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NEW YORK, USA, May 5, 2022 (GLOBE NEWSWIRE) — Big data market overview:
According to a comprehensive research report by Market Research Futures (MRFR), the market size of ‘Big Data Market’ Information – Forecast to 2030′ by technology, organization size, deployment, end-user and region is 297.2 billion It reached US$80 million and continues to grow. At a compound annual growth rate of 14.52% by 2030.
Market range:
New developments in big data analytics such as social media analytics and text analytics are expected to open up new opportunities. Additionally, social media is more effective than traditional advertising, making it the primary source of information for many different advertising campaigns, events, and product promotions for many organizations.
The Dominant Major Players of the Big Data Market Covered are:
- IBM Corporation
- Dell Technologies
- Oracle Corporation
- Hitachi, Ltd.
- SAP SE
- Tableau software
- Hewlett Packard Enterprise, Inc.
- Cisco Systems, Inc.
- Amazon Web Services
- Splunk Co., Ltd.
- microsoft
- Teradata Inc.
- Accenture PLC
- Cloudera Co., Ltd.
- Fair Isaac Corporation
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Market USPs Exclusively Included:
big data market drivers
Increased adoption of technology to boost market growth
The rise of technologies such as machine learning, data analytics, and artificial intelligence are changing the big data technology landscape. Using these technologies in conjunction with big data can help companies improve their visualization capabilities, making complex data more usable and more accessible through visual representations. Business intelligence solutions use machine learning techniques to analyze organized, unstructured data. Using machine learning and data analytics combined with big data techniques, end-users can analyze data and derive insights on sales, prices and quantities to reach their target customers. This allows end-users to anticipate future conditions and handle transportation and components of her chain of supply more efficiently.
Data security concerns acting as market constraints
Data security concerns, stringent data security regulations, and data silos are likely to constrain the market during the forecast period.
Poor data quality acting as a market challenge
Low data quality, shortage of skilled labor, and high implementation costs are likely to challenge the market during the forecast period.
Read our in-depth market research report on the big data market (page 194).
https://www.marketresearchfuture.com/reports/big-data-market-7846
Segmentation of the market studied:
The global big data market is bifurcated based on end users, deployments, organizational size, technology, and components.
By end user, IT will lead the big data market during the forecast period.
By deployment, the cloud will dominate the market over the forecast period.
By organization size, SMEs will lead the market over the forecast period.
By technology, machine learning will account for the largest share of the market during the forecast period.
By component, services will account for the largest share of the big data market during the forecast period.
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Regional analysis
North America Leads Big Data Market
North America will lead the market during the forecast period. It is expected to grow at a rate of 12.4% annually. The rapid use of modern information technology, the increasing focus on technology applications in Canada and the United States, the presence of several top market players, and the increasing use of IoT devices by various companies have all contributed to the global growth of the region. Contributing to the big data market. growth. North America currently leads the market and is expected to do so during the study period. The North American market is estimated to grow at a CAGR of 12.4% during the forecast period. The region’s strong position is due to factors such as the rapid adoption of new information technologies and the focus on big data applications in countries such as the United States and Canada.
Additionally, the presence of major market players such as IBM Corporation, Oracle Corporation, Microsoft Corporation, and Amazon contribute to the growth of the market in this region. Most businesses and industries in North America consider data discovery and big data analytics to be highly productive. The region has observed the presence of major companies from all industries, implementing big data analytics techniques on a large scale. This is due to the increasing number of people using smartphones, wearable gadgets and other smart connected devices. Things are moving fast in the global big data market in North America. This is mainly due to the increasing adoption of his IoT and related services by large industrial sectors, resulting in a huge amount of related data that can be misused. To stay competitive, companies and organizations are starting to use big data to develop critical insights, strategies, and business decisions. Major companies in developing regions are also gradually adopting this strategy. The region’s strong growth rate may be related to the increasing use of his IoT devices by various businesses in the region. Organizations, especially in the United States, are beginning to use big data solutions to generate data insights to maintain strategic business decisions and a competitive edge.
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Impact of COVID-19 on Global Big Data Market
When the novel coronavirus first swept the world, the main concerns of healthcare leaders were resource allocation and hospital capacity. The unfavorable realities were understaffed facilities, understaffed ventilators, and overcrowded ICUs. However, this deadly virus has positively impacted the big data sector. Governments and businesses make extensive use of big data technologies to store information and data of infected people. This method allows real-time digital storage of large amounts of data from people diagnosed with COVID-19. It also helps discover new information about virus control and spread. Its ability to capture extensive data can be put to good use in preventing the spread of viruses. The data collected can be used to design future coronavirus prevention strategies. Big data is unique in that it is used to store all types of data including recovery, expiration, infection and other cases of virus infection. Big data also helps epidemiologists, scientists and medical professionals make the best decisions. Most companies have already installed modern analytical solutions to eliminate the effects of viruses, better understand their nature and protect those at risk of serious illness. With COVID-19, part of big data in healthcare starts with the first step of detection. Its importance is becoming more and more apparent as agencies such as Microsoft, CDC and WHO develop dashboards based on it. These dashboards not only help collect data from multiple countries, but also display locations, deaths, and confirmed cases.
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