The world of technology is rapidly advancing, and big data is one of the areas that are gaining significant momentum. As companies collect more and more data, the need for processing and analyzing this data is also increasing. This is where the concept of big data comes in. In this article, we will take a closer look at the Global Big Data Market and its expected growth by 2030.
Global Big Data Market Size was USD 163.5 Billion in 2021 and is expected to reach USD 473.6 Billion by 2030, increasing at a CAGR of 12.7% from 2022 to 2030.Increasing online coverage and a rising number of smartphone users are the key drivers driving the global big data industry.
According to market researcher Statista, the total quantity of digital data and information generated, recorded, duplicated, and consumed worldwide will reach 181 zettabytes in 2025, up from 79 zettabytes in 2021.
Global Big Data Market |Trends, Share, Analysis, Size 2019-2027
According to MarketsandMarkets, global expenditure on big data goods and services is predicted to skyrocket from $162.6 billion last year to $273.4 billion in 2026.
Data will continue to expand. The word “Big” no longer applies because the expansion of data has surpassed even the most optimistic estimates. Cloud migration has been a long-term trend among businesses in recent years. This was made possible by lower prices and the possibility to integrate third-party goods.
Regional Overview Outlook Globally for BIG DATA
The majority of the global big data industry is concentrated in North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. With the advent of big data technologies, organisations now have several chances to manage important data streams and translate them into valuable information.
High utilisation in the retail and healthcare sectors is likely to increase regional market demand. Due to massive expansion in transactions and business strategies such as mergers & acquisitions and joint ventures across all industry verticals, Asia-Pacific is predicted to have the greatest CAGR throughout the projection period.
“Around 2023, Python is going to be the principal medium for democratising access to, and insights from, data for everyone throughout an organisation. Python will become more enterprise-ready as the runtime architecture that surrounds it becomes simpler and more straightforward, while also incorporating better security and governance.
Simultaneously, Python output will be more simplified, and code will be wrapped in a meaningful user experience so that non-IT people, such as a company’s marketing staff, can easily consume and understand it.
Python will have the same, if not a bigger, revolutionary influence on data democratisation as the development of self-service business intelligence products fifteen to twenty years ago.”
As part of a drive to assist, the cabinet has approved the establishment of the Thailand Digital Products and Services Catalogue, which has a pool of certified digital items eligible for state procurement.
The cabinet also authorised the formation of the National Big Data Institute (NBDi), which will grow out of the Government Big Data Institute (GBDi), which is administered by the Digital Economy Promotion.
The cabinet has authorised the development of the Thailand Digital Products and Services Catalogue, which has a pool of certified digital commodities suitable for state procurement, as part of an aid campaign.
- The global big data industry is expected to generate USD 163.5 billion in sales in 2021, with a 12.7% CAGR from 2022 to 2030.
- According to recent big data statistics, more than 97% of major worldwide corporations want to invest in big data and AI.
- Over 58% of the world’s major and small firms are working on using big data technologies.
- In 2021, North America’s big data market share is expected to be around 35%.
- From 2022 to 2030, the Asia-Pacific big data market is expected to develop at a 14% CAGR.
- In 2021, the services sub-segment will generate USD 75.2 billion in sales.
- According to industry verticals, the BFSI sub-segment would generate US$ 29.4 billion in sales in 2021.
- A key big data market trend boosting industry demand is the growing number of social media users.
- In January 2021, there will be 4.95 billion active social media users globally, according to new research.
Big data is an important technology in various businesses, but especially in the gaming industry. To remain competitive, most top-rated online casinos employ this technology to improve their consumer experience. As stated in this article, such platforms will reap several benefits from incorporating data science.
In conclusion, the Global Big Data Market is projected to experience significant growth by 2030, primarily due to the increasing adoption of cloud computing, the proliferation of data from various sources, and the need for advanced analytics to drive business insights. The market is segmented by component, deployment mode, organization size, industry vertical, and region. North America is expected to dominate the market in terms of market share, while Asia Pacific is projected to experience the highest CAGR. The market growth is driven by several factors, but there are also some restraints such as the lack of skilled professionals and high costs. To stay competitive, companies need to invest in advanced big data solutions and hire skilled professionals.