IndustryARC updated the market research study on “Big Data Consulting Market ”- Forecast (2024 - 2030)
The Big Data Consulting market size is forecast to reach USD 36,751.2 million by 2030, after growing at a CAGR of 13.9% during the forecast period 2024-2030. The market for Big Data Consulting industry is influenced by continuous technological advancements, with a focus on innovative solutions such as artificial intelligence and machine learning, driving the demand for expert consulting services. Additionally, the surge in consumer demand for advanced analytics and data-driven insights contributing to the growth of the Big Data Consulting market, as businesses seek strategic guidance to harness the power of large datasets. As businesses seek to maximize the value of their data, the digital transformation wave has raised demand for Big Data consulting services. Big Data trends show a greater emphasis on information quality and better governance, highlighting the necessity of having accurate and reliable data for decision-making. Data as a service, responsible AI predictive analytics, and quantum computing are transforming the Big Data analytics landscape. Businesses acknowledge the importance of data in creating deeper relationships with customers, developing better goods, and optimizing services in 2023. Big data consulting is critical in assisting firms through this data-driven transformation. Governments are rapidly recognizing the value of digital transformation, which has resulted in significant investments in big data technology to boost economic development and efficiency. Governments are eager to maximize the value produced from big data while also mitigating the hazards connected with AI, demonstrating a balanced approach to technological adoption.
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Report Coverage
The report “Big Data Consulting Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Big Data Consulting market.
By Type: Solutions, Services.
By Deployment Type: Cloud, On premises and Hybrid
By Organization Size: SME, Large Enterprises
By Application: Data Strategy Consulting, Data Assessment, Analytics, Design and Architectural Consultation, Implementation, Capacity Planning, Performance and Opportunity Analysis, Customer Insights and Others
By End Use Industry: BFSI, Transportation, Government and Defense, Healthcare and Life sciences, Education and Research, IT and Telecom, Retail and Others
By Geography:? North America, South America, Europe, APAC, and RoW.
Key Takeaways
? North America held the largest market share with 36% in 2023. The growth of Big Data consulting in the U.S. is attributed to several factors,
including the escalating volume of data generated, the evolution of advanced analytics technologies, and the rising awareness among enterprises about the strategic advantages of data-driven decision-making.
? Organizations are recognizing the value of harnessing data-driven insights to make informed business decisions, driving the demand for expert consulting services. Moreover, the proliferation of emerging technologies like artificial intelligence and machine learning is amplifying the need for robust Big Data solutions, further fueling the consulting market's growth.
? In April 2022, Deloitte Canada acquired MDB Insight Inc. to strengthen its Economic Advisory talents and leadership, as well as to expand its existing solutions for public sector and mid-market customers. MDB Insight, with over 15 years of experience, combines comprehensive knowledge in economic and workforce development with new tools and research methodologies to create practical answers and assist organizations in overcoming both commercial and policy difficulties.
By Type - Segment Analysis
Solutions dominated the Big Data Consulting market in 2023. The big data consulting market encompasses a variety of solutions to help businesses leverage large volumes of data for actionable insights like Data Analytics and Business Intelligence, Data Integration and Management and Data Warehousing. As marketing agencies have accumulated more data over time, there has been a need to compress their data and companies have started to rely on data compression in data warehousing methodologies, Thus Big data consultancy in terms of solutions type will see a surge in recent times. Gartner presents AI TRiSM as one of the concepts that will help organizations ensure AI model governance, trustworthiness, fairness, reliability, robustness, efficacy, and data protection. Which they claim will be 50% more successful in terms of adoption and thereby impacting the solution type of Big Data Consulting. The implementation of privacy regulations such as the GDPR in the EU, the CCPA in the USA, and the LGPD in Brazil have set building blocks for data security, which will provide more reliability to data-based solutions in upcoming times.
By End Use Industry - Segment Analysis
Banking, Financial Services and Insurance (BFSI) dominated the Big Data Consulting market in 2023. Big data consultancy is vital in the BFSI sector, handling vast amounts of daily data, including customer information, financial transactions, market data, and regulatory compliance. It plays a crucial role in leveraging data for valuable insights, operational efficiency, enhanced customer experiences, and meeting regulatory requirements. Federal Trade commission report has stated that credit card fraud is the most prevalent identity theft with 805,000 reports have been filed with the FTC through three quarters of 2023. To overcome these threats BFSI industry has been looking up to Big Data consultancy to control the thefts and cut down losses. The organizational recommendation by Association of Certified Fraud Examiners (ACFE) has emphasized on the use of Big Data and Machine Learning-Artificial Intelligence for it is essential for better customer experience, ensure high fraud detection rate and help identify and fix weaknesses in the system, so it is safe to conclude that the BFSI sector will look towards adapting to big data consultancy in the recent times.
By Geography - Segment Analysis
North America Big Data Consulting market generated a revenue of $5,201 million in 2023 and is projected to reach a revenue of $11,324 million by 2030 growing at a CAGR of 11.6% during 2024-2030. The APAC Big Data Consulting market is projected to experience significant growth during the forecast period. The demand for Big Data consulting services in the United States is witnessing substantial growth, positioning itself as a cornerstone in the ever-evolving landscape of data analytics. In May 2023, IBM introduced IBM watsonx, a new AI and data platform at its annual Think conference, which would enable organizations to scale and accelerate the effect of the most sophisticated AI with trustworthy data. Enterprises that are embracing AI today require access to a full technology stack that allows them to train, tune, and deploy AI models, including foundation models and machine learning capabilities, across their organization with trusted data, speed, and governance - all in one place and across any cloud environment.
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Drivers – Big Data Consulting Market
Rising Consultancy Surrounding Development of Big Data Architecture
Big Data Consulting advises organizations on Big Data, strategy, implementation, and technology that is most suited to managing data collections. Many distinct Big Data initiatives have been undertaken around the world to develop many Big Data models, frameworks, and new technologies to provide additional storage capacity, real-time analysis, and parallel processing of various enormous amounts of data from heterogeneous sources. The Big Data Consulting Market is comprised of two primary strategists, Data Strategist/Architect and Data Scientist/Analyst, whose roles are to analyze business problems, define solutions, optimize solutions, and implement solutions this will push the market forward. In October 2023, The X5 Group, a renowned Russian food retailer, enhanced the capabilities of Dialog.X5, its digital platform for suppliers, with the introduction of a big data analytics solution for suppliers that allows for quick and easy data retrieval. Using X5 DataBridge, X5's partners will be able to swiftly develop whatever report they require, leveraging X5's analytics and combining data from other retailers or data platforms.
Rising Amount of Data Generated by Organizations
The increasing volume of data generated by organizations has resulted in an increase in Big Data consulting services. As firms deal with huge amounts of data, they need expertise in maximizing its value. Organizations are increasingly implementing digital transformation initiatives, which is growing demand for Big Data consulting services to maximize data consumption and decision-making processes. One of the current trends in the Big Data Consulting Market is that it is becoming increasingly popular and in-demand as storage capacity in terms of Terabyte and Petabyte of Big Data generated by enterprises increases. It is extensively used because it can manage enormous amounts of data while scaling to accommodate growth and providing input and output data to analytical tools for analysis. In June 2023, Nielsen, a global leader in audience measurement, data, and analytics, has launched Nielsen Media Data Room (MDR), a cloud-based platform that will modernize how the firm distributes its vast audience data. As census first-party data from clients becomes more crucial in measurement, this significant breakthrough will give organizations with the means to access and share enormous data sets in an efficient and privacy-safe manner.
Challenges – Big Data Consulting Market
Concerns Regarding Data Privacy
Big Data trends include a greater emphasis on AI and ML technology. However, this integration poses questions about preserving information quality and governance, necessitating careful evaluation of the implications for data privacy. The most difficult issue with Big Data is the delicate issue of data privacy and security, which most firms are dealing with. The implementation of GDPR legislation has brought consumer data privacy concerns to the forefront. Concerns about privacy are rising as firms feed more and more customer and vendor data into complex, AI-powered algorithms, resulting in the creation of additional sensitive information unknown to affected consumers and employees. This is especially true in the financial services industry, where consumer data collecting has been at the forefront of big data concerns. These concerns about data privacy may stymie the uptake of Big Data consulting solutions. Organizations are grappling with the need to manage AI threats and maintain acceptable data practices in order to protect individual privacy. Gartner's recognition of "Managing AI Risk" as a trend emphasizes the need of tackling these problems in the big data ecosystem. The prominent big data technology Apache Hadoop emphasizes distributed data processing. However, as businesses implement such technologies, they must handle privacy concerns related to the massive amounts of data being processed.
Market Landscape
Technology launches, acquisitions, and Partnership activities are key strategies adopted by players in the Big Data Consulting market. in 2023, The major players in the Big Data Consulting market are Accenture, Amazon Web Services, Dell, HP Inc. IBM, Oracle, SAP and Others.
Developments:
In September 2023, Oracle and Microsoft have announced Oracle Database@Azure, which gives customers direct access to Oracle database services running on Oracle Cloud Infrastructure (OCI) and deployed in Microsoft Azure datacenters.
In May 2023, SAP SE and Google Cloud announced an extensive expansion of their partnership, introducing a comprehensive open data offering designed to simplify data landscapes and unleash the power of business data.