Big Data Services – Market Trends, Drivers, and Growth Prospects until 2021

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According to Technavio’s latest market research study, the global big data services market is expected to grow at a CAGR of more than 24% during the forecast period, 2017-2021.

This report by Technavio provides an in-depth analysis of the global big data services market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.

Technavio research analysts categorize the market based on the end-user type

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The top three revenue contributing end-user segments are discussed below:

Global big data services market in the BFSI sector: In the BFSI sector, big data services are opted to make respective models of trading, fund management, and risk control. Some of the big data technologies are being integrated with the existing CRM systems that help companies understand new market opportunities. Organizations in the banking, insurance, and other financial services are using big data tools, such as cognitive technology, to analyze customer response and feedback related to financial services. For instance, cognitive technology empowers the financing arm of a major auto manufacturer to develop insights about more than 4 million individual customers in seconds.

Big data technology offers a clear understanding of customer requirements and improves sales interaction processes that are optimized through data intelligence and scientific analysis. It also helps sales and marketing personnel minimize unnecessary sales calls and adhere to specific requirements of consumers,” says Amit Sharma, a lead analyst at Technavio for research on IT spending by region and industry.

Global big data services market in the telecom sector: The adoption of big data services in the telecom sector is fueled by its ability to generate new revenue streams. Big data services help telecom companies to understand the spending pattern of customers and tailor offerings specific to individual customers. In developing countries, the market is growing, while in developed countries the market is nearing maturity.

Global big data services market in the retail sector: Retail organizations are aggressively using big data to get a complete picture of their customers, products, operations, and competitors so as to drive innovation, operational efficiency, and increase revenues. It is imperative for the retail industry to extract valuable information from data to meet customer expectations and become a stronger competitor in the market. The adoption of big data services enables to turn massive amounts of information into meaningful information that allows better analysis and decision-making.

The top vendors operating in the global big data services market are:

  • Accenture
  • Deloitte
  • Hewlett-Packard (HP)
  • IBM
  • PricewaterhouseCoopers (PwC)
  • SAP
  • Teradata

Other prominent vendors in the market include Alteryx, Atos, Attivio, Chartio, Cirro, ClearStory Data, Cloudera, Continuum Analytics, Datameer, DataStax, Doopex, Dell, Enthought, Hortonworks, MAANA, MapR Technologies, MarkLogic, Microsoft, MongoDB, Mu Sigma, Predixion Software, and SAS Institute.

A more detailed analysis is available in the Technavio report titled, ‘Global Big Data Services Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.

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