Tokyo, Japan, May 04, 2023 (GLOBE NEWSWIRE) --
According to a comprehensive research report by Market Research Future (MRFR), "Big Data Software Market: By Component, By Deployment, By End-User and Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 16.70% to attain a valuation of around USD 667.4 Billion by the end of 2030.
Daily, massive amounts of unstructured data are generated by industries, especially by IT service-providing companies. Big data software is used to process the complex data extracted from many data sets, which is otherwise very difficult to process and manage. The rise in the development of data-driven applications targeted to improve business agility is a key driving force behind market growth.
Data sources are becoming more complex day by day, mainly due to the rising use of mobile devices, social media, and technologies like artificial intelligence (AI), IoT, and others. Different data sets are generated due to sensors, devices, networks, video/audio & log files, transactional applications, web & social media, and much of it is generated in real-time and at a large scale.
The innovative big data software taps into the company's data to deliver opportunities such as; customer experience, risk mitigation, economic transformation, asset optimization, product innovation, operational excellence, and others. In addition to faster & better decision-making and handling a large volume of data, big data software helps businesses to access and analyze a large variety of data sources to gain actionable insights to identify customer needs and potential risks in creating new products & services.
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Besides, flexible data processing & storage tools bring significant cost savings, which help organizations save costs required for storing & analyzing large amounts of data and bring more efficiency to the business. Thus, the software aids in enhancing operational efficiency and reducing operational costs.
Using big data analytics helps enhance business intelligence leading to better & faster decision-making and modeling & predicting future outcomes. As the business grows, organizations consider open-source big data solutions that are cost-effective and allow flexible data processing & storage tools to handle data volumes, such as Apache Spark, Apache Hadoop, and the entire Hadoop ecosystem.
Report Scope:
| Report Attribute/Metric | Details |
| Market Size | USD 667.4 billion by 2030 |
| CAGR | 16.70% CAGR from 2022-2030 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Key Market Opportunities | Many vendors are offering big data solutions for the view of maximizing profits and also automation of the equipment and maintenance process. |
| Key Market Drivers | This software facilitates a very deep analysis and understanding of the buyers and their needs to make use of the generated data |
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Industry Trends
The rapid IT infrastructure developments foster the growth of the big data industry. Moreover, the rising uptake of big data software and services to handle massive data sets escalates market growth. The cost benefits of deploying cloud-based big-data infrastructures propel the big-data software market revenues. Leading enterprises increasingly invest in this technology to streamline their business operations.
Most enterprises leverage big data capabilities for product cross-selling, financial risk management, regulatory compliance management, and other purposes. The growing adoption of this solution in increasing numbers of businesses substantiates the big data software market size. Furthermore, the rising awareness about the advantages and diversity of big data software creates vast market demand.
Itis an exciting time to invest in big data due to all the advances around AI, autonomous systems, robotics, and connected platforms. Today, IoT, AI, and robotics are evolving in the industry, and organizations are increasingly demanding the most sophisticated solutions that can help them effectively use AI and big data.
Some big data companies focus on the most interesting AI problems, such as identifying core patterns & designs to enable reading of facial emotions & actions by deriving the specifications, detecting anomalies in the network infrastructure, and initiating proactive measures. Significant investments in the semiconductor industry would pay back favorably and propel the progress in Robotics, IoT, and AI research forward.
Industrial IoT & robotics are evolving further, leading to smart factories and autonomous mobile robots (AMR). More AI processing is expected to happen at the edge, and AI will play an important role, especially in the media & entertainment field. Huge AI models will be available to the public.
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Segments
The big data software market is segmented into components, deployments, end-users, and regions. The component segment is sub-segmented into software/solutions and services. The deployments segment is sub-segmented into cloud and on-premise. The end-user segment is sub-segmented into BFSI, government & defense, manufacturing, retail, healthcare & life sciences, and media & entertainment.
Regional Analysis
North America dominates the global big data software market.Rapid advances in information technology and the early adoption of advanced technologies drive regional market growth. Besides, many major players and a well-established IT sector in the region foster market revenues. High R&D investments in developing and implementing big data solutions positively impact the region's market shares.
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Competitive Landscape
Big data software offers some of the best opportunities for big data companies. In today's volatile business environment, leading big data companies strive to offer a differentiated platform adaptable to customer needs, needs, issues, and opportunities of industries and customized for individual companies. They ensure that their platform allows the purposeful, systematic exploitation of big data to bring opportunities for better business outcomes.
Market players adopt advanced technologies and bank on core competencies such as software engineering practices and design excellence while moving toward future growth. They also integrate their platform with AI and/or machine learning, which helps solve even more complex business challenges. Technology providers not only focus on product development but also on releasing updates on their big data software.
For instance, on Aug. 29, 2022, NowVertical Group Inc., a leading provider of big data, analytics & vertical intelligence (VI) software and solutions, announced an update to its NOW Privacy offering that provides users with extended functionality to enhance data search capabilities, box data connections, and overall ease of use.
The upgraded NOW Privacy platform will help users comply with data privacy regulations and keep data accurate, the two biggest concerns most organizations face today. The company's software is used across the banking, healthcare & pharmaceutical, and defense industries.
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