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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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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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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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.
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.
Technavio Research
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