Digitalization is Surging the Global Big Data Market With 18.68% of CAGR by 2027
“According to a new market research report published by Inkwood Research, the Global Big Data Market is projected to rise at a CAGR of 18.68% throughout the forecasting years of 2019-2027.”
“Browse 36 market Data Tables and 53 Figures spread over 400 Pages, along with an in-depth TOC on Global Big Data Market Forecast 2019-2027.”
The digital and technological advancements have led to the generation of a huge volume of data through smart sensors, social media, smart houses, physical information. This has led to an increase in the contribution of information and thus, generating big data. Big data ranges from terabytes to petabytes and even exabytes and includes information collected through mobile devices, digital repositories and enterprise applications. Organizations across the world are facing major challenges in managing such vast data. Thus, big data will help organize the data by sorting through dark data and bifurcating, aggregating and storing the useful data, and many other features that are required for a remarkable data management.
The rise in Adoption of Smartphone and Ownership Apps Leads to Data Growth
The number of smartphone users has seen a major boost worldwide. The growing number of phones and ownership apps has led to massive data generation. These mobile phones are the key generator of data traffic. According to Phys org, the number of smartphone users in 2017 was about 5 billion globally. Smartphone penetration in emerging economies is increasing at an impressive rate, which is expected to reach 2.87 billion by 2025. This is expected to fuel the entire big data market along with the growing internet penetration.
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Service is Dominating the Component Segment of the Global Big Data Market
The service segment dominates the big data market by components. It comprises of cloud services, data warehouse, databases, and machine learning services, etc.; these services are generally used by the end-users of big data analytics. Generation of big data and increased use of internet of things is leading growth in the big data market. The IOT connected devices are continuously increasing with every passing year, which is further escalating the generation of data and boosting the requirement of related services.
Asia Pacific – The Fastest-Growing Region of the Global Big Data Market
The Asia Pacific is the fastest-growing region of the big data market. This growth rate is attributed to factors such as increasing initiative taken by the government in different countries rising investment in big data, adoption of machine learning services, etc. For instance, the government of India started a digital campaign in 2015 to improve digital infrastructure and increase the adoption of digital platforms across industry verticals. Furthermore, the Government of India and Israel has decided to invest $1 million from each side for supporting research and development projects in the field of big data analytics in the healthcare industry and cybersecurity.
The technological companies across the globe have shown a keen interest in the big data market. These companies, with their various corporate strategies, are actively contributing to the big data market and at the same time, utilizing it to improve their market performance, position and customer base in the market. Some of the top giants operating in the global big data market are IBM, Oracle, Splunk Inc., Dell, etc.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.