Big Data and Data Engineering Services Market worth $77.37 billion by 2023

(IT-NEWSWIRE.COM, May 02, 2019 ) According to market research report "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", The global big data and data engineering services market size is expected 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 are rapidly growing volumes of unstructured data due to phenomenal growth of interconnected devices and social media, cost-effective services and cutting-edge expertise rendered by boutique data servicing companies, and an increasing need for complying with stringent regulations. Various opportunities present in this market include new business propositions and increasing volumes of data across Small and Medium-Sized Enterprises (SMEs).

Big data and data engineering services help organizations streamline their business processes by capturing and interpreting business data. They enable organizations to gain insights and shift to reliable and fast decision-making process.

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Marketing and sales business function is expected to grow at the highest CAGR

Big data and data engineering services are used for various business functions, including marketing and sales, finance, operations, and Human Resource (HR). The marketing and sales business function is expected to grow at the highest CAGR during the forecast period, owing to an increasing need for marketing and sales departments to monitor and analyze the various marketing and sales data for gaining insights on customer acquisition and retainment.

Retail and eCommerce industry vertical is expected to grow at the highest rate during the forecast period

Big data and data engineering services have been used across industry verticals, including Banking, Financial Services, and Insurance (BFSI); retail and eCommerce; manufacturing; healthcare and life sciences; media and telecom; government; and others (travel and hospitality, transportation and logistics, and energy and utilities). The retail and eCommerce vertical is expected to grow at the highest CAGR during the forecast period, owing to an increasing need for managing the growing data from various customers, maintaining their records, and analyzing data to gain insights.

North America is expected to dominate the global big data and data engineering services market during the forecast period

North America is expected to hold the largest size in the big data and data engineering services market in 2018, due to the technological advancements and early adoption of big data and data engineering services in the region. The market size in Asia Pacific (APAC), on the other hand, is expected to grow at the highest CAGR from 2018 to 2023. Major growth drivers for the market are the increasing big data adoption and significant opportunities in major APAC countries, such as India, China, and Japan.

The report also covers different strategies, such as acquisitions, partnerships, new product launches, and product upgradations, adopted by the major players to increase their market shares. Major technology vendors include Accenture (Ireland), Genpact (US), Cognizant (US), Infosys (India), Capgemini (France), NTT DATA (Japan), Mphasis (India), L&T Technology Services (India), Hexaware (India), Happiest Minds (India), KPMG (Netherlands), EY (UK), Tiger Analytics (US), LatentView Analytics (US), InfoStretch (US), Vensai Technologies (India), Course5 (US), Sigmoid (US), Nous Infosystems (India), Bodhtree (US), Hidden Brains InfoTech (India), Brillio (US), Franz Inc. (US), BRIDGEi2i (India), and Trianz (US).

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Big Data and Data Engineering Services Market worth $77.37 billion by 2023