Big data is an enormous amount of extracted structured and unstructured data sets from multiple sources. Big data technologies can be used to gain insights that improve strategic plans and commercial choices. It is a conglomeration of many software applications having the ability to manage, gather, organise, deliver, and access both structured and unstructured data.
Global Big Data Technology Market Driving Factors and Challenges
The big data technology field is changing as a result of the growing usage of technologies like machine learning, artificial intelligence, and data analytics. Organisations are able to expand their visualisation skills and make difficult data more useable and accessible through the integration of technologies and big data. Business intelligence solutions are utilised by ML technologies for the analysis of both structured and unstructured data. End users analyse the data and derive insights about sales, price, and quantity to reach the target customers using data analytics and machine learning tools that are coupled with big data technologies. End users can foresee future conditions and handle the shipping and supply chain components more effectively as a result of this. The artificial intelligence technology gives companies access to real-time information, enabling them to boost digital company growth, enhance network security, and provide a better customer experience. Big data and AI integration are improving business operations, decision-making efficiency, and consumer experience. The market is anticipated to develop as these technologies become more widely adopted.
Despite the prospects for growth in the worldwide big data technology industry, there are numerous obstacles to market expansion. On big data platforms, users keep their private information and business-related data. However, handling and keeping papers can provide a variety of risks and weaknesses. With the growing popularity, security worries regarding information loss, unanticipated disasters, application vulnerabilities, and data breaches are also rising. Some industries, including academics and research, federal government agencies, financial services, and others, may see a decline in revenue as a result of information security and privacy concerns. This might seriously harm the companies' reputations and eventually undermine the confidence of those in charge of the operations. Additionally, it is anticipated that significant expenditures in and challenges with SMEs' big data infrastructure will restrain market expansion.
Impact of COVID-19 on Global Big Data Technology Market
The COVID-19 pandemic had a favourable effect on this industry. In order to store data and information regarding patients diagnosed with COVID-19, businesses and governments made significant investments in big data technology. A significant amount of real-time data about COVID patients was digitally stored because to this technology. Insights regarding the management and propagation of the coronavirus were also made clear by this. This technology assisted in stopping the coronavirus from spreading further by having the ability to capture extensive data. The data collected also assisted in the development of next COVID-19 prevention strategies. These proactive actions should increase the need for big data solutions in the coming years.
Big Data Technology Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Accenture PLC, Cisco Systems Inc., Hewlett-Packard Company, IBM Corporation, Information Builders Inc., Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, SAP SE, SAS Institute, Others.
Global Big Data Technology Market Segmentation:
By Offering: Based on the Offering, Global Big Data Technology Market is segmented as; Services (Big Data Analytics, Data Discovery, Data Management, Data Visualisation), Solution (Managed Services, Professional Services).
By Deployment: Based on the Deployment, Global Big Data Technology Market is segmented as; Cloud, Hybrid, On-premises.
By Application: Based on the Application, Global Big Data Technology Market is segmented as; Customer Analytics, Data Analytics, Enterprise Data Warehouse Optimisation, Fraud Detection and Compliance, Operational Analytics.
By Organization Size: Based on the Organization Size, Global Big Data Technology Market is segmented as; Large Enterprises, Small and Medium Size Enterprises.
By End Use: Based on the End Use, Global Big Data Technology Market is segmented as; BFSI, Education, Government, Healthcare, IT and Telecom, Manufacturing, Retail, Utility, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.