The big data market is expected to grow by USD 142.5 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global big data market 2020-2024. (Graphic: Business Wire)
Several countries across the world have started to focus on the development of smart cities. For instance, in January 2019, the government of Kazakhstan announced a plan to build its first smart city in Aqkol. The adoption of smart grid technologies, the use of IT to improve traffic, the increase in the number of Wi-Fi points, mobile application landscape, and video surveillance are all attributes of a smart city. Moreover, global companies such as Microsoft, IBM, Cisco Systems, and Schneider Electric are developing innovative IT solutions to support the development of smart cities. Big data plays an important role in processing the data collected through connected IoT devices within a smart city. The technology is used to analyze and recognize patterns to reshape the various areas of development. Thus, the development of smart cities will drive the growth of the market during the forecast period.
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As per Technavio, the adoption of blockchain solutions through big data implementation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Big Data Market : Adoption of Blockchain Solutions through Big Data Implementation
Enterprises across various sectors have started to experiment with the use cases of blockchain technology to ensure cybersecurity. Blockchain technology transports data in blocks and links data blocks with cryptography algorithms. The combination of blockchain with big data will help enterprises track and store the information and data generated from various sensors. Using this combination, enterprises can also identify the reasons for failure in production, without necessarily interrupting the operations. Hence, the use of blockchain technology is expected to enhance the business value derived from big data implementation.
“Factors such as the rise in strategic partnerships and acquisitions and implementation of advanced technologies in big data analytics will have a significant impact on the growth of the big data market value during the forecast period,” says a senior analyst at Technavio.
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Big Data Market: Segmentation Analysis
This market research report segments the global big data market by deployment (on-premise, cloud-based and hybrid), and geographic segmentation (APAC, Europe, MEA, North America and South America).
The North American region led the big data market in 2019, followed by Europe, APAC, MEA and South America. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as digital transformation initiatives undertaken by enterprises and the rising need for enterprises to reduce operational expenses.
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Some of the key topics covered in the report include:
Market Segmentation by Deployment
Market Segmentation by Geography
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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