Ongoing advancements in technology is contributing towards the redefine the strategies and progress in the fast-moving business environment. As the leading companies are focusing on converting significant challenges into opportunities, dealing with technological hurdles continues to remain a major roadblock. In order to maintain a progressive pattern, leading business organizations are incorporating cutting edge technologies such as robotic process automation, artificial intelligence, big data and cognitive computing. Leading organizations are accommodating the leading technological solutions in their integral data and analysis processes to solve complex business challenges and regain trust of their clients.
According to Fact.MR, the global big data technology and services market is expected to represent a value of over US$ 183,900 Mn by the end of 2026.
Adoption to Remain High in Business Organizations
Business organizations are constantly looking for solutions for managing vast amount of data that increases the business value. Incorporating of leading technological solutions such as big data technology and services enables the business organizations to identify vulnerable and sensitive data, which further helps in disclosing data patterns and correlations for better decision making process. As advanced technological solutions allow events forecasting and real-time monitoring arises, leading business organizations are looking to capitalize on these opportunities to leverage a competitive advantage over the other market players. As formulating effective strategies for business development has continued to remain a major challenge, leading organizations are incorporating advanced technological solutions to outline improved decision making process.
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Supply Chain Management to Impact Global Market Growth
Unstructured data accumulation from abundant sources in the supply chain operations can obstruct the decision making process. As managing data flooding from various channels continues to pose significant challenges, supply chain managers are focusing on opting for leading technological solutions that enable segregating the overflow of data in an organized format. Incorporation of leading technological solutions further harness the potential of data analysis has led the supply chain managers to opt adopt big data solutions. Through implementation of the big data sources, the supply chain managers can optimize the cost and improve the efficiency and agility of the process. As overflow of information can offer enhanced and effective decision making process and solutions, adoption of the big data technology and services continues to remain high in the global market.
However, implementation of big data technology leads to modifying the entire approach and analysis patters. Modification in the entire approach further leads to additional investments and expenses. Moreover, various tools offered for management and analysis of data are unable to handle real-time analysis. These factors are expected to impact growth of the global big data technology and services market negatively during the forecast period.
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BFSI Industry to Represent a Leading Segment
As the need for gathering and analyzing valuable business information and insights arises, demand for big data analytics software continues to remain high. On the basis of category type, the software segment is expected to represent the highest revenue growth, accounting for a value of over US$ 22,100 Mn by the end of 2026. In addition, the software category type segment is expected to register a significant CAGR throughout the forecast period.
Based on industry, the BFSI segment is expected to witness a significant revenue growth, recording a value of over US$ 1,400 Mn by the end of 2017. On the other hand, the retail & consumer goods industry segment is expected to register a healthy CAGR through 2026.
By application, the analytics and discovery segment is expected to generate significant revenues, accounting for a value of over US$ 12,100 Mn by the end of 2026. In contrary, the datacenter networking infrastructure application segment is expected to register a robust CAGR during the forecast period.
Competition Tracking
Leading market players operating in the global big data technology and services market include IBM, Oracle Corporation, Microsoft Corporation, HP, SAP SE, Amazon Web services, Dell Incorporation (EMC), Teradata, Cisco Corporation and SAS Institute.
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