iCrowd Newswire – Jul 20, 2020
Big Data Enterprise market size was valued at $43.86 billion in 2019, and it is estimated to grow at a CAGR of 10.52% during 2020-2025. The growth is mainly attributed to the adoption of advanced technologies such as IoT in enterprises has been pushing the big data enterprise market. Many new enterprises are focusing on adoption of big data as data driven strategy and to compete with other companies. Growing complexity in IT sector with huge data is further set to propel the market growth during forecast period.
Deployment Type – Segment Analysis
Cloud based deployment held the major share of 38.85% in 2019. Most vendors adopt cloud based deployment as this solution assist in maximizing profits and automating the equipment maintenance process, effectively. The adoption of cloud-based big data solutions owing to benefits such as easy maintenance of generated data, agility, scalability, cost-effectiveness, flexibility, scalability, and effective management of these solutions. By cloud deployment, enterprises are able to derive better analysis from the large amounts of structured and unstructured data. This is poised to drive the big data enterprise market.
Application – Segment Analysis
E-Health is the fastest growing segment in Big Data Enterprise market and estimated to grow at a CAGR of 11.45% during forecast period 2020-2025. In E-Health segment, big data is used for analyzing and management of huge amounts of health data. In the healthcare sector, the amount of patient and consumer health data has grown exponentially because of new computer-based information systems and global pandemic diseases. In recent years, the adoption of wearable technology, biosensors has increased the amount of biological data being captured. These data include electronic patient records outcomes (ePRO), electronic health records (EHR) and various other software sources. This increases the demand for big data in E-Health sector during forecast period.
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Geography- Segment Analysis
North America dominated the Big Data Enterprise market in 2019 with a market share of 36.15%, followed by Europe and APAC owing to the early adoption of advanced technologies. Additionally, the presence of majority of Big Data Enterprise vendors such as Microsoft Corporation, Oracle Corporation, and IBM Corporation are headquartered at U.S. and this increases the market growth. This is attributed to increasing volumes and importance of data in an organization. The high growth rate can be majorly attributed to high adoption of IoT devices by various enterprises in this region. Enterprises, mainly in the U.S., have started using big data solutions to generate data insights for making strategic business decisions and remaining competitive in the market .High investments in adoption of big data is set to drive the market in this region.
Drivers –Big Data Enterprise Market
- Increasing adoption of big data in enterprises
There has been increase in adoption of big data in enterprises owing to benefits such as cost cut down, high efficiency, increasing sales and loyalty and others. Big data technologies such as Hadoop and cloud based analytics provide significant cost benefits for storing large amounts of data and also assist in identifying more efficient ways of doing business. Big data also assist companies in predicting future situations by descriptive analytics, predictive analytics and prescriptive analytics. This features drive the demand for enterprise big data.
- Integration of advanced technologies such as IoT and others
Implementation of Internet of Things (IoT) in enterprises has been fueling the market growth. As IoT deals with connected objects, sensors and internet applicable things which generate huge volumes of data, there is high demand for big data in enterprises. Adoption of big data assists enterprises in analyzing IoT generated data which is unstructured data. This further help enterprises in gaining insights from data which improves decision making. As big data is a shared and distributed database, there can be huge quantity of data can be filed in big data file storage systems thereby driving the market.
Challenges – Big Data Enterprise Market
- Data Security is the major challenge for enterprises
Data Security is the major problem that the enterprises face a major issue and this hampers the growth of the market. As the data that comes into enterprises is made available from a wide range of sources, some of which cannot be trusted to be secure and compliant within organizational standards, there is data security problem in enterprises. Enterprises need to use a variety of data collection strategies to keep up with data needs. This in turn leads to inconsistencies in the data, and then the outcomes of the analysis which set restrict the market growth.
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Technology launches, Acquisitions, and R&D activities are key strategies adopted by players in the Big Data Enterprise market. Big Data Enterprise top 10 companies include IBM, Oracle, SAP, Google, Dell Technologies, Teradata, SAS, Salesforce, HPE, Amazon and others.
- In November 2019, Amazon had launched cloud based Amazon Web Services (AWS) Data Exchange. This software assists enterprises in eliminating the need to build and maintain infrastructure for storage, delivery, billing and entitling. Introduction of advanced software is set to increase the big data enterprise market share.
- In March 2018, IBM had launched cloud private data which is developed to assist organizations or enterprises in utilizing data science and machine learning methods to generate insights from data. This is poised to increase the Company’s big data enterprise market share.
- North America dominated the Big Data Enterprise market in term of revenue in 2019 owing to the early adoption of advanced technologies and presence of major number of players.
- Adoption of IoT technology has been pushing the Big Data Enterprise industry with as connected sensors generate huge data which requires big data.
- Deployment of cloud based solution owing to its increased data security and cost efficiency enhancing the big data enterprise market growth.
- Increasing application of big data in E-Health sector owing to global pandemic disease is poised to provide opportunities for enterprise big data.
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