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The big data market forecast reported a significant growth in recent years. In 2023, the value of the big data and business analytics market expanded to $220.2 billion—with a CAGR of 12.7% to 13.5% until 2030.
The daily increase in data generation is crucial for the industry's growth. In 2015, only 15.5 zettabytes were generated throughout the year. By 2024, there has been a significant 791.94% increase, totaling 138 zettabytes. This demonstrates the ongoing success of the data industry.
Discover how the data market has thrived over the years and the factors contributing to its growth in market value and data volume.
Highlights of the Article
- Big data and business analytics revenue rose from $215.7 billion in 2021 to $274.3 billion in 2022.
- Each year, about 120 zettabytes of data are created worldwide.
- The United States has the most data centers globally, boasting 5,375 out of 8,000 centers worldwide.
- The global big data market forecast anticipates market growth of $473.6 billion by 2030.
- The IoT industry is set to grow significantly, with a projected market size of $3,352.97 billion by 2030.
- The impact of the COVID-19 pandemic has fueled growth in the global big data in the healthcare market, valued at $32.9 billion in 2021 and expected to reach $105.73 billion by 2030.
- The worldwide big data and business analytics market was projected at $198.08 billion in 2020 and is expected to hit $684.12 billion by 2030.
- The global data analytics market size, storage, and management are expected to total $1.75 trillion.
Data Market Growth and Forecast: Millions to Billions in Market Value
The big data and business analytics market has experienced notable revenue growth. It generated $215.7 billion in 2021 and grew to $274.3 billion the following year. The daily generation of big data is the primary factor behind the significant increase in revenue.
Companies have realized the value of big data and the potential insights it can provide. This realization led to a demand for tools for managing and analyzing big data. It is anticipated that this trend will continue annually as the market for big data expands at a rapid rate.
Spike in Data Demand: The Explosive Growth of Big Data Storage
Big data becomes more valuable as the amount of data worldwide grows. Since 2013, the data volume has increased by 1533.33%, which is expected to keep growing.
As organizations increasingly lean on data to inform decision-making, the big data market forecast will continue to grow. Learn more about how much data has grown in the sections below.
1. Data Market Expansion: 328.77 million terabytes of data are created daily.
(Big Data Analytics News)
Every day, 328.77 million terabytes of data are created, forming an impressive daily total of 0.33 zettabytes and a substantial weekly sum of 2.31 zettabytes. This influx of data signifies the rapid pace at which information is generated in today’s digital era.
The table below summarizes the generated data over various intervals to provide a detailed overview of this data creation phenomenon:
2. Global Data Surge: 147 zettabytes is the projected data volume in 2024.
(Big Data Analytics News, Statista)
In the digital landscape of 2024, the global data volume is expected to increase by 22.5% compared to the previous year. This spike indicates a growing demand for information in the ever-evolving digital ecosystem.
The remarkable growth in the data market can be attributed to the expansion of connected devices, the widespread use of cloud solutions, and technological advancements. Check out the table below to see how the volume of information increases annually.
Impacts of Data Market on Businesses and Consumers
Data market analysis has significantly influenced businesses' growth, as 95% rely on statistical data to make informed decisions by providing unprecedented opportunities and tools to thrive in the digital era.
Explore how the data market helps businesses succeed with the statistics below:
3. Data-Driven Dynamics: Nearly 40% of businesses embrace big data for operational excellence by 2023.
(Big Data Analytics News, Statista)
In recent years, businesses have realized the importance of leveraging big data for driving innovation and gaining insights to improve their operations. Around 59.5% of companies have already adopted big data technology, indicating its growing importance in today's business world.
The accompanying table provides a comprehensive breakdown of the reasons behind various organizations adopting big data:
4. Unlocking Market Potential: 46% of organizations globally harness big data analytics.
(Big Data Analytics News, Statista)
Big data analytics has become an integral tool in market research, reshaping how businesses gather and interpret information about their target audience. It makes market research accessible and effective by capturing trillions of online data points on consumer preferences, behaviors, and trends.
The table below shows the percentage of organizations worldwide that have used big data analytics for market research.
Key Insights on the Data Market Analysis: Big Data Secures the Biggest Market Share
The data market has grown significantly due to the increasing utilization of data-driven technologies such as AI, machine learning (ML), and the Internet of Things (IoT).
Analysts anticipate that big data’s trend will continue over the next few years, with the market generating revenue of $77 billion in 2023 and growing to $103 billion by 2027. This growth is motivated by the increasing demand for data-driven insights across healthcare, finance, retail, and other industries.
Data markets vary significantly between countries due to various factors that impact data collection, usage, and regulation. The United States is a big player in the world of data markets, holding the largest data market globally. Here is why:
5. Data Dominance: The US commands 51% of the big data and analytics market share.
(Big Data Analytics News, Statista)
The United States dominates the big data and analytics market, with a staggering 51% share globally. In 2021, the US spent nearly $110 billion compared to China's $11.9 billion and Japan's $12.4 billion, giving them a significant financial advantage.
As evidence of its dedication to using data for various goals, the US dominates the big data and analytics market. The following factors contribute to the US's leadership in this area:
- A robust tech ecosystem fosters innovation and attracts top data science and analytics talent
- Strong government support for research and development advancements in big data technologies
- A mature data infrastructure and widespread adoption of data-driven solutions across various industries further cement the US's position
6. United States Leads the Charge: 5,375 data centers spearhead the technological hub.
(Big Data Analytics News, Statista)
There are only 8,000 data centers worldwide. As of September 2023, the United States had the highest number of data centers globally. It reported 5,375 centers, likely due to the country's large population, advanced technological infrastructure, and thriving digital economy.
Germany and the United Kingdom were the next highest, with 522 and 517 data centers, respectively. These countries are home to many businesses that require large amounts of data storage and management. The following table displays the number of data centers worldwide:
Big Data’s Rapid Transformation
The global big data market was valued at $163.5 billion in 2021, and it's expected to get even more significant, reaching $473.6 billion by 2030. The industry is growing at 12.7% every year from 2022 to 2030.
At the heart of the immense and swiftly expanding big data market lies the Internet of Things (IoT), one of the major driving forces behind this digital revolution.
7. IoT Revolution: 17.08 billion connected devices globally are anticipated by 2024.
(Demand Sage)
Digitalization has dramatically increased global device connectivity. It is predicted that by 2024, there will be around 17.08 billion connected devices globally. This trend is expected to continue, and by the end of 2030, the number of connected devices worldwide will reach 29.42 billion.
The growth is attributed to the increasing demand for smart homes, cities, and transportation systems—which rely heavily on IoT technology and connected devices. Below is a table of IoT-connected devices worldwide and their forecast for the coming years:
8. IoT Surge: The market size rockets to $662 billion in 2023 and is envisioned to reach $3.35 trillion by 2030.
(Demand Sage)
The Internet of Things (IoT) is a rapidly growing sector involving various devices and systems interconnection. The IoT market is projected to reach $3.352 trillion by 2030, an impressive 1137.9% increase from its 2020 value of $182 billion.
IoT’s growth can be attributed to the increasing demand for IoT devices and systems in various applications, including smart homes, healthcare, transportation, and industrial automation. The table below shows the IoT revenue worldwide over the years:
Data Market Growth Factors
The COVID-19 pandemic has caused notable changes in how people work and live, with remote work culture and working from home becoming the new norm. Because of these trends, the global big data in the healthcare market was projected at $32.9 billion in 2021 and $105.73 billion by 2030, growing at 13.85% from 2022-2030.
Moreover, big data analytics solutions have significantly benefited the healthcare sector. The healthcare industry has been at the forefront of the fight against the pandemic, and big data analytics has helped in several ways.
9. Healthcare Revolution: 56% of global centers embrace predictive analysis.
(Statista)
Over the years, the healthcare industry has significantly transformed, with more healthcare facilities being established to provide better patient treatment.
Singapore is one of the countries that have rapidly adopted technology in the healthcare sector, with an impressive adoption rate of 92%. This has helped to improve the quality of healthcare services delivered to patients.
The following table shows the adoption rate of predictive analysis technology in the healthcare industry of selected countries:
Data Market Predictions
The global big data and analytics industry is expected to experience significant growth in the next few years. It is predicted to grow at a CAGR of 14.9% between 2024 and 2032 and reach $1.088 trillion by 2032.
This growth is mainly driven by organizations recognizing the transformative power of utilizing vast amounts of data to improve operations, make informed decisions, and gain a competitive edge.
The global data market has three major facets: data analytics, storage, and management. By 2030, these three markets alone will contribute to a global data market of over $1.75 trillion.
10. Key Players: AWS is one of the top market players in the big data analytics industry.
(LinkedIn)
The worldwide big data analytics market size was $198.08 billion in 2020 and is expected to reach $684.12 billion by 2030, growing at an annual rate of 13.5% from 2021 to 2030.
The key players profiled in global big data and business analytics market analysis are:
- Amazon Web Services
- Fair Isaac Corporation
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Hewlett Packard Enterprise Development LP
- SAP SE
- SAS Institute Inc.
- TIBCO Software Inc.
- Teradata Corporation
11. Global Data Market: Big data analytics will reach $745.15 billion in 2030.
(Yahoo Finance, LinkedIn)
The data storage market globally was valued at $217.02 billion in 2022, expected to increase to $777.98 billion by 2030. This represents a growth rate of 17.8% during the forecast period.
In 2022, the global market size for big data analytics was $271.83 billion. It is anticipated to grow from $307.52 billion in 2023 to $745.15 billion by 2030. Meanwhile, the global enterprise data management market was $89.34 billion in 2022. It is expected to grow 12.1% annually from 2023 to 2030, reaching 222.79 billion.
Conclusion
The data market is like a powerhouse that helps industries and the economy grow. It makes businesses smarter by giving them helpful information, which allows them to make better decisions and create better products.
Even though there's been a challenge with the COVID situation, the data market has still played a crucial role. It has helped businesses adapt to changes, find new working methods, and contribute to the economy's recovery.
Frequently Asked Questions on Data Market
What is the size of the data market?
The big data market is experiencing remarkable growth, with an estimated revenue of $77 billion in 2023.
What is the size of the data science market?
The data science platform market size was projected at $129.72 Billion in 2023
What is the big data market forecast on the industry's growth?
By 2025, big data is expected to reach 181 zettabytes, and its market size is projected to grow from $220.2 billion in 2023 to $401.2 billion by 2028.
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