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We live in a world surrounded by various software and applications and tend to shovel all the data related to our existence without any hesitation. Interestingly public and private sector organizations collect this information, store it and leverage it for personal and public benefits. The big data generated at such a massive scale help analyze people's preferences and dictate their conduct based on it.
The big data technologies are primarily impacting sectors including banking and finance, media and entertainment, healthcare, education, agriculture and online retail in various regions.
Specifically, the year 2019 witnessed the insurgence of big data technologies and how it is paving way for various countries and regions to envelop established businesses. The up-surging trends predict the new age technologies like big data will soon become mainstream while further helping conceive novel business models.
Here is the list of 10 significant countries and regions across the globe that are leading big data adoption among others.
In the US, the rise in data collection from unstructured sources is one of the major driving factors for its big data market. The increase in this market is owing to the high demand sectors such as public utilities. As various public sector units are using mobile, social networks, and weblogs for their businesses today, these applications and websites are responsible for generating a huge amount of data regularly. This data is utilized for business insights and forecasts. Therefore, big data technologies help the US market provide an edge to the business by collecting, converting, and analyzing the raw data from various sources into meaningful business information.
According to a market report, the Canadian Big Data and Analytics market reached US$ 1,866.6 million in 2017 and it is expected to grow with CAGR of 9.4 percent by 2022. For businesses in Canada, big data technologies are one of the top software investment priorities in order to derive meaningful insights as well as for automation purposes. Experts believe that big data and analytics implementation is forming a foundation for the future adoption of AI-related technologies.
In Japan, the big data market is influenced by several drivers, restraints, and opportunities. The key factors of this market are – a sudden rise in the application of social media in order to study the customer behavior pattern by the businesses to make their strategies more effective. The growth in the amount of transitional information also acts as a driver for accelerating the big data market in Japan. Additionally, the proliferation of real-time information from varied sources – web, log files, handheld devices (mobile devices), sensors and others are expected to create ample opportunities for big data.
A market report suggests that the big data sector in China will continue to depict steady expansion by 2023. Policy support and technology integration are major factors driving this growth. The report revealed that revenue of the domestic big data sector is predicted to reach US$ 9.6 billion in 2019 and is expected to grow at CAGR of 23.5 percent during 2019-2023. It also said that the size of China's big data market is likely to hit US$ 22.49 billion by 2023. Observing the up surging graph of big data, the report predicts that AI platforms will become the third-largest sub-market of the overall big data industry by 2023 while replacing commercial services.
Big data technologies in the UK are expected to grow at an astonishing rate in the coming years. Although the focus of this upsurge is on the UK it is being assumed that it will impact the other European regions positively. Research indicates that telecoms firms are already strongly adopting Big Data solutions, but other industries are catching up and expressing a strong interest in its adoption as well. Also, retail banking is likely to overtake telecoms soon for Big Data analytics affecting the industry to its core.
The government of South Korea has decided to expand the domestic data market to 10 trillion won by 2022, which has been recently recorded around 6.3 trillion won. The Fourth Industrial Revolution Committee Chairman Chang Byeong-kyu said, "The government's data policy that does not comply with the changes of the times is acting as a stumbling block to the spread of the Fourth Industrial Revolution. A paradigm shift in data use is required to strengthen the competitiveness of the nascent big data industry." Reportedly the Korean ministries will nurture big data specialized centers for the abundant generation and collection of raw data by industries.
In Russia, the main consumers of Big Data technologies are banks, telecom operators and large retailers. The main problems of development of the direction of Big Data are the shortage of qualified personnel, lack of sufficient experience of the Russian implementations and also the high cost of solutions. However, the IRI notes that in the next five years the big data market in Russia will grow by 10 times, to 300 billion rubles by 2024. According to experts, in the upcoming future, there will be more implementations using the technology of Big Data in the public sector. The extensive data arrays which are saved up by federal state agencies serve as a great resource that can be used for the development of digital society. It can also help increase in process performance of public administration.
A report suggests that there has been a proliferation in the Big Data and AI ecosystem with several large and small players entering in the last few years. This is expected to lead India in becoming one of the largest Big Data Analytics Market in the world with better use cases and significant opportunities for data scientists in the future. Reportedly, the competitive landscape of the Big Data Technology & Services market in India remains largely fragmented owing to its well-established IT services industry that has been able to leap into the data revolution rapidly. Besides, a number of emerging players have specialized in catering to the Big Data needs of the world across various End-User verticals.
With a huge amount of data generation, the growth of big data in the Middle East market is because of the adoption of IoT and cloud, upcoming mobile BI and domain-specific solutions, and growth in competition which demands simplified and enhanced data visualization tools. The big data technologies are being used in multiple sectors, such as automobile, construction, healthcare, and energy & power, etc. There, big data is further processed and analyzed to gain worthy business insights. The current scenario of big data in the Middle East region implies that several companies are deploying IoT to provide cutting-edge solutions and insights, which, in turn, will boost the growth of the big data, business intelligence, and analytics market.
Leveraging disruptive technologies such as IoT, AI, machine learning, social media, and cloud to enhance citizen engagement, drive operational efficiencies, and improve flexibility inevitably creates massive amounts of data in the South African region. Extracting actionable intelligence from this data requires advanced big data technologies to support various line-of-business functions, which in turn requires appropriate skills and funding. According to research, the wide implementation of advanced, easy-to-use big data solutions is becoming a priority for many South African organizations. In fact, C-suite executives from the government and the public sector find this technology especially valuable and look up to develop their approach to extracting relevant insights and making more efficient business decisions.
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