The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Big Data Software Market Size. The growth sectors of the Big Data Software Market Size are identified with precision for a better growth perspective.
The global big data software market is projected to witness a rapid growth during the forecast period. High growth opportunities in the emerging economies and high adoption of analytics software are the major factors driving the growth of this market. Moreover, increasing demand for big data software across various industry verticals such media & entertainment, IT & telecommunication, retail, e-commerce etc. is also fueling the growth of the global market.
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The global big data software market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the big data software market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. The U.S. and Canada are anticipated to drive the growth of the North American big data software market owing to the presence of a large number of established key players such IBM (U.S.), Oracle (U.S.), Microsoft (U.S.), HPE (U.S.), SAP (Germany), Amazon Web Services (U.S.), SAS Institute (U.S.), Dell Technologies (U.S.), Teradata (US), Splunk (U.S.), Palantir Technologies (U.S.), in this region. Due to the high data generation by enterprises in the region, the market is likely to show a modest growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows higher penetration of software devices and ultimately provides better analysis.
In the global big data software market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the large volumes of data generated by BFSI and healthcare industry along with the emerging economies and technological advancement in big data software in the region.
The global big data software market is projected to reach USD 39 billion at a CAGR of over 13% by the end of the forecast period 2017-2023.
Big Data Software Market Segmentation
The global big data software market is segmented on the basis of by component, data type, deployment and end-user. Based on the component segment, the market is bifurcated into software and services. Based on deployment, the market is segmented into cloud and on-premise. And the end-user segment, is bifurcated into BFSI, government and defense, healthcare and life sciences, manufacturing, retail, media and entertainment, energy and utility, transportation, IT and telecommunication and others.
Some of the prominent players in the global big data software market: IBM (U.S.), Oracle (U.S.), Microsoft (U.S.), HPE (U.S.), SAP (Germany), Amazon Web Services (US), SAS Institute (U.S.), Dell Technologies (U.S.), Teradata (US), Splunk (U.S.), Palantir Technologies (U.S.), Cloudera (U.S.), Hitachi (Japan), Guavus (U.S.), 10data (U.S.) and others.
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Big Data Software MarketAccording to Market Research Future Analysis, the global Big Data Software Market is estimated to generate revenue of approximately USD 39 billion by 2023 growing at a CAGR of 13% during the forecast period 2017-2023.
Big data software’s are enterprise-class information technology platforms, providing features and functionalities for developing, deploying, operating and managing big data by patterns recognition, correlations, trends discovery, and other from huge datasets.
The global big data software market is anticipated to grow at a CAGR of 13 % during the review period of 2017 to 2023.Market ScenarioGrowing Big Data And Potential Applications Expanse Is Driving A Large MarketThe worldwide digital healthcare data reached a quantum figure of around 500 petabytes in 2012 alone and which is anticipated to reach 25,000 petabytes by 2020.The applications of big data include differentiating pricing strategies and price optimization, search engine optimization (SEO), advanced forecasting of patterns, better sample selection and others.
The business opportunities include quantification of the link between actions and revenues, higher market penetration, better customer targeting and engagement, economies of personalized medicine, real-time data for feedback and brand equity, corrective actions for customer switching, greater product differentiation, not to mention better customer satisfaction.Growth In Capacity And Capabilities In Technology Are Driving Greater AdoptionAdvances in database management and technology such as relational and parallel database architecture, development of data specific languages such as python, R and others are driving faster adoption as big data software’s are now capable of handling large and complex data sets.
Development of big data platform that blends traditional technologies suited for structured data, with new technologies designed to manage unstructured data address speed, flexibility, advanced analytics, ideal for data exploration, discovery, and unstructured analysis.
The increase in adoption of smart devices and the shift to digital technologies are significant drivers of market growth.Technology giants such as IBM (U.S.), Oracle (U.S.), Microsoft (U.S.), HPE (U.S.), SAP (Germany), Amazon Web Services (US), SAS Institute (U.S.), Dell Technologies (U.S.).
