The rising popularity of connected technologies like the Internet-of-Things (IoT) coupled with an increase in the demand for data analysis on a large scale is expected to have a profound impact on the overall growth trajectory of the global big data market during the forecast period of 2021-2031. The rising prominence of data analytics among a large number of organizations around the world to capture their target audience is also seen to be an essential aspect for boosting the growth prospects of the big data market to a considerable extent between 2021 and 2031.
Big data analytics are utilized for analyzing the structured and unstructured data for understanding and delivering insights on the basis of correlation, hidden patterns, evolving market trends, and so on. Precisely, big data focuses on the volume, velocity as well as the variety of data to deliver effective results and help the end-users extensively. The wave of digital transformation has proven to be a growth accelerator for technologies like big data. With the rapid data exchange across the globe due to the digitalization across various regions, the demand for big data is estimated to rise extensively during the forecast period of 2021-2031. These factors are expected to have a large influence on the growth structure of the big data market.
Transparency Market Research has conducted extensive research on the big data market. Various factors are taken into consideration while conducting research. Factors like current market scenario, projections, competitive dimensions, COVID-19 impact, latest trends, and recent developments are studied extensively by experienced research team of Transparency Market Research. The report provides knowledgeable insights to the stakeholders and CXOs involved in the big data market.
The big data market is fragmented with a large number of players involved in fierce competition for expanding their consumer base. The players indulge in strategic collaborations. The collaborations help in expanding their foothold across various regions. The startup culture is gaining enormous popularity in the big data market. Many new players are emerging as game-changers in terms of revenue and strengthening of consumer base. For instance, Gigasheet, a startup in the big data arena, has been awarded a patent for its potential to manage massive data sets in a cloud-oriented spreadsheet. Such developments help in boosting the growth prospects of the big data market to a considerable extent.
Research and development activities are crucial for the overall growth of the big data market. The players are expanding their investments in research and development activities for providing enhancements to their analysis. Thus, these aspects eventually help in adding value to the growth trajectory of the big data market.
Some well-entrenched players across the big data market are SAP SE, Splunk, Amazon Web Services, Dell, and Oracle.
The COVID-19 pandemic served as a growth accelerator for the big data market. The digital transformation during the pandemic was on a high scale. The players in the big data market took advantage of the situation and customized their applications according to the requirements of the end-user sectors such as healthcare, manufacturing, retail, and others. The healthcare sector is proving to the most beneficial sector for the big data market. The adoption of healthcare business intelligence, AI-powered advanced reporting, electronic medical records, and others helped in adding value to the growth prospects of the big data market.
North America is expected to emerge as a champion regional growth contributor for the big data market during the forecast period of 2021-2031. The rising use of big data across varied organizations in the region could serve as a prominent growth accelerator for the big data market.
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