Research and Markets has announced the addition of the "Big Data Market by Component, Deployment Mode, Organization Size, Business Function (Operations, Finance, and Marketing and Sales), Industry Vertical (BFSI, Manufacturing, and Healthcare and Life Sciences), and Region - Global Forecast to 2025" report to its offerings.
In a release, Research and Markets noted that report highlights include:
The big data market size is projected to grow from USD 138.9 billion in 2020 to USD 229.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.6 percent during the forecast period.
The major growth factors of the big data market include the increasing awareness of Internet of Things (IoT) devices among organizations, increasing availability of data across the organization to gain deeper insights to remain competitive, and increasing government investments in various regions for enhancing digital technologies.
Services segment to grow at a higher CAGR during the forecast period
The data big market, by component, is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are managed and professional services. The growth of this segment can be attributed to the increasing deployment of big data solutions, which leads to the increasing demand for pre- and post-deployment services.
Healthcare and life sciences industry vertical to grow at the highest CAGR during the forecast period
The big data market by industry vertical is segmented into nine categories: Banking, Financial Services and Insurance (BFSI), government and defense, healthcare and life sciences, manufacturing, retail and consumer goods, media and entertainment, telecommunications and Information Technology (IT), transportation and logistics, and others (real estate, travel and hospitality, energy and utilities, and education and research). The manufacturing industry vertical is the most affected by big data trends and possibilities due to the nature and amount of data that is produced by it. Manufacturers are increasing the adoption of big data solutions for risk management, operations and supply chain optimization, after-sales support, and predictive, and preventive maintenance.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Businesses in the region have started deploying data visualization solutions that will help them generate statistical data and make faster business decisions. Countries such as China, India, South Korea, and Japan are focusing on the enhanced management of data to enable data-based business decisions and enhance business processes. Growing digitalization, increasing adoption of big data technologies, such as Hadoop and Apache by vendors in the region, and government regulations and initiatives are expected to drive the growth of the market in APAC.
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