The global big data market size was valued at USD 25.67 billion in 2015 and is expected to witness significant growth over the forecast period. The elevating number of virtual online offices coupled with increasing popularity of social media producing an enormous amount of data is a major factor driving growth. Increased internet penetration owing to the several advantages including unlimited communication, abundant information and resources, easy sharing, and online services generates huge chunks of data in everyday life, which is also anticipated to propel demand over the coming years.
U.S. big data market by service, 2014 - 2025 (USD Million)
Evolving customer preference paired with rise in consumer purchasing power primarily in the developing countries is resulting in mounting adoption of smart devices. Additionally, mounting demand for mobile devices and apps has further paved the way for big data significantly for the next few years.
The big data market is rapidly becoming an emerging area of focus across numerous end-use industries. The technology adds up substantial value by providing useful information; enabling organizations to manage large chunks of data efficiently. Companies with the help of these solutions obtain both efficiency and quality in managing a large volume of raw information, ultimately resulting in significant cost reduction.
The hardware segment comprises server, storage, and network equipment. The network equipment segment is estimated to witness a growth at a CAGR exceeding 20% over the forecast period. This is ascribed to the reinforcement of a new network security paradigm on account of the increasing emphasis on enhanced security requirements worldwide.
The storage segment is also anticipated to witness healthy growth over the next few years owing to elevating demand for hybrid and public clouds, which are expected to drive the need for enhanced storage space over the coming years. Additionally, the server segment is also anticipated to flourish over the next nine years.
Visualization is expected to emerge as the fastest growing software segment with CAGR more than 15% over the forecast period. This is primarily attributed to the rising demand for consumers to access data as and when required, which has significantly resulted in a push for mobile data visualization options.
Analytics is another major segment expected to witness bullish growth over the coming years, and is majorly on account of increasing awareness, need, and adoption of big data analytics among several small and large enterprises. Organizations are increasingly adopting these solutions owing to the growing need to make fact-based strategic business decisions in an attempt to reduce the risk of failure and excel in this highly competitive environment.
The service segment comprises consulting, deployment & maintenance, and training & development. The training & development segment is expected to witness exponential growth over the forecast period. As enterprises invest heavily in analytics tools, staff, and expertise for enhanced business decisions, the need for effective training is on the rise in order to properly structure and analyze data for efficient corporate decision-making.
Consulting accounted for the majority market share in 2015 and is anticipated to witness radical growth over the coming years owing to the ever-increasing demand for technology consultants and vendor executives to share their expert predictions on likely developments and future aspects.
Presently, IT & telecommunications, BFSI, and retail are among the few key industries utilizing these solutions. Predictive analytics, relationship management, and brand reputation are the major emerging application areas. Companies invest heavily in these solutions for effective data traffic management and operational optimization.
China big data market share by software, 2015 (USD Million)
The industry has witnessed exponential growth in amount of both unstructured and structured data across several sectors. Gathering, storing, and exploiting have become a vital task for companies. Need for tools to manage this substantial data amount is expected to fuel the market demand over the forecast period.
Organizations collect and store data with a view to extract information from historical data to gain better insights. This is done for the purpose of analyzing and making precise decisions, which help in improving operational efficiencies, risk mitigation, and cost reduction. Understanding the potential of big data & analytics, numerous sectors have started deploying the same across their systems including gaming, healthcare, and media & entertainment.
North America emerged as the leading regional market accounting for more than 30% of the total revenue share in 2015. The emergence of big data technology has given an array of opportunities to several businesses to manage valuable data stream and transform it into significant information. High usage across the retail and healthcare sector is estimated to drive the regional market demand. Additionally, harnessing data in public as well as the manufacturing sector provides several market growth opportunities.
Europe is also expected to witness substantial growth over the next nine years as the administrative and government sectors emphasize increasingly on improving operational efficiency with increasing big data usage. Asia Pacific is anticipated to outperform the remaining regional market with CAGR exceeding 17% over the forecast period.
Manufacturers increasingly invest in R&D for developing integrated big data solutions in an attempt to offer increased capabilities. Purveyors are undertaking efforts to reduce hardware costs to achieve competitive advantage. Vendors are also expected to focus on mergers & acquisitions and venture funding ascribing to technology advancement and complex ecosystem.
High priority on gaining more precise information and best streamline sales cycles, simplify customer service, and gain superior insights into customer needs are the most common activities followed by notable industry participants.
Market size value in 2020
USD 61.01 billion
Revenue forecast in 2025
USD 123.2 billion
CAGR of 11.9% from 2016 to 2025
Base year for estimation
2014 - 2015
2016 - 2025
Revenue in USD billion and CAGR from 2016 to 2025
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Hardware, software, service, end-use, and region
North America; Europe; Asia Pacific; South America; MEA
U.S.; Canada; UK; Germany; Japan; China; Brazil; Mexico; South Africa.
Key companies profiled
Accenture; Cloudera; EMC; Hewlett-Packard Company (HP); IBM; Mu Sigma Inc.; Opera Solutions; Oracle Corporation; Splunk Inc.; and Teradata Corporation.
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This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025 For the purpose of this study, Grand View Research has segmented the big data market on the basis of hardware, software, service, end use, and region:
Hardware Outlook (Revenue, USD Million; 2014 - 2025)
Software Outlook (Revenue, USD Million; 2014 - 2025)
Service Outlook (Revenue, USD Million; 2014 - 2025)
Deployment & Maintenance
Training & Development
End-use Outlook (Revenue, USD Million; 2014 - 2025)
Media & Entertainment
Regional Outlook (Revenue, USD Million; 2014 - 2025)
Central & South America
Middle East & Africa (MEA)
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