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With the rise in adoption of IoT by various industries, a large volume of data is being generated. Hence, in order to process large data and gain actionable insights, these industries are moving towards adopting big data services. Moreover, large amount of data is expected to be stored locally, as countries like China and Russia have already passed data localization laws.
Companies are also adopting Hadoop on a large scale as it helps in storing and processing extremely large data sets of big data. Hadoop also provides with the framework to deal with various challenges in big data. Big data is also becoming fast with multiple options to speed up Hadoop. Hadoop big data and BI solutions are being widely adopted by companies in order to manage exponentially generated data.
As per the new report compiled by Fact.MR, the global market for big data technology and services is likely to witness strong growth. The market is expected to increase to 22.6% CAGR between 2017 and 2026. The global market for big data technology and services is estimated to reach US$ 183,971.9 million dollar by the end of 2026. One of the biggest trends in the big data technology and services market is the rise in market consolidation. Increasing number of computing vendors are acquiring companies to offer new big data technologies. Big data service providers are also focusing on increasing processing capabilities of big data solution. Following insights show how the global big data technology and services market will perform in the coming years.
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4 Forecast Highlights on Global Big Data Technology and Services Market
- North America is expected to remain dominant in the global big data technology and services market during the forecast period 2017-2026. A significant increase in data generation from various industry verticals is one of the key factors driving the big data technology and services market in North America. Big data technology and services market is witnessing growth in the U.S. and Canada. Moreover, healthcare and retail industry are the largest users of big data applications.
- The software is expected to gain maximum traction in global big data technology and services market. By the end of 2026, software is estimated to surpass US$ 72,400 million revenue.
- BFSI is likely to emerge as one of the largest industries in the global market for big data technology and services between 2017 and 2026. BFSI is projected to bring in close to US$ 33,700 million revenue towards 2026 end.
- Big data technology and services to find the largest application in datacenter networking infrastructure during 2016-2026. Datacenter networking infrastructure is estimated to bring in nearly US$ 40,900 million revenue by the end of 2026.
The report has also profiled leading players in the global market for big data technology and services, which will remain active through 2026. These include companies such as Oracle Corporation, IBM, Microsoft Corporation, SAP SE, HP, Amazon Web Services, Teradata, Dell Incorporation (EMC), SAS Institute, and Cisco Corporation.
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