Big data market forecast to expand to over $100 billion by 2027

There is no question that demand for big data solutions has rapidly grown in recent years. As the amount of data that companies collect has increased, so has the interest in tools that can create value for this asset. According to forecasts from Statista, a provider of market and consumer data, the global big data market size revenue is on course to reach  $103 billion by 2027.

Thanks in part to the continuing shift to the digital delivery of conventional solutions and products, sped up by the pandemic, big data tools are now commonplace at businesses across the world. Lockdowns and social distancing measures also contributed to the digital shift, where almost overnight companies had to adapt working practices to the new normal.

“Big data is a term that refers to the kind of data sets that are too large or too complex for traditional data processing applications,” explains the Statista report. “Fast-growing mobile data traffic, cloud computing traffic, as well as the rapid development of technologies such as artificial intelligence (AI) and the Internet of Things (IoT) all contribute to the increasing volume and complexity of data sets.”

It’s clear that businesses who embrace the power of big data can gain a competitive advantage in areas as diverse as customer retention, marketing, risk management and supply chain management. All industries can benefit from the improvements big data can provide with innovative startups helping traditional firms on their digital journey.

Powerful insights can be unlocked through mining customer data, looking for patterns that can then be fed into operations to better meet customer needs and offer them more tailored products and services. As more and more firms incorporate elements of big data solutions into their operations, those businesses that don’t will quickly fall behind.