Big Data Support Services Market - Forecast(2023 - 2028)
Big Data Support Services Market Overview
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 rising data mining and warehousing applications will present significant rise in applications for the Big Data Support Services Industry. Growing knowledge among organizations of Internet of Things (IoT) technology, cloud computing and big data analytics, growing the availability of data across the enterprise to gain deeper insights to stay competitive, and increasing government spending in different regions to improve digital technologies are the key factors expected to contribute to the growth of Big Data Support Services market.
The report: “Big Data Support Services Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of Big Data Support Services Market Report.
- The rising need for structured analytical data that helps organizations achieve goals, combined with the increasing number of social media platforms and users consuming open multimedia content on the Web, is expected to drive market growth over the forecast period.
- Data Analytics as a service is mostly used by small and medium-sized organizations as a low-cost alternative which is set to drive the market.
- The hybrid cloud segment is expected to grow over the forecast period due to the cost-efficiency, scalability, flexibility and security benefits it provides.
- North America is projected to account for the largest market share during the forecast period due to the presence of large numbers of Big Data Support Services vendors.
- The adoption of Data Driven Decision Making (DDDM) has provided organizations with clarity and accountability in taking informed decisions, Data-Based Decision Making (DDDM) helps solve the unstructured data processing problem and allows businesses to make better and more accountable decisions.
Big Data Support Services Market, By Region, 2021 (%)
For more details on this report - Request for Sample
Big Data Support Services Market Segment Analysis - By Deployment Type
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. Hybrid cloud helps organizations transfer their workloads to the public cloud and retain necessary requirements for confidential data. Big data solutions based on the cloud are preferred by companies as they support their regional, cross-regional or cross-country data recovery strategies. It helps them to guarantee stability in the case of a disaster. Hybrid cloud helps companies to leverage both private and public cloud benefits because it provides cost-effectiveness and improved security and thus it is expected to boost the market growth.
Big Data Support Services Market Segment Analysis - By Enterprise
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. These organizations have generally distributed the scattered data across different departments. To gain valuable insights from this clustered data, large corporations are deploying on-demand services to leverage the benefits of cloud-based big data analysis. Large companies use cloud-based analytics to merge their external and internal information and derive useful insights from it. Big data analytics allow organizations to access their data more quickly. They therefore spend substantial amount on becoming technologically competent, owing to which the adoption of Big Data Support Services among large enterprises is higher compared to small and medium-sized enterprises (SMEs).
Big Data Support Services Market Segment Analysis - By Geography
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. American businesses are increasingly inclined to exploit emerging technologies such as data analytics, Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and cloud to improve Big Data Support Services. Increasing growth in e-commerce, coupled with increased government funding to support large-scale data projects in the U.S is a main factor in market growth. The region is experiencing major developments in the big data industry due to the growing adoption of IoT devices by various companies in the region. Organizations have started using big data solutions, especially in the US, to produce data insights to make strategic business decisions and stay competitive in the market.
Big Data Support Services Market Drivers
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. Data-Driven Decision Making (DDDM) helps solve the unstructured data processing issue and encourages companies to make more informed decisions with clarity and accountability. It also provides increased capacity for changes in size and versatility in, among other items, modeling change scenarios. Google has developed a People Analytics Team that provides the company with fact-based data when making decisions. Google has developed a community in this department called the Knowledge Lab which includes social scientists performing groundbreaking work that has changed the organizational practice within the business and that will help in the market growth of big data support services. Such developments are set to rise during the forecast period.
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. In addition, the growing value of sentiment analysis has also caused businesses to incorporate social media into their business processes. It has resulted in large amounts of data being stored by companies, and it is anticipated to boost the market growth of big data support services.
Big Data Support Services Market Challenges
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. The protection of outsourced data is of significant concern. Recently, several scandals have exposed how some security agencies use person generated data without permission for their own benefit. This is anticipated to hinder the market growth of big data support services.
Big Data Support Services Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Big Data Support Services top 10 companies include:
- SAS Institute
- TIBCO Software
- In Jan 2020, Intelligent Planning Software solution from SAS Institute incorporated Artificial Intelligence (AI) and cloud agility capabilities to improve the customer experience. The multi-cloud approach will help IT retailers predict consumer demand and improve customer experience.
- In May 2020 Accenture acquired Byte Prophecy, an automated insights and big data analytics company from India. The acquisition will help Accenture to meet what it sees as growing demand for enterprise-scale AI and digital analytics solutions across the region. As part of the deal, nearly 50 data science and data engineer experts will join Accenture Applied Intelligence, the global IT consulting firm’s team and service for artificial intelligence, data, analytics and automation.