Big Data Support Services Market size is forecast to reach $28.4 billion by 2027, growing at a CAGR 33.7% from 2022 to 2027. The convergence of big data analytics and cloud computing systems has resulted in the growth of big data support services. Big Data Support Services provide analysis over the Internet or as cloud-hosted applications (including hybrid cloud and private cloud) with large and complex data sets to enable data driven decision making. The increasing need for organized analytical data that helps organizations achieve goals, combined with the growing number of social media channels and users accessing open multimedia content on the Internet, such as images, audio and text is anticipated to drive the market growth over the forecast period. The Big Data Support Services Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Competitive Landscape:
The top 5 players in the Big Data Support Services industry are –
1. Microsoft
2. Teradata
3. IBM
4. Oracle
5. SAS Institute
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Segmental Analysis:
1. The Hybrid Cloud Segment is expected to grow at a higher CAGR of 44.7% during the forecast period 2022-2027 Demand for hybrid cloud is growing in particular due to advantages such as cost efficiency, scalability, versatility and security.
2. North America currently dominates the global Big Data Support Services market with a share of more than 38.4% in 2021. Due to the presence of large numbers of Big Data Support Services vendors, North America is projected to account for the largest market share during the forecast period.
3. During the forecast period the Large Enterprise segment is expected to grow at a CAGR of 32.6% during 2022-2027. The adoption among large enterprises of Big Data Support Services is high as in today’s highly competitive world, large enterprises leave no stone unturned to capture a higher market share.
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Report Coverage |
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Report Attributes |
Details |
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By Component |
Hadoop as a service, Data Analytics as a Service. |
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By Deployment Type |
Public Cloud, Hybrid Cloud, Private Cloud. |
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By Enterprise |
Small and Medium-sized Business, Large Enterprise. |
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By End-User |
Banking Financial Services and Insurance, Government and Defense, Healthcare and Life Sciences, Manufacturing, Retail and Consumer Goods, Media and Entertainment, Telecommunication and IT, Transportation and Logistics |
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By Geography |
North America, Europe, Asia-Pacific, South America and Rest of World |
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Market Drivers and Challenges:
1. Increasing adoption of Data Driven Decision Making (DDDM) : The growing adoption of Data Driven Decision Making (DDDM) has provided organizations with transparency and accountability in taking informed decisions. Data driven decision taking provides various advantages over traditional techniques, such as association mining and clustering data sets.
2. Growing adoption of social media analytics : The growing adoption of social media analytics to track customer preferences and deliver personalized insights is anticipated to fuel market growth over the forecast period.
3. Data inconsistency and incompleteness, scalability, timeliness, and security : Big Data analytics challenges include data inconsistency and incompleteness, scalability, timeliness and security. Data needs to be well constructed before analyzing. Nonetheless, taking into account the variety of data sets in big data, the efficient representation, access and analysis of unstructured or semi structured data remains challenging.
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