Big data services market 2023-2027. A descriptive analysis of parent market, five forces model, market dynamics, and segmentation- Technavio

NEW YORK, Dec. 19, 2022 /PRNewswire/ — According to Technavio, the global big data services market size is estimated to grow by USD 153.75 billion from 2023 to 2027. The market is estimated to grow at a CAGR of over 35.68% during the forecast period. Moreover, the growth momentum will progress. North America will account for 36% of the growth of the global market during the forecast period.

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Global big data services market – Parent market analysis
Technavio categorizes the global big data services market as a part of the global IT consulting and other services market, which covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. The global IT consulting and other services market covers companies that provide information technology consulting and information management services.

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Global big data services market – Five forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–

• Bargaining power of buyers

• The threat of new entrants

• Threat of rivalry

• Bargaining power of suppliers

• Threat of substitutes

• Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Global big data services market – Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global big data services market – Segmentation assessment

Segment overview
Technavio has segmented the market based on components (solutions and services), and end-user (BFSI, telecom, retail, and others).

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• The solutions segment will be a significant contributor to market growth during the forecast period. The use of Big data solutions allows for the analysis of consumer behaviors across numerous channels in order to discover how, when, where, and why customers are most likely to engage. This not only enables firms to obtain a thorough grasp of their operations but also leads to efficiency improvements, lower costs, increased sales, and better customer service. Thus, surging competition among companies across end-user industries, aided by the growing demand for factors such as convenience and consumer delight, will foster the growth of the global big data services market during the forecast period.

Geography overview
By geography, the global big data services market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global big data services market.

• North America is projected to account for 36% of the market’s growth during the forecast period. Processing big data is one of the essential techniques in understanding the nature of customer demand. Most banks in the US are leveraging big data technologies to gain a competitive edge over their competitors. Financial services companies in the US have been modifying their structure to make use of big data more effectively. Big data services help firms to achieve real-time marketing and integration of e-commerce platforms with payment processing and facilitate the small loans and microloans market in the US. Thus, the increased adoption of big data is expected to elevate the demand for financial services, which, in turn, will drive the growth of the market in North America during the forecast period.

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Global big data services market – Market dynamics
Key factor driving market growth

• The growing amount of data is one of the key factors driving the growth of the big data services market. 

• The increasing volume of data generated in organizations through various channels and sources has compelled organizations to implement big data analytics and save a significant amount of cost for the organizations.

• Big data analytics has helped organizations transform unstructured and semi-structured data into structured and meaningful data.

• Big data analytics retrieved and analyzed data to discover significant weaknesses, develop indicator patterns to identify opportunities and threats and optimize business decisions.

• Since the demand for big data analytics is growing, there is a need for big services such as big data project-based services and big data outsourcing services to manage big data analytics applications to ensure security, agility, and performance.

Leading trends influencing the market 

• Big data in blockchain technology is a primary trend for the global big data services market growth. 

• Blockchain technology is gaining popularity in the financial sector. JPMorgan, Citi, Wells Fargo, US Bancorp, PNC, Fifth Third Bank, and Signature Bank are some of the banks that use blockchain technology.

• Blockchain technology, also called a ledger framework, is a distributed network of digital databases that maintains records and manages transactions.

• Moreover, big data blockchain technology has databases that are scalable, have query languages, and accurate blockchains. The big data blockchain database is decentralized; hence, the control can be shared with appropriate authorities.

• Big data blockchain technology helps in collecting and interpreting huge amounts of information and supports organizations in decision-making processes. This increases operational efficiency and improves security.

• The technology also overhauls and improves security and highlights where action needs to be taken before and after a hack. However, shifting to a decentralized database network will require educating end-users and operators and integrating it into the current working process.

Major challenges hindering the market growth

• Adhering to diverse client requirements is a major challenge for global big data services market growth.

• Several industries lack policies or frameworks to store the high volume of data, which leads to difficulties in the effective performance of big data. This, in turn, affects the market penetration of big data service providers as their quality of service deteriorates.

• Big data service providers need to continuously develop and offer innovative solutions in step with changing customer requirements.

• This is a complex and cost-consuming process as it involves high degrees of uncertainty, and failure in understanding the requirements of customers leads to potential loss of time and money. Most of the clients expect business results but are wary about spending.

• The lack of a forward-looking policy makes it difficult for vendors to calculate and track ROI. This may hinder the value additions from service providers challenging the development of the market. Therefore, it is important for vendors to understand the current market need and accordingly offer tailored solutions to clients for sustainable growth.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!

What are the key data covered in this big data services market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the Big Data Services Market between 2023 and 2027

• Precise estimation of the size of the Big Data Services Market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the Big Data Services Market industry across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of Big Data Services Market vendors

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Component

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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