Market Research Future (MRFR) reports that the global big data market will increase at a compound annual growth rate (CAGR) of 13.35% during the forecast period (2018—2023). The market is likely to reach a valuation in excess of USD 81,500 million by 2023. Big data holds significant possibilities of application in years to come. Its presence is being felt in various industrial verticals, which is an exciting prospect for the proponents of the technology. Additionally, increased digitization and growing usage of data-driven applications is creating lucrative opportunities for market players.

Global Big Data Market: Segmental Analysis

MRFR’s report includes segments the big data market by component, technology, organization, deployment, and end user.

By component, the market has been segmented into hardware, software and service. The hardware segment is further sub-segment into storages, server and network equipment. The software segment is sub-segment into Hadoop distribution products and tools, data discovery and visualization, analytics and data management. The service segment is sub-segmented into Data as a Service, Deployment and Integration Service, Hadoop as a Service, Consulting Services and Analytics as a Service. The service segment accounts for a significant market. In 2017, the segment stood at market valuation of over USD 15,300 million and is expected to register a CAGR of 15.1% during the review period.

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By technology, the market has been segmented into machines learning data mining, stream processing, NoSQL, predictive analytics, Hadoop, natural language processing and MPAD. In 2017, the machine learning data mining segment represented 20.9% share of the market in terms of value. The segment is expected to grow at a CAGR of 12.0% from 2018 to 2023. The Hadoop segment hold the second position and was valued at USD 6,741.8 million in 2017.

By organization size, the market has been segmented into large enterprise and SMEs. The SME’s segment accounts for a noteworthy market share and set to grow at a CAGR of 14.1% during the forecast period. However, the large enterprise segment is expected to exhibit a the highest CAGR during the review.

By deployment, the market has been segmented into on-cloud and on-premise. In 2017, the on-cloud segment accounted for a market share of 61.3% in terms of value. This segment is expected to register the highest CAGR during the assessment period. Deployment of on-cloud segment is widespread due to its cost benefits and functional efficiency.

By end-user, the market has been segmented into manufacturing, telecommunications, healthcare, retail, IT, BFSI, energy utilities, government, transportation and others. The IT segment currently accounts for the largest market share and is likely to retain its dominant position over the next several years. The telecommunications segment currently holds the second position and is expected to post a CAGR of 14.5% during the forecast period. Whereas, the retail segment is expected to witness the fastest CAGR during the assessment period.

Global Big Data Market: Regional Outlook

The global big data market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.. Currently, North America leads the global big data market and is likely to maintain its position throughout the assessment period. During the forecast period, the market is North America is expected to register a CAGR of 12.4%. The strong position of region can be attributed to factors such as the fast adoption of advanced information technologies and focus towards big data application in countries such as the U.S. and Canada. Moreover, presence of leading market players such as oracle corporation, IBM corporation, Microsoft corporation, Amazon among others support the market growth in the region.

Global Big Data Market: Competitive Landscape

Some the prominent market players include IBM Corporation, Dell Technologies, Oracle Corporation, Hitachi Ltd., SAP SE, Tableau Software, Hewlett Packard Enterprise Company, Cisco Systems Inc., Amazon Web Services, Splunk Inc., Microsoft Corporation, Teradata Corporation, Accenture PLC, Cloudera Inc. and Fair Isaac Corporation.