Big Data Consulting Market Forecast to Reach $4.2 Billion by 2026
Research Reports
May 04, 2021
The Big Data Consulting Market is forecast to reach $4.2 billion by 2026, growing at a CAGR of 32.3% from 2021 to 2026 due to rapid increase in consumer and machine data developments. Big Data is referred as the collection of data sets that are large and complex and is not possible to process it in traditional way. In Big Data Consulting, companies collects the data from respective clients to analyze the data for identification of the business problems where data strategist and data analyst analysis it to obtain the optimum solution and implementing the solution. The market is driven by rising consumer data, superior information security, and enhanced business efficiencies.
Big Data Consulting Market Segment Analysis – By Applications
The market is segmented into application segment including Data Analytics, Data Management, Customer Insights, Performance and Opportunity Analysis, Design and Architectural consultation. The data analytics held the largest market revenue share in 2020, and is expected to lead in coming years. Big data has brought boon as well as bane to Big data consulting enterprises. Non-expertise personal, non-awareness among SME’s, minimal Investment on data analytics by SME’s, infrastructure, non-positive response from clients and storage of data are some of the challenges that big data consulting enterprises are coming through.
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Big Data Consulting Market Segment Analysis – By End-Use Industry
Among all end-use industries, automotive is the leading segment due to growing adoption of high tech vehicles. Huge amounts of constantly changing data that is difficult to handle but is of enormous value on the analysis of which we can provide new and improved user experience is “big data.” In the automotive industry, this data can improve driver safety and experience, and in short provide better and safer vehicle services. Further, the increase of electronics and usage of different services, generates the data in large amount which is known as Big Data and these data cannot be stored or analyzed by traditional way so the Big Data consulting provides such services with analytical advice for the growth of business which will increase the demand of such service in near future.
Big Data Consulting Market Segment Analysis – By Geography
North America held the foremost market revenue share for big data consulting market since and is predicted to rule during forecast period growing at CAGR of 30.1%. The high adoption of analytics consulting across countries such as the U.S., Mexico and Canada has helped the market to grow exponentially. However, Asia-Pacific is expected to register the highest growth rate during the forecast period due to the increasing amount of data generation as well as high interest across the region.
Big Data Consulting Market Drivers
Rising Consultancy surrounding development of Big Data Architecture
Big Data Consulting advices the organization about the Big Data, strategy, implementation and technology which best fit to the organization to manage the Data sets. Across the world many different Big Data projects were taken up to create many Big Data models, frameworks and new technologies to provide more storage capacity, real-time analysis and parallel processing of different large amount of data from heterogeneous source. Big Data consulting Market consist of two main strategists such as Data Strategist/Architect and Data Scientist/Analyst whose role is to identify the business problems, defining the solution, optimizing the solution and implementing the solution. This will drive the market.
Rising Amount of Data Generated by Organizations
One of the current trends in the Big Data Consulting Market is, it is widely popular and in-demand due to the rising storage capacity in terms of Terabyte and Petabyte of Big Data generated by the organizations. It is widely used because it can handle large amount of data and keep scaling to keep up growth and can provide input and output data to analytical tools for analysis. Big Data challenges include storage of data, capturing data and analyzing data. These can be done by few analytical tools such as Apache Hadoop, NoSQL, JAQL, Hive and others. Out of these tools Apache Hadoop is widely used and is in trend due to its storage capacity, Hadoop file storage system which can split data and can distribute across many nodes thus providing high availability. All these aspects are making Big Data consulting market face higher adoption and we can expect the growth of this market, as more and more organization are looking forward for alternative tool or cloud storage to store its generated data to analyze it and make corrective approach to generate revenue.
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Big Data Consulting Market Challenges
Concerns Regarding Data Privacy
The biggest challenge with Big Data is the sensitive issue of data privacy and security, which most organizations are facing. With the implementation of GDPR regulations, consumer data privacy issues have been put to the forefront. Privacy concerns are cropping up as companies feed more and more consumer and vendor data into advanced, AI-fuelled algorithms to create new bits of sensitive information, unbeknownst to affected consumers and employees. This is especially prevalent in the BFSI sector, where consumer data collection has been at the forefront in terms of big data challenges. These data privacy concerns will hinder the adoption of Big Data consulting solutions.
Big Data Consulting Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Big Data Consulting Market. Accenture, Amazon Web Service, Dell, HP, IBM, Oracle, SAP, Teradata Corporation and others are considered to be the key players of the Big Data Consulting Market.
Acquisitions/Technology Launches/Partnerships
In March 2021, The AKKA Group, a European leader in engineering consultancy and R&D services in the mobility sector and Data Science expert is joining forces with the Grenoble-based start-up SYLFEN via its Big Data platform in order to develop the building of the future, self-sufficient in renewable energy.
In May, 2020 Accenture acquired Byte Prophecy, an automated insights and big data analytics company from India. The acquisition will help Accenture meet what it sees as growing demand for enterprise-scale AI and digital analytics solutions across the region. As part of the deal, nearly 50 data science and data engineer experts will join Accenture Applied Intelligence, the global IT consulting firm’s team and service for artificial intelligence, data, analytics and automation.
Key Takeaways
The expansion of the Internet of Things (IoT) has added numerous new sources of Big Data into the Data Management background and is one of the major trends in the forecast period.
Use of Business Intelligence (BI) from the cloud will increase, and the on-going advancement in improved data visualization models and self-service software will be seen in analytics.
AI and Machine Learning technology are moving at a faster pace and helping businesses transform, through cases like real-time ads, pattern recognition, malfunction detection, etc. Working on traditional algorithm of machine learning will become faster and more accurate helping enterprises to make more appropriate decisions. This major change will help the market to continue its growth in the coming decade.
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