Newark, NJ, Feb. 03, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global big data and data engineering services market is expected to grow from USD 32.45 Billion in 2017 to USD 123.89 Billion by 2025 at a CAGR of 18.2% during the forecast period 2018-2025. Increase in amount volume of unstructured data due to significant growth of interconnected devices & social media, inclination towards tools like customer relation management, enterprise resource planning, E-commerce & supply chain, rising awareness to follow regulations and policies and increase in demand of deployment in small-/medium-scale businesses are the factors that is driving big data and data engineering services market.
The big data is described as a large amount of structured and unstructured data that is collected from various sources so that it can be processed and can provide meaningful and precise information to the end-users. The big data involves 3Vs: the volume of data, a variety of data types and the velocity with which the data is processed. Big data refers to the study and evaluation of data sets that are too difficult for traditional data-processing application software. Big data includes procuring data, storage of data, data analysis, searching and sharing, updating, information privacy and data source. Big data and data engineering services are used by organizations to organize and restructure their business processes by procuring and examining the large volume of business data. It enables organizations to gain insights and speeds up the decision-making process.
In 2017, Oracle launched the first digital data offering for channel marketers, which empowers the indirect sellers, value-added resellers and distributors.
Inclination towards tools like customer relationship management, enterprise resource planning, e-commerce, and supply chain is a major factor driving the market. Rising awareness to follow regulations and policies is paving the way for manufacturers to achieve new milestones. An increase in demand for deployment in small-/medium-scale businesses is fuelling the growth of the market. The inefficiency of service providers to provide real-time insights may act as a restraint and might hamper the growth of the market. Although, the growing amount of data across Small and Medium-Sized Enterprises (SMEs) will boost the market in the coming years.
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Key players operating in the global big data and data engineering services market include Accenture, Genpact, Cognizant, Infosys, Capgemini, NTT DATA, Mphasis, L&T Technology Services, Hexaware, Happiest Minds, KPMG, EY, Tiger Analytics, LatentView Analytics, InfoStretch, Vensai Technologies, Course5 Sigmoid, Nous Infosystems, Bodhtree, Hidden Brains InfoTech, Brillio, Franz Inc., BRIDGEi2i, and Trianz.
- Extensive product portfolio and expansion strategies by major players are contributing for the growth of the sector. For instance, in 2017, Cloudera launched the SDX a shared data experience for data enterprises, which centralized the consistent framework, security and governance.
- The market leaders are channelising their efforts towards the new opportunities and deveIoping new products and services to offer to the market, thereby, intending to capture the largest share of the market. In 2017, Oracle launched the first digital data offering for channel marketers, which empowered the indirect sellers, value-added resellers and distributors.
Data integration segment is growing at the highest CAGR of 22.4% in the forecast period
The service type is classified into data modeling, data integration, data quality and analytics. The data integration segment is growing at the highest CAGR 22.4% of in big data and data engineering services market. It is due to rising need for integrating data from different data sources across organizations
Marketing and sales segment hold the market share of 18.90%
Business function is segregated into marketing and sales, finance, operations, human resources and legal. Marketing and sales segment hold the market share of 18.90% over the forecast period. The rising need to check and estimate the marketing and sales data for efficient decision –making process across industries is deriving the growth of the market.
Small and medium-sized enterprises segment is dominating the market with a value of USD 18.46 Billion in 2017
Organization size is divided into large enterprises, small and medium-sized enterprises. The small and medium-sized enterprises is dominating the market in 2017. The market provides numerous opportunities which include new business proposals and increasing amount of data across Small and Medium-Sized Enterprises (SMEs).
The banking, financial services and insurance segment is dominating the market with a market share of 19.90% in 2017
The Industry is segmented into banking, financial services and insurance, healthcare and life sciences, retail and ecommerce, manufacturing, media and telecom, government and others. The banking, financial services and insurance segment is dominating the market with the highest market share in 2017 because of rising need to reduce the workload and efficient decision making process.
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Regional Segment Analysis of the Big Data and Data Engineering Services Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global big data and data engineering services market with USD 10.58 Billion in 2017 where as the Asia Pacific region is growing rapidly in the market. The North America region is dominating the market because of the technological advancements and high implementation of big data and data engineering services in the North America region. Asia Pacific is the fastest growing region because of the increasing usage of big data technologies, and government policies, such as smart cities in the APAC countries, including China and India.
About the report:
The global big data and data engineering services market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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