things. Furthermore, the decreasing cost of technology, advancement in data connectivity over multi- and hybrid-cloud environments, integration of digital tools in top-level strategies, and emergence of open-source software frameworks are likely to boost the acceptance of big data services and solutions.

Increasing utilization of Edge Computing Is Key Trend

The increasing use of edge computing is a major trend in the industry. The surging number of IoT devices and the mounting acceptance of ML, AI, and IoT are putting immense pressure on conventional data hosting approaches. As per the Ericsson Mobility Report, in 2022 13.2 billion IoT devices were being used around the world, and this number is expected to reach 34.7 billion by 2028.

The surging need for connected devices boosts the implementation of edge computing, where the servers are positioned nearer to the source or destination of data, instead of clouds. Data positioned near the destination or source lessens the time for uploading it to on-premises or cloud platforms and shrinks the load on the server and network. Therefore, big data software is being increasingly utilized at the edge to enhance information analysis and storage.

Surging Database Adoption across Industries Is Key Driver

The rising acceptance of digital solutions across various sectors, including healthcare, retail & e-commerce, BFSI, government, telecom & media, and healthcare, surges the volume of data significantly. Moreover, AI brings a remarkable transformation to industries by enabling the quick analysis of data, recognition of patterns, and extraction of actionable insights.

Additionally, an enormous size of data is produced by social media platforms, such as WhatsApp, Facebook, YouTube, Snapchat, and Instagram, as well as consumer gadgets. Therefore, with the rising acceptance of smart applications, increasing usage of social media platforms, and advancement in data fabric technologies, the Fourth Industrial Revolution will generate massive databases. This will drive the demand for big data storage and analysis solutions across industries.

Software Component Dominating Industry

The software category, based on component, holds the largest share in the industry, and it will advance at the highest rate during the projection period. This is because of the extensive variety of solution offerings for business intelligence, credit risk management, CRM analytics, workforce analytics, and compliance analytics. Businesses shifting to digital platforms are utilizing such solutions for real-time foresight, visualization, and insights, to enhance their decision-making capabilities. 

Large Enterprises Category Is Major Contributor

Based on enterprise size, the large enterprises category has been generating the higher revenue, and it will remain dominant throughout this decade. Large enterprises generate huge amounts of data because of their expansive client base and dispersed workforces. Data plays an important role in large enterprises by enabling the evaluation of the overall organizational performance. These enterprises gather real-time data from numerous sources, including sensors, cameras, websites, and social media feeds.

The small & medium enterprises category is expected to observe rapid growth during the projection period, because of the surging number of SMEs in LATAM, APAC, and the MEA. Moreover, the emergence of cloud computing has brought big data solutions, which can be rather expensive to deploy, closer to SMEs, which have financial constraints. Moreover, like large companies, with the growing competition, SMEs are focusing on analyzing all sorts of data, to improve their performance.

Data Discovery and Visualization Category Will Hold Largest Share

The data discovery and visualization category, based on solution, is expected to hold the largest share in 2030. The swiftly surging volume of unstructured and structured data will boost the requirement for solutions for data visualization and discovery. This is because such massive volumes of information have various sources, and bringing all of it in one place is critical, before any analysis can be done.

The advanced analytics category is expected to observe significant growth, owing to the implementation of data mining and ML in advanced analytics. Moreover, businesses are adopting advanced big data analytics technologies to attain meaningful patterns from the voluminous information. Large enterprises are utilizing them to get better insights and make more-effective decisions.

Retail Category Will Grow Fastest

Based on vertical, the BFSI category will hold the largest share in the industry till 2030, primarily because of the rapidly expanding customer base. The adoption of these solutions is benefiting the BFSI sector in creating and retaining customers by offering better products and services. For example, to cater to over 47 million customers across 30 nations, BBVA, a financial service provider, has implemented a social media analytic tool to gain brand image and product insights.

The retail & e-commerce category is likely to observe the highest growth rate during the forecast period. Retailers are utilizing advanced analytical tools to understand dynamic trends and customer preferences, to improve their experiences. This is enabled by the rapidly rising usage of e-commerce websites and mobile apps, as well as of laptops, tablets, and smartphones. Additionally, a lot of data is generated from smartphones’ GPS, based on which apps can recommend products and stores available nearby. 

Big Data Market Report Coverage

Report Attribute	Details
Market Size in 2023	USD 186.8 Billion (E)
Revenue Forecast in 2030	USD 401.7 Billion
Growth Rate	11.6% CAGR
Historical Years	2017-2022
Forecast Years	2023-2030
Report Scope	Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

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APAC Will Observe Fastest Growth

North America is dominating the industry in 2023, and it will continue this trend during the projection period. This is owing to the existence of various multinational organizations across sectors that are extensively utilizing these tools. Additionally, the continent has an advanced IT & telecommunications infrastructure, which allows for the swift sharing and analysis of voluminous data.

In North America, the U.S. is expected to observe rapid growth because of the rising need for tools providing improved compliance analytics, which plays an important role in detecting policy violations, fraud, and business misconduct. Moreover, the nation is heavily funding advanced technologies, including ML, AI, and IoT, to digitize industrial processes. 

APAC is expected to observe the fastest growth because of the development of the retail, BFSI, healthcare, and automotive industries. Additionally, the rising smartphone, internet, and social media usage, rapid digitalization, and advancing communication technologies are expected to drive the progress of the industry in this region. Moreover, China is expected to dominate the APAC market, and India has a vast potential for growth.

Major Players in Big Data Market Are:

• Accenture plc
• International Business Machines Corporation.
• Cisco Systems Inc.
• SAP SE
• SAS Institute Inc.
• Oracle Corporation
• Cloudera Inc.
• Dell Inc.
• Teradata Operations Inc.
• Amazon Web Services Inc.
• Hewlett Packard Enterprise Development LP
• Microsoft Corporation
• Hitachi Ltd.
• Mu Sigma Inc.
• Splunk Inc.
• Salesforce Inc.
• VMWare inc.
• Google LLC