Big data market set to exceed $1 trillion by 2032 amid rapid expansion
By Felicia Nwosu
The global big data and business analytics market is projected to exceed $1 trillion by 2032, marking a significant increase from its valuation of $274.3 billion in 2022.
This rapid expansion is being driven by the exponential growth in daily data generation and a rising demand for advanced tools to manage and analyze vast volumes of information.
In 2021, the market was valued at $215.7 billion, with the dramatic increase attributed to the growing importance of data in business decision-making. Currently, over 328 million terabytes of data are generated every day, a trend that is expected to continue as more connected devices come online. By 2024, global data volume is forecast to reach 147 zettabytes, representing a 22.5% annual increase.
Businesses worldwide are increasingly leveraging big data analytics to improve operations, boost innovation, and stay competitive. By 2023, nearly 40% of companies had integrated big data into their processes, and 59.5% of businesses were using data-driven insights to fuel innovation. This widespread adoption has made big data analytics a cornerstone of modern business strategy, allowing companies to harness consumer data for better decision-making and operational efficiency.
The United States leads the global big data market, commanding 51% of the sector’s market share. In 2021, U.S. companies invested $110 billion in big data technology, far outpacing countries like China and Japan. This dominance is supported by the U.S.’s extensive network of data centers over 5,375 as of 2023, which facilitates the storage and processing of the vast amounts of data being generated daily.
Key sectors driving this growth include healthcare, finance, and the Internet of Things (IoT). The global healthcare big data market, valued at $32.9 billion in 2021, is expected to reach $105.73 billion by 2030, with a 13.85% annual growth rate. Predictive analytics is increasingly being adopted by healthcare providers to improve patient outcomes, with 56% of global centers already using this technology.
The IoT sector is also playing a crucial role in big data’s growth. By 2024, the number of connected devices is projected to reach 17.08 billion, fueling demand for data storage and management solutions. The IoT market itself is expected to surge from $662.21 billion in 2023 to $3.35 trillion by 2030, as industries such as smart cities, transportation, and industrial automation continue to expand.
Looking ahead, the global big data and analytics market is forecast to maintain a compound annual growth rate of 14.9% between 2024 and 2032, with key segments like data analytics and storage contributing significantly to the market’s overall growth. By 2030, data analytics alone is projected to be worth $777.98 billion, with data storage expected to reach $745.15 billion.
As companies and industries across the world continue to embrace the potential of data-driven solutions, the big data market will remain a key driver of innovation and growth in the global economy.
RECOMMENDED ARTICLES
Comment
No comments found.