According to the latest report by IMARC Group, titled "Big Data Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global big data software market size reached US$ 142.40 Billion in 2020. Big data software assists in providing efficient analytics for large and complex data sets that cannot be processed using traditional data processing applications. These solutions are widely used to host, collect and analytically process large volumes of data with the help of certain programming models. They provide cross-platform support and aid in discovering hidden patterns, market trends, unknown correlations and current preferences of the masses. Their use, consequently, assists organizations in gaining deeper insights about their clients and business situations, thereby providing an impetus to their overall operational efficiency and accuracy.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Big Data Software Market Trends:
The market is primarily driven by the increasing utilization of big data software across the corporate sector. This is being supported by the rapid digitization in numerous companies, along with the increasing adoption of various automated solutions in the sector. The utilization of these solutions aids in managing large volumes of data in an efficient manner to understand complex concepts and identify the latest trends and patterns. This, coupled with significant improvements in the network infrastructure, is providing a thrust to the market growth. The market is further being supported by the rising trend of remote working across the globe on account of the rapid outbreak of the COVID-19 pandemic. Apart from this, the escalating integration of big data software with advanced technologies, such as artificial intelligence (AI) and machine learning (ML), is expected to create a positive outlook for the market. Some of the other factors contributing to the market growth include the growing preference for personalized shopping experience among customers and the extensive research and development (R&D) activities conducted by players to launch software variants with innovative functions and improved efficiency. On account of the aforementioned factors, the market is anticipated to grow at 11.20% during 2021-2026.
- On the basis of the software type, the market has been divided into database, data analytics and tools, data management, data applications and core technologies.
- Based on the deployment type, the market has been bifurcated into on-premise and cloud.
- On the basis of the industry, the market has been classified into banking, discrete manufacturing, professional services, process manufacturing, federal/central government, and others.
- Based on the end use, the market has been categorized into large enterprises and SMEs.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile and others), and Middle East and Africa (Saudi Arabia, the United Arab Emirates, South Africa and others).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Amazon Web Services, Cloudera, Inc., Hortonworks, IBM Corporation, Informatica, Microsoft Corporation, Oracle Corporation, Palantir Technologies, SAP SE, SAS, and Splunk Inc.
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