Big Data Platform Market Size, Share, Growth, and Industry Growth, By Type (Cloud-Based and On-Premise), By Application (Banking, Manufacturing, Professional Services, Government, and Others), Regional Forecast From 2023 To 2030

Updated On: 20 November 2023

BIG DATA PLATFORM MARKET REPORT OVERVIEW

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The global big data platform market size was USD 56.27 billion in 2021 and the market is projected to touch USD 107 billion by 2028, with a growing CAGR of 9.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with big data platform experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Big data refers to sets of data that are too complex or large to deal with by software or conventional data processing applications. It is an information technology solution that combines the capabilities and features of various big data utilities and applications with one solution. It is an IT platform’s enterprise-class that enables organizations in deploying, developing, managing, and operating a big data environment. It consists of big data servers, storage, management, business intelligence, and database. The major benefit of the big data is that it decreases the complexity of multiple solutions or vendors into a cohesive solution. These platforms are also delivered via the cloud, where all-inclusive data services and solutions are offered by the provider.

The big data services are expected to gain popularity due to the accelerating spending and investment in various technological projects. It is widely used in manufacturing, baking, professional services, government, and other industries. These industries are on a constant rise which is estimated to foster the big data platform market growth in the foreseeable future. All industries are shifting towards technology and adopting big data services as it offers convenience and easy accessibility to the sets of data.

COVID-19 Impact: Steady Adoption of Technology Uplifted the Market during Lockdown

The big data platform market experienced benefits from the COVID-19 epidemic. Big data technology was adopted by businesses and governments to store data and information about people who have the coronavirus. Big data technology has the ability to digitally store a lot of COVID patient real-time data. It may also be able to shed light on the prevention and spread of the coronavirus. With the ability to capture extensive data, this technology can be effectively employed to reduce the danger of coronavirus transmission. The information gathered can also be used to create future COVID-19 prevention strategies.

LATEST TRENDS

"Escalating Adoption of Big Data Platform among Various Industries to Drive Growth"

With the development of big data services, it is essential for businesses to handle and analyze huge amounts of data quickly and affordably. The increasing use of big data analytics by businesses is one of the new trends. Big data analytical solutions are becoming more popular as they make it easier to collect and analyze the enormous amounts of data that various governments and businesses must deal with on a daily basis. This enables businesses to strengthen and modernize their IT infrastructure, which will increase big data platform market growth. Enterprises are becoming more and more dependent on big data to analyze data quickly and effectively. 

BIG DATA PLATFORM MARKET SEGMENTATION 

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• By Type Analysis

By type, the market is segmented into cloud-based and on premise.

Cloud-based segment is anticipated to hold 79% of the total market share due to the wide adoption of cloud technologies in organizations.

• By Application Analysis

Based on application, the market is classified into banking, manufacturing, professional services, government, and others.

DRIVING FACTORS

"Rapid Adoption of AI and Ml to Boost Software Demand "

The steady adoption of technologies such as Artificial Intelligence (AI) and Machine Learning (ML) is expected to bolster the demand for big data technologies. The integration of advanced technologies helps organizations surge their visualization capabilities and makes the complicated data accessible and usable. The ML tools use business intelligence solutions to investigate unstructured and structured data. End-users can use data analytics and ML integrated with a big data platform to analyze the information and draw various insights such as sales, quantity, and price to reach their customers. The use of big data platforms helps end-users in predicting forthcoming conditions and efficiently manage the supply chain and transportation components. The adoption of the service is wide, which is anticipated to elevate growth in the market.            

"Intense Increase in Data Volume to Surge Market Growth"

The high volume of data captured by organizations is on a constant rise owing to the steady growth of IoT (Internet of Things), social media, and multimedia, which produces an excess data flow in a structured or unstructured format. The machine-based or human-generated data is expected to experience an overall growth rate at an exponential speed compared to traditional business data. Additionally, machine data is forecasted to witness a higher growth rate due to the higher adoption of big data platforms. The data is largely consumer-oriented and driven. Most of the information is generated by consumers who spend 5-6 hours per day generating and consuming data through various devices and applications. The rising volume of data, decline in average sales price, technological changes, and other factors contribute to the big data platform market growth.

RESTRAINING FACTORS

"Concern for Data Security to Resist Growth in the Market"

Users generally store most of their personal and professional data and information on big data platform, increasing data security risks. The concern for privacy breaches, unexpected emergencies, and application vulnerabilities may affect the growth of the market. 

BIG DATA PLATFORM MARKET REGIONAL INSIGHTS

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"North America to Lead Market Due to Quick Adoption of Technologies in the Region"

North America is forecasted to hold 32% of the big data platform market share due to the steady adoption of technologies coupled with the presence of major market players in the region. 

Asia Pacific is anticipated to gain prominent growth by virtue of the steady adoption of a big data platforms and IoT. 

Europe is projected to experience sizable growth owing to the presence of top players. The growth is also expected to be attributed to the huge growth in transactions and business deals in the region. 

KEY INDUSTRY PLAYERS

"Key Players Concentrating On the Development of Novel Technologies to Expand Their Market"

Businesses are developing new technology to provide more simple ways to broaden their product offerings. Businesses also use cutting-edge methods and procedures to develop new technology. To boost sales, businesses are concentrating on acquisitions and investments. Because there are so many large companies in the market, it is competitive. Other traits include having a sizable global consumer base and operating through specialized distribution networks. The leading companies offer new items in an effort to increase their market share.

List of Market Players Profiled

• Microsoft (U.S.)
• Google (U.S.)
• AWS (U.S.)
• IBM (U.S.)
• Dell (U.S.)
• Splunk (U.S.)
• Micro Focus (U.K.)
• SAP (Germany)
• Accenture (Ireland)
• Informatica (U.S.)
• Teradata (U.S.)
• Oracle (U.S.)
• Cloudera (U.S.)
• Palantir (U.S.)
• HPE (U.S.)
• Cisco (U.S.)
• SAS (U.S.)

INDUSTRY DEVELOPMENT

• July 2020- DOE, the Department of Energy, the Department of Health and Human Services (HHS), and the Department of Veterans Affairs (VA) subcontracted for launching its new big data collaborative for sharing and conducting research on COVID-19 and analyzing health data. 

REPORT COVERAGE

Along with the product description, there is also an overview of the item. The research takes a wide view of the industry. Effects of the epidemic and the ensuing lockdown. The most recent trend on the market is what's now driving growth. The likelihood of the variables promoting market expansion is high. The factors that will cause market growth to stagnate. There is a thorough regional study of the market. The article also includes information on significant players and their corporate headquarters.