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Global big data market may breach $100 bn in next five years

Global big data market may breach $100 bn in next five years
Photo Credit: Pixabay
3 Jan, 2022

The big data market worldwide is projected to cross $100 billion by 2027. Statista tips big data growing over 60 percent from 2021 and doubling in market volume since 2019. 

Big data can be defined as the ever-increasing volume, velocity, variety, variability and complexity of information. 

Reports on the matter suggest that the big data market volume should grow steadily due to the accelerated demand for data analytics from smaller firms across the world, due to the Covid-19 pandemic.  

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Big data and data analytics are the cornerstone for the myriad data-linked advanced analytics platforms around the world targeting businesses across all sectors. 

For instance, startups such as Michigan, USA-based Lumenore offer plug-and-play, no-code business analytics platforms for small and medium businesses around the world. Products such as these have increased in volume ever since the covid-19 pandemic broke. The latter necessitated digital transformation across the board for many, as companies looked for new business avenues to stay afloat. 

Big data also finds applications in numerous fields and sub-fields of artificial intelligence, such as emotion intelligence products from companies such as Entropik Tech and Mad Street Den. Even as the growing field is not a direct product of big data analytics, it leverages data sets to create emotion analysis tools.  

The latter is then offered to businesses for a wide range of tasks, such as increasing participant engagement in online video conferences and improving better sales support remotely. 

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It is not just sales that is leveraging big data, though. According to a report from mid-2021 by Global Data, sectors such as drug discovery in the pharmaceutical industry also taps into big data. Research fields also account for a key user of big data and related analytics, running in conjunction with AI tools to improve research related tasks. 

As of 2022, Statista projections suggest a 10 percent rise in global volume of the big data market over 2021 -- as the market grows towards the benchmark $100 billion value.