Global Big Data Market – Overview
Big data is a term that refers to type of data sets that are huge and too complex for conventional data processing practices. It can be defined as having one or more characteristics such as high variety, high velocity, or high volume. Rapidly growing traffic of mobile data as well as the fast development of new technologies such as internet of things and artificial intelligence are all expected to help in the development of the global big data market.
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Global Big Data Market – Notable Developments
The competitive landscape of the global big data market is a fragmented one with the presence of several key players. These players are constantly striving to bring innovative and new solutions in the market to acquire more customers. Moreover, there have been increasing investments for promoting the activities of research and developments.
Some of the big names in the global big data market include names such as Oracle, IBM, Microsoft, SAP SE, Dell, Amazon Web Services, and Splunk among others.
- In May 2018, IBM announced that the company has launched new cloud service called Cloud Private Data that was designed for helping organizations to use machine learning and data science techniques.
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Global Big Data Market – Drivers and Restraints
There is a plethora of reasons that are helping to drive the growth of the global big data market. One of the biggest driving factors for the growth of the global market has been the growing adoption of technology across the globe. In recent years, there has been a tremendous growth in terms of generation of data across all key channels. With technological advancements, it is now possible to get valuable information such as patterns, data insights, and trends from the burgeoning data. Such insights are possible due to the data sorting and analyzing ability of Big Data. Thus, the market is witnessing an ample demand from the end-user application sectors. This too is helping to push the development of the global market. Another important factor that is complementing this development of the market is the growing proliferation in terms of data generation.
In addition to this, with increasing use of smartphones and tablets there has been a tremendous rise in data collection through respective apps. Furthermore, growing penetration of the internet, increasing adoption of big data among enterprises, and the growing number of Internet of Things (IoT) devices among masses are all helping to push the development of the global market for big data.
Global Big Data Market – Geographical Outlook
In terms of geographical segmentation of the global big data market, there are five major regions. These regions are Latin America, Asia Pacific, Middle East and Africa, Europe, and North America. Of these regions, currently, the global market is dominated by the region of North America. Presence of highly developed technological infrastructure is one of the key reasons behind the development of the big data market in North America. Moreover, presence of several notable companies operating in the regional market is also responsible for driving the growth of the North America market.
On the other hand, the regional segment of Asia Pacific is projected to witness a promising growth in the next few years of the forecast period. The growth of the regional market is driven by the increasing demand from several emerging economies such as Philippines, India, and China among others. These emerging economies are putting in heavy investments for the development of their domestic IT infrastructure. Such investments are creating ample business opportunities for the growth of the big data market in the region. Moreover, India and China are now on course to become huge technology hubs. This too is projected to drive the market growth in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.