Global Big Data Market to Reach $234.6 Billion by 2026

Big data is defined as massive, voluminous amounts of unstructured or semi-structured data that is collected over time. Big data is often loosely-structured and widely distributed. The term "Big Data" is also characteristic of the sheer volume, speed, velocity, diversity, and complexity of data accumulation. These gigantic data sets measuring in terms of petabytes/exabytes of data are difficult to be processed and/or handled by traditional database management tools. This study defines big data as all types of large datasets that do not fit into the structures of current enterprise database architectures. Big data is generated from a variety of sources, such as, RFID readers, social networks, sensor networks, internet text and documents, call registers, internet search indexing, scientific research studies, medical records, military surveillance, and eCommerce among others.

Digital transformation has been the buzz word for quite some time in the business world. Everything from services to manufacturing are trying to embrace automation and turn smart. Data is what makes processes smart and the more data an organization has, the smarter it is. The vast amount of data generated by the plethora of connected devices is enabling organizations to accumulate data of all types. However, gleaning perceptible insights from such huge amounts of data, which is most of the times disparate, is a major problem for organizations. Big data and big data analytics, including machine learning & artificial intelligence, and predictive analytics provide the solutions that enable organizations to glean meaningful and actionable insights from data. As such, big data and big data analytics can be termed as enablers of digital transformation. Big data solutions enable organizations to collect large amounts of data, streamline and store, and analyze the data in real-time. Data virtualization and cloud computing have enabled cost-effective storage of data, thereby ameliorating one of the major bottlenecks in older technologies.

Amid the COVID-19 crisis, the global market for Big Data estimated at US$130.7 Billion in the year 2020, is projected to reach a revised size of US$234.6 Billion by 2026, growing at a CAGR of 10.2% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to record 9.4% CAGR and reach US$170 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 11.8% CAGR for the next 7-year period.

The U.S. Market is Estimated at $50.1 Billion in 2021, While China is Forecast to Reach $27.9 Billion by 2026

The Big Data market in the U.S. is estimated at US$50.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$27.9 Billion by the year 2026 trailing a CAGR of 12.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.9% and 9.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.7% CAGR.

As data emerges as the new wealth creator, big data solutions are expected to gain an increasing role in how organizations expand. Organizations have always had access to data, but only limited capabilities in accessing and processing data for meaningful insights. Big data solutions enable companies to overcome these challenges. The efficiency of big data solutions lies in being open source and compatible with most analytics solutions. Moreover, big data does not require further data processing steps, thereby simplifying data storage and analysis. Digital transformation, which is enabled by big data, is in itself an enabler for automation of business process, as well as in enabling new business models. While businesses can analyze data at hand, it becomes ineffective unless the analysis provides meaningful insights, based on which organizations can make strategic decisions.

BFSI End-Use Segment to Reach $57.9 Billion by 2026

Global BFSI End-Use Segment is estimated at US$32.8 Billion in 2020, and is projected to reach US$57.9 Billion by 2026 reflecting a compounded annual growth rate of 9.9% over the analysis period. United States constitutes the largest regional market for BFSI segment, accounting for 41.3% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 11.7% over the analysis period, to reach US$5.9 Billion by the close of the analysis period.