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Global Big Data & Data Engineering Services Market - $77.37 Billion Outlook to 2023 - ResearchAndMarkets.com

[September 10, 2018]

Global Big Data & Data Engineering Services Market - $77.37 Billion Outlook to 2023 - ResearchAndMarkets.com

The "Big Data and Data Engineering Services Market by Service Type (Data Modeling, Data Integration, Data Quality, Analytics), Business Function (Marketing and Sales, Operations, Finance), Organization Size, Industry, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

This report expects the global big data and data engineering services market to grow from USD 34.47 billion in 2018 to USD 77.37 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period.

Major growth factors for the market include the rapidly increasing volume of unstructured data due to phenomenal growth of interconnected devices and social media. However, inability of service providers to provide real-time insights could limit the market growth.

Organizations are using emerging technologies and solutions to gain more visibility into the complex business data. Therefore, the marketing and sales business function is projected to have the largest market size by 2023.

In the big data and data engineering services market by industry vertical, the BFSI vertical is projected to hold the largest market size during the forecast period. As the volume and variety of data is increasing, the demand for maintaining nd managing these records of the financial transactions in banks and other financial institutions also increases.

Market Dynamics

Drivers

Increasing Volume of Unstructured Data, Due to the Phenomenal Growth of Interconnected Devices and Social Media
Cost-Effective Services and Cutting-Edge Expertise Rendered By Data Servicing Companies
Rising Need for Adhering to Regulatory and Compliance Requirements

Restraints