Latest News- Big Data Market: On-premises is expected to lead the Deployment segment during 2024-2028

The Big Data Market is being driven by Surge in data generation

The Big Data Market is expected to grow at a CAGR of 21.46% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 508.73 billion. In today's business landscape, enterprises are exploring the integration of blockchain technology with big data to bolster cybersecurity and optimize operations. Blockchain's secure, decentralized ledger system transports data in encrypted blocks, linking them with cryptographic algorithms. Each data block includes timestamps, cryptographic information from the previous block, and transaction data. By merging blockchain with big data, enterprises can efficiently track and store vast amounts of data generated from various sensors, enabling them to identify production failures without disrupting operations. Start-ups and major industries, including oil and gas, food and beverage, and others, are actively implementing these innovative solutions to enhance data security and streamline processes.

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

Deployment
- On-premises
- Cloud-based
- Hybrid
Type
- Services
- Software
Data Type
- Structured
- Semi-Structured
- Unstructured
Business Function
- Marketing & Sales
- Finance & Accounting
- Human Resources
- Operations
- Others
Verticals
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare & Life Sciences
- Retail & Consumer Goods
- IT & Telecom
- Manufacturing
- Government & Defense
- Transportation & Logistics
- Media & Entertainment
- Others
Geography
- North America
  - Canada
  - US
- Europe
  - Germany
  - UK
  - France
  - Italy
- APAC
  - China
  - India
  - Japan
- South America
  - Brazil
  - Argentina
- Middle East and Africa
  - Egypt

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:

Surge in data generation
Growing investment in smart city initiatives
Increasing use of data analytics in various sectors

However, the market also witnesses some limitations, which are as follows:

Rise in data security issues
System integration and interoperability issues
Shortage of skilled professionals in IT domain

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Market Scope in Big Data Market Research Report

Market Scope
Report Coverage	Details
Page number	174
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 21.46%
Market growth 2024-2028	USD 508.73 billion
Market structure	market_structure.ucfirst
YoY growth 2023-2024(%)	18.84
Key countries	US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, Rest of World (ROW), US, Canada, China, UK, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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Research Analysis Overview

In the realm of Big Data, key elements include ensuring Data Quality through cleansing and enrichment. A Data Catalog and Lineage track data sources and movements. Discovery, Federation, Virtualization, and Orchestration facilitate data access. Observability, Mesh, Fabric, and Lakehouse offer improved data management. Governance Frameworks, Regulations, Sovereignty, Encryption, and Masking ensure data security. Data Access Control, Auditing, Monitoring, Alerts, Insights, Actionability, and Storytelling techniques drive business value. Data-Driven Culture Change, Transformation, Innovation Strategies, and Growth create a competitive edge.

Market Research Overview

The global big data market is a significant segment of the larger technology hardware, storage, and peripherals market within the information technology industry, according to Technavio's market research. This market encompasses manufacturers of various hardware devices, equipment, and components, including cellular phones, personal computers, servers, electronic computer components, peripherals, data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. The market's growth is driven by the escalating demand for data centers, fueled by the increasing adoption of work-from-home technologies due to the COVID-19 pandemic. Additionally, the need for advanced data analytics, data management, data integration, data governance, data visualization, data security, and data warehousing solutions is propelling market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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