Big Data Services Market to Grow by $154B from 2023-27: Technavio

NEW YORK, Feb. 27, 2023 — The “Big Data Services Market by Component, End-user, and Geography – Forecast and Analysis 2023-2027” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the big data services market between 2022 and 2027 is USD 153.75 billion, and the growth momentum will be accelerating at a CAGR of 35.68% during the forecast period. Get highlights on the yearly growth variance and the Y-O-Y growth rate by downloading a sample report.

What’s New for 2023?

• Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial
• Customization options available as per your business needs
• Access to 17000+ research report subscriptions

Segmentation Analysis:

The market is segmented by component (solution and services), end-user (BFSI, telecom, retail, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

By component, the market will observe significant growth in the solution segment. Growing competition and the need to understand consumer behavior across numerous channels are increasing the use of big data and big data analytics solutions among businesses. This is one of the key factors driving the growth of the segment.

North America will account for 36% of the market growth during the forecast period. Factors such as the increase in data generation across various industries, such as retail, BFSI, healthcare, and public sectors and surging investments in digital technologies, such as big data analytics, mobility, cloud, and social media are driving the growth of the big data services market in North America.

Key Market Dynamics:

• Market Driver – The market is driven by the growing amount of data. The amount of data being generated across industries has increased significantly in the last decade. The growth in the volume of data is increasing the difficulties in analyzing and managing large databases efficiently. With the use of big data and data analytics, large amounts of data can be analyzed, and convert the insights generated into real-time actions. These solutions also help business to transform unstructured and semi-structured data into structured and meaningful data. Such benefits are increasing the demand for big data and data analytics solutions among businesses, which is driving the growth of the market.
• Market Challenges – The need to adhere to diverse client requirements is a key challenge in the market. Many organizations lack policies or do not have a proper framework to store all the generated data. This is leading to difficulties in the efficient performance of big data, which is also affecting the penetration of big data services. Besides, big data service providers need to continuously develop and offer advanced solutions to meet evolving end-user requirements. This makes the process highly complex and cost-consuming as it involves high degrees of uncertainty. Also, the lack of understanding of the requirements of end-users results in the loss of time and money. Such challenges are hindering the growth of the market in focus.

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Source: Technavio