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
“Increasing volume of unstructured data is driving the big data and data engineering services market”
MarketsandMarkets 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.
“The marketing and sales business function to hold the largest market size by 2023”
Organizations are using emerging technologies and solutions to gain more visibility into the complex business data. With the right solution, one can streamline the business processes with more efficiency. Big data and data engineering services allow companies to streamline their business processes for quick task resolution, without having to waste time on mundane tasks. It enables organizations to maintain all the data records and provides the required security and privacy to the data which is otherwise a major concern for organizations. Therefore, the marketing and sales business function is projected to have the largest market size by 2023.
“Banking, Financial Services, and Insurance (BFSI) to hold the largest market size in 2018”
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 maintaing and managing these records of the financial transactions in banks and other financial institutions also increases.
“Asia Pacific (APAC) to grow at the highest CAGR and North America to hold the largest market size”
APAC is expected to be the highest growing region in the big data and data engineering services market because of the increasing adoption of big data technologies, and government initiatives, such as smart cities in the APAC countries, including China and India. North America, followed by Europe, is expected to continue being the largest revenue-generating region for the big data and data engineering services vendors, for the next 5 years. This is mainly due to the presence of major developed economies, such as Canada and US, and the high focus on R&D and technological innovations across industry verticals.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the big data and data engineering services marketplace.
By Company - Tier 1-33%, Tier 2-26%, and Tier 3-41%
By Designation - C-Level-37%, Director Level-44%, and Others-19%
By Region - North America-36%, Europe-29%, APAC-25%, and RoW-10%
The big data and data engineering services ecosystem comprises the following major vendors:
1. Accenture (Ireland)
2. Genpact (US)
3. Cognizant (US)
4. Infosys (India)
5. Capgemini (France)
6. NTT DATA (Japan)
7. Mphasis (India)
8. L&T Technology Services (India)
9. Hexaware (India)
10. Happiest Minds (India)
11. KPMG (Netherlands)
12. EY (UK)
13. Tiger Analytics (Israel)
14. LatentView Analytics (US)
15. InfoStretch (US)
16. Vensai Technologies (India)
17. Course5 (US)
18. Sigmoid (US)
19. Nous Infosystems (India)
20. Bodhtree (US)
21. Hidden Brains InfoTech (India)
22. Brillio (US)
23. Franz Inc. (US)
24. BRIDGEi2i (India)
25. Trianz (US)
The big data and data engineering services market revenue is primarily classified into revenues from solution and services. Solution’s revenue is associated with stand-alone solution offerings while services’ revenue is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services. The market is also segmented on the basis of business functions, types, organization sizes, deployment models, industries, and regions.
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