The global big data market is projected to be worth almost US$400bn by 2030, according to a new report.
Big data describes the large volume of data in a structured and unstructured manner. Large and highly complex, big data sets tend to be generated from new data sources and can be used to address business problems many businesses wouldn't have been able to tackle before.
According to the report published by Verified Market Research, which suggests the market will grow at a CAGR of 13.9% from 2023 to 2030, the market was valued at US$160.3bn in 2022 and is expected to reach US$399.3bn by the end of the forecast period.
Big data market growth driven by AI, machine learning and data analytics
Today, the domain of big data technology is undergoing a paradigm shift driven by the integration of advanced technologies such as machine learning, AI, and data analytics. These technologies, the report says, are empowering organisations to visualise complex data and derive actionable insights, leading to more precise strategic initiatives and management decisions. The incorporation of these technologies enhances the visualisation capabilities of big data, making intricate data more accessible through compelling visual representations. Machine learning tools, meanwhile, combined with data analytics, enable businesses to analyse structured and unstructured data, resulting in targeted customer interactions.
Key players in the world of big data
Helping to move businesses forward, big data is very valuable, but it can be a lot for traditional software to handle. As a result, many companies have turned to software providers to help them make sense of the new and complex datasets their business operations generate.
In response to this, a number of companies have emerged over the years to provide solutions for organising huge datasets and understanding the relevant information within them.
According to the report, prominent players including Microsoft, IBM, Oracle, SAP, Amazon Web Services, SAS, Hewlett Packard Enterprise, Dell Technologies, Teradata, and Splunk are defining the competitive landscape, continuously advancing big data solutions with analytics capabilities to elevate the consumer experience.
“Their innovative strategies and development initiatives are reshaping the market, positioning them at the forefront of technological advancement,” the report says.
“In the evolving landscape of big data technology, market share and ranking analysis play a pivotal role in understanding industry dynamics. The aforementioned key players have established their market dominance through innovative product offerings, strategic partnerships, and a deep understanding of customer needs. Their commitment to driving technological innovation sets the stage for enhanced market positioning and leadership.”
In future, the trajectory of the big data market is set to soar higher, driven by the convergence of transformative technologies and the continuous development of advanced solutions by key players. “As the industry undergoes rapid transformation, businesses and consumers alike can expect heightened decision-making capabilities, improved operational efficiency, and an enriched overall experience,” the report says.
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