The growing adoption of cloud computing has resulted in the generation of humongous amounts of data, which in turn is driving the growth of the global big data market. The growing technological advancements and increasing connectivity will help the growth of the market. Smartphone penetration across the globe is also a factor improving connectivity and in turn driving the need for big data. The data explosion on account of the high amounts of data generated is creating a heightened demand for big data.
However, the lack of skilled manpower such as data analysts and data scientists will be a challenging factor for the growth of this market. Data analysts and scientists are necessary for successfully leveraging big data capabilities and their shortage will hamper the growth of the big data market. There is a huge demand for professionals who are capable of exploiting big data analytics so as to be able to make smart and valuable decisions.
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In the years to come, the media and entertainment segment will acquire a significant share of the market. The gaming sector will also contribute to the revenue of this market. Companies operating in the global ig data market are increasingly investing in research and development activities, in the hope of developing unified big data solutions that can provide improved capabilities. Players in the market are relying on innovation driven solution for the growth in productivity and reduction in cost so that new customers can also benefit from big data.
Global Big Data Market: Overview
On a daily basis, a business requires a large volume of structured and unstructured data to run the show. Big data can be studied for insights that can aid in better decision making and short- and long-term strategic planning.
For online vendors, big data is a valuable commodity as it discloses crucial consumer behavior and provides insights into how a company’s product catalog can be enhanced to capitalize on the given demand. Demographic or regional breakdown of the available data can also tell a company which regions and which population groups to target.
Global Big Data Market: Key Trends
The key driver for the growth of the global big data market is the enormous amount of data being used and generated across all industry verticals. As the demand for smartphones and other devices is rising, there is an increase in the data being stored in them in the form of numbers, texts, graphs, images, videos, audios, and other multi-media formats, thus supplementing the growth of the big data market. Also, numerous companies worldwide are employing big data technologies to gain a competitive advantage over others in the long run.
Big data solutions allow organizations to efficiently manage large data volumes, thus reducing cost. Moreover, these solutions facilitate companies to overcome frauds, reduce errors, and streamline critical business processes. However, the absence of skilled manpower including data scientists and data analysts required to leverage big data capabilities is expected to abstain the market from developing further.
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Global Big Data Market: Market Potential
In a recent development, China launched its first national engineering laboratory for big data exchange and distribution technologies. This move will drive the country’s digital economy and assist in competing in the global market. It is also expected to aid the government in regulating distribution and exchange processes. The lab was approved by China’s top economic planner, the National Development and Reform Commission, in February 2017. There are about 13 research centers set up to conduct related research and each center would be led by different institutions, universities, and enterprises.
South Korea has introduced a big data system, which is giving a freeway to scientists around the globe to share their data and findings with the help of ultra-fast Internet connections. The Korea Institute of Science and Technology Information (KISTI) has joined Pacific Research Platform (PRP), an open platform science project, as a global partner. In collaboration with other academic institutions abroad, KISTI expects to make optimum use of ultra-high speed networks and help Korean scientists make advances in their research and generate more interest in the fields of particle physics, astrophysics, biomedical sciences, earth science, and virtual reality.
Global Big Data Market: Regional Outlook
The growing Internet penetration and expanding smartphone user base have driven the market in North America. This region is likely to grow during the forecast period owing to increasing trend of digitalization in several end-use industries such as medical, retail, banking, financial services and insurance (BFSI), healthcare, and media and entertainment.
Asia Pacific is another lucrative market for big data and is expected to progress in the coming years. The big data adoption will increase due to improving economic conditions and will thereby augment the number of businesses. Japan, India, and China are emerging countries in Asia Pacific that will offer opportunities for market players over the said period.
Global Big Data Market: Competitive Analysis
Calpont Corporation, Mu Sigma, Cloudera, IBM, Opera Solutions, Oracle Corporation, Teradata Corporation, Hewlett-Packard Co. (HP), and Splunk Inc. are few of the established players operating in the global big data market. Palantir, Hitachi, Mongo DB, and Gooddata are other key innovators offering comparatively narrower, yet locally-effective distribution and solutions networks in the big data market ecosystem. During the forecast period, the market is likely to be highly competitive with the inclusion of more number of participants.
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