Global Big Data Services Market to Grow at a CAGR of Over 24% Through 2021: Technavio
Published on: 26th May 2017
According to the latest market study released by Technavio, the global big data services market is expected to grow at a CAGR of more than 24% during the forecast period.
This research report titled 'Global Big Data Services Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global big data services market into four major end-user segments, of which, the top three segments are discussed in detail below:
The BFSI segment adopts big data services to make respective models of trading, fund management, and risk control. With the growth of big data in terms of volume, variety, and complexity, big data analysis is useful for banks to generate useful insights leading to improved performance.
Digital transformation in financial services organizations has created a need to evaluate the implication of technology and customer response to smoothen the financial services operations. Digital marketing advancements and search engine optimization practices have changed the way consumers look at products and services. This has generated a lot of actionable data to analyze, which can be converted to sales leads.
"Banks use big data analytics to optimize their internal processes and improve their products and customer experiences. Big data services, help financial firms to form a data-driven and evidence-based business model, thereby enabling them to understand their customers and optimize their workforce," says Ishmeet Kaur, a lead analyst at Technavio for IT spending research.
Telecom service providers in North America are experiencing a decline in revenue because of the decreasing average revenue per user. Therefore, companies strive for competitive advantages by differentiating their products and services from other competitors.
The telecom industry seeks solutions that improve operational efficiency and reduce customer attrition. This has become a major factor contributing to the high market growth rate. Big data services help telecom companies to understand the spending pattern of customers and tailor offerings specific to individual customers.
"The use of big data allows telecom companies to gather business-related insights from various sources, such as enterprise applications, social media websites, and mobile apps, which can be directed towards improving their service," says Ishmeet.
Retail organizations are aggressively using big data to get a complete picture of their customers, products, operations, and competitors to drive innovation, operational efficiency, and increase revenues. Competition among retail organizations is intensifying due to complexities of global expansion, rapid product cycles, currency fluctuations, and changing customer preferences that continue to transform consumer behavior.
Retailers gain a competitive advantage by the adoption of big data services as these solutions provide the ability to predict, reduce, and transform negative feedback, and enhance productivity by performing real-time analysis of customer responses to price and product changes.
The top vendors highlighted by Technavio's market research analysts in this report are:
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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