The big data technology and service market is expected to grow at a CAGR of 25.4% over the forecast period (2021 – 2026). Across the world, people are exchanging information which is going to increase in the coming years. Domo Inc estimated that 1.7MB of data will be created every second for every person on earth by 2020 end.
Owing to this, increasing adoption of data discovery and visualization tools like Tableau, Power BI is driving the market growth. It enables decision-makers to understand complex concepts, as well as identify new trends and patterns with ease. It helps organizations identify key trends, which is not possible by looking at quantitative data, thus improving the company's bottom line.
The huge amount of data generated and stored is susceptible to hacking and tampering by insiders or third party. This will compromise the security of stored data. It will directly affect the big data technology vendors whose reputation will be at risk.
Companies Mentioned
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Hewlett-Packard Company
- Cisco Systems Inc.
- SAS Institute
- Information Builders Inc.
- MicroStrategy Incorporated
- Accenture PLC
Key Market Trends
Retail Industry to Dominate the Market
- According to the most recent Shopping Index of Salesforce, e-commerce grew 17% in the third quarter in 2018, globally. The US Census Bureau reported that 87% of the US shoppers began their hunt in digital channels, up from 71% the prior year. This calls for increased use of big data services for cloud.
- Personalizing the shopping experience means customers' details and transaction history to be recorded so that the retailer can provide recommendations. Due to the increasing volume of shoppers' data, the need for big data services is also growing.
- Big data services are also used for forecasting demand and tracking customer journey from research to purchase.
- An emerging economy like India, which is facing increasing participation from foreign and private players, is predicted to generate revenue worth USD 60 billion in retail by 2020, according to IBEF. This increased revenue and demand for retail sales will generate more data requiring efficient big data technologies.
