Big Data Market All Set for Robust Progression, Global Revenue Projected to Reach US$395.8 Bn Through 2029

December 2022

The global big data market is positioned on a steep growth trajectory due to the robust adoption of IoT, growing demand for large-scale data analysis, and the rising importance of data analytics. Fierce digital transformation across virtually all industries around the world is also positively influencing the demand for big data solutions and services. A recent study by Fairfield Market Research predicts that the market will garner fruitful opportunities during the forecast years of 2022-2029.

In 2019, the big data market was valued at US$133 Bn; by the end of 2029, this value is poised to reach US$395.8 Bn. During the projection period, the market is set to register a CAGR of 11.5% which is a strong indicator of the economic potential of big data solutions and services.

It is predicted that fast-paced digitization, plunging technology costs, increasing adoption of cloud computing, and sound awareness about data science are also poised to dynamically steer the expansion of the market.

Key Trends & Insights Across Big Data Market

  • By 2029, North America is expected to hold the most significant share of the global big data market, registering a value CAGR of 11.1% and a market share of US$54,990.4 million

  • Big data solutions are predicted to attract a higher demand as opposed to big data services, with an approximate worth of US$ 1,00,814.0 million

  • On the basis of deployment, the finance category will observe greater adoption of big data solutions and services due to the growing need to build more agile and data-driven workflows

Rise in Social Media Usage, Remote Work Augments Demand for Big Data Solutions

The exponential increase in the use of social media has led to unprecedented growth in the availability of data. The rising volume of data being produced at an individual level and the data generated from companies that follow a remote work culture has created lucrative business outcomes in the big data market. Moreover, consumers’ purchasing power has been steadily rising which is influencing the adoption of smart devices, and subsequently the data being generated from these devices. In this context, the demand for big data analytics has been growing as big data solutions offer higher efficiency in the management of large data volumes. It is predicted that the demand for big data solutions is set to be particularly significant in the BFSI sector as companies eye greater business productivity, resource utilization, and efficient management of big data chunks.

High Adoption of Big Data Enables North America to Maintain Global Market Lead

North America is expected to sustain its dominance across the global big data market. Growth in this region is set to be driven by its thriving start-up ecosystem, rising adoption of big data across various industries, and the strong presence of key market players. Meanwhile, Europe is the second-most significant market owing to growing demand from both the government and administrative sectors. Asia Pacific is also rising as a formidable market and is anticipated to command a revenue share more than North America, and Europe.

Prominent Market Players

Zebra Technologies, IBM, Salesforce, HCL, SAS Institute, Stats Perform, Exasol, Catapult, and TruMedia Network are some of the main players in the big data market.