Big Data Software Market Overview
Big Data Software Market Size was valued at USD 170.9 Billion in 2022. The big data software market industry is projected to grow from USD 199.4403 Billion in 2023 to USD 686.08791 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.70% during the forecast period (2023 - 2032).Big data analytics play a significant role in businesses because they enable them to manage, organize, and simplify huge amounts of information in real-time while enhancing their decision-making capacity. Additionally, a key goal of big data and business analytics is to assist organizations in strengthening their marketing campaigns by assisting them in better understanding their target audiences, and consumers are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Big Data Software Market TrendsA surge in big data analytics software adoption by multiple organizations is driving market growth.
Market CAGR is driven by multiple organizations' rising adoption of big data analytics software. One of the key reasons driving market expansion is the huge quantity of data produced by sensors from the Internet of Things (IoT) has increased the demand for big data software. Additionally, the need for data management and analytics software is growing due to the development of artificial intelligence/machine learning (ML) and the fast digitization of emerging economies. Additionally, the growing importance of data in contemporary businesses, supported by expanding technological expenditures, resulting in in-depth analyses of present company practices, will support market expansion in future years.
Furthermore, Data is greatly increased by the expanding use of digital solutions across corporate sectors, including banking, healthcare, BFSI, retail, agriculture, and telecom/media. For instance, artificial intelligence has significantly changed the agricultural sector's risk management, precision farming, and pest control.
Businesses are using bots to automate and reform functional contexts similarly. Data production by virtual assistants like Apple's Siri, Google Assistant, and Amazon Alexa is also staggering. For instance, according to a Statista analysis released in January 2021, 8.2 billion digital voice assistants are anticipated to be in use. Global social media usage has increased due to network connection and smartphone technological advancements.
Facebook, WhatsApp conversations, YouTube videos, Instagram, Snapchat, and other sites create enormous amounts of data. Therefore, it is projected that the industrial revolution will result in massive datasets due to enhanced technology in the sectors, the increased usage of smart apps, and the development of social media platforms. Thus, growing databases across sectors are anticipated to drive the market. Thus, driving the big data software market revenue.
Big Data Software Market Segment Insights
Big Data Software Component Insights
The global big data software market segmentation, based on components, includes software and services. The segment with the highest revenue share is software. Due to its extensive solution offerings, which include credit risk management, business intelligence solutions, CRM analytics, compliance analytics, workforce analytics, and others, it is anticipated to expand at the greatest CAGR throughout the projection period. Organizations moving to digital platforms use workforce analytics, customer relationship management, and business intelligence solutions.
The hardware market, which includes mobile portable devices, linked devices, network equipment, and communication equipment, is anticipated to increase steadily. Smart, sophisticated, and networked devices are necessary for real-time analytics. Similar to how the products category is expected to increase significantly throughout the projection period.
Big Data Software Deployment Insights
Based on deployment, the global big data software market segment includes On-Cloud And On-Premises. On-premises segment is segmented to account for a larger market size during the forecast period. Data storage, administration, and processing through networks of distant computers often accessed through the Internet are called "cloud computing." Businesses that operate in strongly regulated industrial sectors, such as BFSI, healthcare and life sciences, and manufacturing, prefer to install big data solutions on-site. Furthermore, big businesses with adequate IT resources are anticipated to choose the on-premises deployment approach. The most dependable deployment method, offering high protection and control, is on-premises.
Figure 1: Global Big Data Software Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Big Data Software Services Insights
Based on services, the global big data software market segmentation includes BFSI, government, defense, healthcare, life sciences, manufacturing, energy and utility, transportation, IT and telecommunication, and others. Due to the rapidly expanding client base, the BFSI segment is anticipated to increase its revenue share the most in the industry vertical. The BFSI industry can efficiently attract, grow, and retain consumers thanks to such solutions. For instance, BBVA, a financial services company, deployed a social media analysis tool to get insights about its product and brand image to serve its more than 47 million clients across 30 countries.
Big Data Software Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. North America is anticipated to increase its revenue share the most during the projected period. The area hosts well-known companies from various sectors and uses the software extensively. Due to the rising need for analytics solutions that provide sophisticated and better compliance analytics, which are essential for spotting fraud, policy breaches, and other forms of corporate wrongdoing, the U.S. will see substantial development. The nation is investing significantly in cutting-edge technologies, like ML, the loT, AL, and more, to provide exponential data for companies.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL BIG DATA SOFTWARE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's big data software market accounts for the second-largest market share due to factors such as electronic gadgets, social media, linked devices, and advanced communication technologies, which have increased dramatically across Europe. The region's rapidly expanding data is projected to drive up demand for analytics technologies. According to research by the European Parliament, European data analytics techniques could increase industry productivity. Further, the German big data software market held the largest market share, and the UK big data software market was the fastest-growing market in the European region.
The Asia-Pacific Big Data Software Market is expected to grow at the fastest CAGR from 2023 to 2032. Factors such as the expansion of the BFSI, retail, healthcare, automotive, and other industries. The region has enormous growth potential due to the presence of emerging nations like China, India, South Korea, Singapore, Japan, and others. China will likely dominate the market, although India is expected to demonstrate its more advanced potential. The market share of big data analytics is anticipated to grow due to social media platform expansion, rising internet and smartphone access, developing communication technologies, and digitalization. Moreover, China’s big data software market held the largest market share, and the Indian big data software market was the fastest-growing market in the Asia-Pacific region.
Big Data Software Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the advanced authentication market, grow even more. Market participants are also engaging in various strategic measures to grow their businesses, and global footprint, with important market developments including contractual agreements, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations. The big data software industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global big data software industry to benefit clients and increase the market sector. In recent years, the big data software industry has offered some of the most significant advantages to medicine. Major players in the advanced authentication market, including IBM, Oracle, SAS Institute, Microsoft, HPE, Guavus, Splunk, Palantir Technologies, Amazon Web Services, SAP, Dell Technologies, Hitachi, Teradata, Cloudera, 10data, and others, are attempting to increase market demand by investing in research and development operations.
The Oracle Big Data Appliance is an engineered system designed to simplify the deployment and management of big data solutions. It combines hardware and software components to provide an optimized platform for processing and analyzing big data workloads. The appliance includes components such as Oracle NoSQL Database, Cloudera Distribution including Apache Hadoop (CDH), and Oracle's distribution of R, among others. For instance, in October 2022, A new portfolio of analytics tools built specifically for the cloud was unveiled by Oracle as part of the Oracle Network Analytics Suite. This package uses network function data, machine learning, and artificial intelligence to enable operators to make more automated and knowledgeable choices on the performance and stability of their whole 5G network core.
A very scalable and reliable object storage solution is Amazon S3. It is often used as a data lake to store vast amounts of unstructured and structured data. Data stored in S3 can be easily accessed and processed by other AWS services, making it a fundamental component of many big data solutions. For instance, in November 2022, Five new features were added to Amazon Web Services, Inc.'s (AWS) database and analytics portfolios. These enhancements make it easier for companies to run high-performance databases and analytics workloads at scale by enabling users to handle and analyze data at a petabyte size more quickly and efficiently.
Key Companies in the big data software market include
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IBM
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Oracle
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SAS Institute
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Microsoft
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HPE
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Guavus
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Splunk
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Palantir Technologies
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Amazon Web Services
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SAP
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Dell Technologies
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Hitachi
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Teradata
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Cloudera
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10data
Big Data Software Industry Developments
January 2022: Changes to Oracle With a fresh new look, more space, and fonts appropriate for dense data, Oracle Analytics Cloud, Oracle's new redwood design experience, would assist users in identifying, displaying, and acting on key insights.
March 2022: A Platform as a Service (PaaS) created by Microsoft called Azure Health Data Services was made available to serve transactional and analytical workloads. It supports Protected Health Information (PHI), drives Artificial Intelligence (AI), and aggregates health data in the cloud.
Big Data Software Market Segmentation
Big Data Software Component Outlook
Big Data Software Deployment Outlook
Big Data Software Services Outlook
Big Data Software Market Highlights:
