Big Data Software Market Research Report by Forecast to 2023
Pune, India -- (SBWIRE) -- 06/25/2018 -- Market Scenario:
Big data software's are enterprise-class information technology platforms, providing features and functionalities for developing, deploying, operating and managing big data by patterns recognition, correlations, trends discovery, and other from huge datasets. The global big data software market is anticipated to grow at a CAGR of 13 % during the review period of 2017 to 2023.
The worldwide digital healthcare data reached a quantum figure of around 500 petabytes in 2012 alone and which is anticipated to reach 25,000 petabytes by 2020.
The applications of Big Data Software Market include differentiating pricing strategies and price optimization, search engine optimization (SEO), advanced forecasting of patterns, better sample selection and others. The business opportunities include quantification of the link between actions and revenues, higher market penetration, better customer targeting and engagement, economies of personalized medicine, real-time data for feedback and brand equity, corrective actions for customer switching, greater product differentiation, not to mention better customer satisfaction.
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Some of the significant players in the global big data software market IBM (U.S.), Oracle (U.S.), Microsoft (U.S.), HPE (U.S.), SAP (Germany), Amazon Web Services (US), SAS Institute (U.S.), Dell Technologies (U.S.), Teradata (US), Splunk (U.S.), Palantir Technologies (U.S.), Cloudera (U.S.), Hitachi (Japan), Guavus (U.S.), 10data (U.S.) and others.
Growth In Capacity And Capabilities In Technology Are Driving Greater Adoption:
Advances in database management and technology such as relational and parallel database architecture, development of data specific languages such as python, R and others are driving faster adoption as big data software's are now capable of handling large and complex data sets.
Development of big data platform that blends traditional technologies suited for structured data, with new technologies designed to manage unstructured data address speed, flexibility, advanced analytics, ideal for data exploration, discovery, and unstructured analysis. The increase in adoption of smart devices and the shift to digital technologies are significant drivers of market growth.
High Installation And Maintenance Cost Coupled With Nascent Stage Of Technology Is Hampering The Market:
High installation and maintenance cost coupled with the nascent stage of technology is the prime deterrent of the market. Other market barriers are legal restrictions, data security, privacy concerns, problems with data collection and processing, integration of multi-point and multi-sectorial cross-channel data, and others.
- To gain an unparalleled view of the global big data software market, the report is segmented by component, deployment, and end-user.
- Based on the component, the market is bifurcated into software and services.
- Based on the deployment segment, the market is segregated into cloud and on-premise.
- Based on the end-user segment, the market is segmented into BFSI, government and defense, healthcare and life sciences, manufacturing, retail, media and entertainment, energy and utility, transportation, it and telecommunication and others.
- Based on geography, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa.
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North America region led by the U.S. accounts for the most significant market share followed by Europe due to fast technological uptake, the presence of significant players and enormous purchasing power.
Asia Pacific region led by Japan, China and India are expected to grow at the fastest CAGR owing to growing IT sector, growing data centers and a massive amount of data generated. The attractive labor economics of the developing countries such as India is another driver of the Asia Pacific market. The Middle East and Africa are expected to be led by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
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