Big data is a term that refers to type of data sets that are huge and too complex for conventional data processing practices. It can be defined as having one or more characteristics such as high variety, high velocity, or high volume. Rapidly growing traffic of mobile data as well as the fast development of new technologies such as internet of things and artificial intelligence are all expected to help in the development of the global big data market.
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Global Big Data Market – Notable Developments
The competitive landscape of the global big data market is a fragmented one with the presence of several key players. These players are constantly striving to bring innovative and new solutions in the market to acquire more customers. Moreover, there have been increasing investments for promoting the activities of research and developments.
Some of the big names in the global big data market include names such as Oracle, IBM, Microsoft, SAP SE, Dell, Amazon Web Services, and Splunk among others.
- In May 2018, IBM announced that the company has launched new cloud service called Cloud Private Data that was designed for helping organizations to use machine learning and data science techniques.
Global Big Data Market – Drivers and Restraints
There is a plethora of reasons that are helping to drive the growth of the global big data market. One of the biggest driving factors for the growth of the global market has been the growing adoption of technology across the globe. In recent years, there has been a tremendous growth in terms of generation of data across all key channels. With technological advancements, it is now possible to get valuable information such as patterns, data insights, and trends from the burgeoning data. Such insights are possible due to the data sorting and analyzing ability of Big Data. Thus, the market is witnessing an ample demand from the end-user application sectors. This too is helping to push the development of the global market. Another important factor that is complementing this development of the market is the growing proliferation in terms of data generation.
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In addition to this, with increasing use of smartphones and tablets there has been a tremendous rise in data collection through respective apps. Furthermore, growing penetration of the internet, increasing adoption of big data among enterprises, and the growing number of Internet of Things (IoT) devices among masses are all helping to push the development of the global market for big data.
In terms of geographical segmentation of the global big data market, there are five major regions. These regions are Latin America, Asia Pacific, Middle East and Africa, Europe, and North America. Of these regions, currently, the global market is dominated by the region of North America. Presence of highly developed technological infrastructure is one of the key reasons behind the development of the big data market in North America. Moreover, presence of several notable companies operating in the regional market is also responsible for driving the growth of the North America market.
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On the other hand, the regional segment of Asia Pacific is projected to witness a promising growth in the next few years of the forecast period. The growth of the regional market is driven by the increasing demand from several emerging economies such as Philippines, India, and China among others. These emerging economies are putting in heavy investments for the development of their domestic IT infrastructure. Such investments are creating ample business opportunities for the growth of the big data market in the region. Moreover, India and China are now on course to become huge technology hubs. This too is projected to drive the market growth in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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