The global big data market size is estimated to reach USD 862.31 billion by 2030, registering to grow at a CAGR of 14.9% from 2024 to 2030 according to a new report by Grand View Research, Inc. The amount of data flowing across organizations has witnessed enormous growth over the last few years and the trend continues. Evolving consumer demands coupled with contracting budgets are impacted by the proliferating data, which puts considerable pressure on organizations to make the right decision in order to seize a competitive advantage.
Big data solutions enable organizations to effectively manage large data volumes thereby reducing cost. Additionally, these solutions also facilitate companies to overcome frauds, streamline critical business processes, and reduce errors. Further, the growing need to manage and monitor the heterogeneous nature of the data generated from web clicks to satellite data is also anticipated to significantly propel the industry growth over the next few years.
Increased adoption of cloud computing has generated a large amount of data on account of rapid technological advancements and increased connectivity, owing to smartphone proliferation. Thus, the big data market is estimated to witness a high demand in order to keep pace with this data explosion. However, lack of skilled manpower including data analysts and data scientists that are required to leverage big data capabilities is expected to hamper the demand. There exists a huge requirement for professionals who are capable of exploiting big data analytics in order to make valuable decisions.
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Based on products, the storage segment dominated the global industry and accounted for a revenue share of 51.1% in 2023. The hard disk drive is a cost-effective big data storage device.
The visualization segment is expected to experience the fastest CAGR from 2024 to 2030. One of the best advantages of data visualization is that it makes data easily comprehensible to the general public or particular audiences.
The consulting services segment has the largest revenue share in 2023. Data evaluation and audits allow consultants to pinpoint areas for enhancement, uncover potential risks, and suggest the best strategies for data modernization, analytics, and more.
The manufacturing segment dominated the big data market in 2023. The manufacturing industry has recently adopted multiple technologies and automation systems.
Grand View Research has segmented the global big data market based on product, technology, service, end-use, and region:
Big Data Product Outlook (Revenue, USD Billion, 2018 - 2030)
Storage
Server
Network Equipment
Big Data Technology Outlook (Revenue, USD Billion, 2018 - 2030)
Analytics
Database
Visualization
Distribution Tools
Others
Big Data Service Outlook (Revenue, USD Billion, 2018 - 2030)
Consulting
Deployment & Maintenance
Training & Development
Big Data End-use Outlook (Revenue, USD Billion, 2018 - 2030)
BFSI
Manufacturing
Retail
Media & Entertainment
Gaming
Healthcare
Telecommunication
Government
Others
Big Data Regional Outlook (Revenue, USD Billion, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East and Africa (MEA)
List of Key Players in the Big Data Market
Accenture
Cloudera, Inc.
OPERA Solutions Inc.
EMC
Hewlett Packard Enterprise Development LP
IBM
Mu Sigma.
Oracle
Splunk Inc. (Cisco Systems, Inc.)
Teradata
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