Premier market research company Global Industry Analysts Inc, published a report in late March titled “Big Data – Global Market Trajectory & Analytics” which has presented fresh viewpoints on the challenges and opportunities in the marketplace post-Covid-19.
The big takeaway from the report highlighted that the global big data market will reach $234.6bn by the year 2026.
Strides in the Business World
This comes as no such surprise for many, especially those in the manufacturing and services sectors who have been making huge strides in embracing automation and turning smart. Digital transformation has been making plenty of strides in the business world, and with data making processes smart – the more data an organization has, the smarter they are.
Big data is the huge, voluminous amounts of unstructured and semi-structured data collected over years, and is usually loosely structured and widely distributed. Big data incorporates sheer volume, speed, velocity, diversity and complexity within data accumulation, and can be hard to process or handle through traditional database management tools.
It is generated from a variety of sources, such as social networks, sensor networks, internet text and documents, studies and records among many other avenues. The vast amount that is generated via connected devices enables organizations to accumulate data of all kinds.
The major problem for most organizations falls in gleaning perceptible insights from such huge volumes. Big data analytics, including machine learning and A.I, and predictive analytics provide the solutions for organizations to gain access to meaningful and actionable insights.
During the Covid-19 pandemic, the global market for big data was estimated at $154.9bn for 2022 and is projected to reach $234.6bn by 2026. After a thorough analysis of implications to business following the pandemic and the included economic crisis, the Big Data market in the US is estimated at $55bn in the year 2022.
China, the world’s second-largest economy, is forecast to reach a projected market size of $27.9bn by 2026. Among the other geographic markets of note were Japan and Canada, forecasted to grow at 8.9% and 9.8%. Within Europe, Germany is forecast to grow at a 9.7% CAGR.
As data becomes the new wealth creator, digital transformation, enabled by big data, becomes the enabler for the automation of business processes and the enabling of new business models. Whilst businesses can analyze data at hand, it is ineffective without meaningful insights from analysis, based on which organizations can make strategic decisions.