Global big data market to grow by 27.96% CAGR
The big data market in India is expected to reach Rs.253.22 billion by 2027, expanding at a CAGR of ~10.60% during the 2023-2027 period.
It was valued at Rs.157.24 billion in 2022, says a ResearchAndMarkets report on 22 May 2023.
Comparatively, the global big data market is expected to reach Rs.69,777.53 billion by 2027, expanding at a CAGR of ~27.96% during the 2023-2027 period.
It was valued at Rs.21,329.61 billion in 2022, said the “Big Data Market in India 2023” report.
At present, India is one of the top 10 countries in the market, with over 600 data analytics firms. This number is expected to increase in the future.
Big data has become prevalent in several industries, including telecommunications, financial services, e-commerce, and healthcare, because of the increased demand for cloud-based solutions and predictive analytics capabilities.
Big data analytics is the process of analyzing large amounts of raw data to uncover information and patterns that will assist businesses in making informed decisions.
It is a type of analytics that employs processes such as predictive modeling, to examine large amounts of unstructured data and provide businesses with solutions that keep them ahead of the competition.
Organizations rely heavily on big data to boost profits, improve analytics skills, and support risk management capabilities.
As businesses strive for agility, flexibility, and resilience, they will become more reliant on cloud platforms, infrastructure, and software than before. The demand for cloud-based collaboration tools, content management solutions, and online streaming platforms has increased.
The continued trend of increased remote workers in 2021 resulted in a surge in spending on desktop-as-a-service (DaaS) and infrastructure-as-a-service (IaaS). Across sectors, several organizations consider data science as a critical component of an enterprise’s ability to scale sustainably.
Market players: Latent View Analytics Limited, Tata Consultancy Services Limited, Tech Mahindra Limited, Accenture Solutions Private Limited, Capgemini Technology Services India Limited, Genpact India Private Limited, Datafactz Solutions Private Limited, Gramener Technology Solutions Private Limited, Hyperlink Infosystem Private Limited and SPEC INDIA. fiinews.com
