LONDON--(BUSINESS WIRE)--The global big data services market size is expected to grow by USD 64.27 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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There is an explosion of data volumes with the creation of more data since 2014 than ever before in history. Enterprise applications are generating large volumes of data, and this will continue throughout the forecast period and beyond. Large volumes of data are also being generated from many other sources such as the Internet, mobile devices, and social media. This increasing volume of data through various channels and sources has compelled organizations to implement big data analytics. Big data analytics helps organizations transform unstructured and semi-structured data into structured and meaningful data while also resulting in cost-savings. Big data analytics retrieves and analyzes data to discover significant weaknesses, develop indicator patterns to identify opportunities and threats, and optimize business decisions. Thus, the growing volume of data is expected to drive the big data services market growth.
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As per Technavio, the increased importance for big data in social media marketing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Big Data Services Market: Increased Importance of Big Data in Social Media Marketing
The intensifying competition and changing customer behavior has compelled organizations to rely on social media as an important tool for digital marketing and content strategy. Social media platforms and social networking sites are generating a huge volume of data, and this is expected to continue to grow in the future as well. The growth of social media has increased customer expectations. To meet customer expectations, companies should derive key insights on the generated data. This data is analyzed using big data technologies to make critical business decisions. Big data technologies also help organizations to optimize their business decisions, discover a noteworthy weakness, and develop patterns to identify opportunities and threats for businesses. Thus, the importance of big data in social media marketing is expected to drive the big data services market growth.
“Other factors such as the growing demand for predictive analytics, and the increasing importance of big data in IoT will have a significant impact on the growth of the big data services market value during the forecast period,” says a senior analyst at Technavio.
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Big Data Services Market: Segmentation Analysis
This market research report segments the big data services market by end-user (BFSI, telecom, retail, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the big data services market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the rise in data generation across various industries resulting from the recent digital transformation across industries.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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