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Global Big Data Technology Market to Grow at a CAGR of 17.1% During the Period 2022-2027, Driven by Organizations’ Need to Store, Process and Analyse Large Amounts of Data

According to a new report by EMR titled, ‘Global Big Data Technology Market Report and Forecast 2022-2027’, the global big data technology market is expected to grow at a CAGR of 17.1% during the period 2022-2027, led by technological advancements.

The global big data technology market is expected to be driven by organizations’ need to gather and analyse large amounts of data to gain insights and make intelligent decisions. North America, Europe and Asia are expected to be key markets. It is estimated that the amount of data generated, copied, consumed, and captured across the globe would touch over 147 zettabytes by 2024. Big data technologies are needed by firms to store, process, and analyse such data. Organizations across the globe are increasingly adopting big data technologies to examine data and make intelligent decisions.

In recent years, leading-edge technologies that have significantly influenced the market include:

Artificial Intelligence (AI) - Examples of development of AI include SIR, self-driving cars, manufacturing robots, smart assistants, disease mapping, performing surgery, etc.; it adopts approaches such as  augmented machine learning and deep learning, and has led to significant shifts in almost every technology-based industry.

NoSQL Database - Incorporates a wide range of different database technologies being developed to design modern applications; stores unstructured data, gives faster performance, and offers flexibility while dealing with different types of datatypes at a large scale, examples include MongoDB, Redis, and Cassandra).

R Programming - Where R is the programming language and an open-source project; widely used for statistical computing, visualization, unified developing environments like Eclipse and Visual Studio assistance communication. Extensively implemented for designing statistical software and chiefly in data analytics).

Data Lakes - A consolidated repository to stockpile all formats of data in terms of structured and unstructured data at any scale.

Predictive Analytics - A part of big data analytics, it seeks to predict future behaviour through prior data. It uses machine learning technologies, data mining and statistical modelling and some mathematical models to forecast future events.
 
Such technologies are expected to drive the global big data technology market. Other key technologies include Apache Spark, Prescriptive Analytics, In-memory Database, Blockchain, and Hadoop Ecosystem.

 

Key Industry Developments

In 2022, Microsoft announced its plan to establish the largest data centre in Hyderabad, India. The company seeks to tap into the growing digital market in Hyderabad where businesses are increasingly adopting new-age technologies such as AI and cloud. Over the next 15 years, the company would invest INR 15,000 crore into the new data centre, spread across Chandanvelly, Ellikatta, and Kottur. The data centre is expected to become operational by the year 2025.

In 2022, LG Electronics joined IBM Quantum Network and aimed to explore applications of quantum computing to support big data, artificial intelligence, connected cars, digital transformation, IoT, and robotics applications. Such applications are expected to drive the global big data technology market. IBM would provide LG Electronics access to IBM's quantum computing systems, quantum expertise and Qiskit, and open-source quantum information software development kit.

In 2021, IBM announced to acquire Bluetab Solutions Group, S.L. to spread its range of data and hybrid cloud consulting services in Europe and Latin America. Bluetab would be a strategic part of IBM's data services consulting practice to further advance its hybrid cloud and AI strategy.

In 2022, Teradata announced a global partnership with Microsoft to integrate the Teradata Vantage data platform with Microsoft Azure. With the announcement, businesses looking to modernize their data analytics workloads with security, reliability, and elasticity (even on a larger scale) could leverage the technology of both companies.

In 2020, Bank of New York Mellon Corporation ("BNY Mellon") announced the launch of three new Data and Analytics Solutions offerings to enable investment managers to better manage their data, enhance the success of U.S. listed fund launches and aid the customization of investment portfolios to preferred Environmental, Social, and Governance (ESG) factors. Additionally, BNY Mellon expanded its association with Microsoft to create data, technology and content solutions for investment managers built on Microsoft Azure.

Key Findings of the Report:

  • The global big data technology market is expected to be driven by organizations’ need to gather and analyse large amounts of data to gain insights and make intelligent decisions.
  • Rapid adoption of big data technologies by organizations is likely to drive the market. 
  • North America, Europe and Asia are projected to be key markets. 

Market Analysis by Offering, Deployment, Application, Organization Size, End Use and Region:

  • By offering, the market is segmented into Solution (further broken down by type into Big Data Analytics, Data Discovery, Data Visualisation and Data Management) and Services (further broken down by type into Managed Services and Professional Services).
  • By deployment, the market is divided into Cloud, On-premises and Hybrid.
  • By application, the market is classified into Customer Analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimisation, and Data Analytics.
  • By organization size, the market is segmented into Small and Medium Size Enterprises and Large Enterprises.
  • By end use, the market is divided into BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, Education, and Others.
  • By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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