Market Overview

The big data technology and service market was valued at USD 23.1 billion in 2018 and is expected to reach a value of USD 79.5 billion by 2024, at an estimated CAGR of 25.4 % over the forecast period 2019 - 2024. 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.

Scope of the Report

Not knowing the best way to read, understand, and apply data can actually cost a business lost revenue opportunities, lower efficiency and productivity and quality issues. Big data is a term that describes the large volume of data (both structured and unstructured). With the rapid growth in analytic capabilities on cloud platforms, users leveraged large cloud vendors more prominently for analytical software in 2018. 

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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. 

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