The big data and data engineering services market 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 drivers for the market include increasing 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.
In the big data and data engineering services market by service type, the data integration services segment is expected to grow at the highest CAGR during the forecast period. The major growth driver is an increasing need for integrating data from disparate data sources across organizations.
The Banking, Financial Services, and Insurance (BFSI) industry is estimated to hold the largest size of the market in 2018. Major growth drivers are the growing need to simplify the workload related to security and the increasing dependence on workers, for monitoring every financial transaction. The retail and eCommerce industry is expected to grow at the highest CAGR during the forecast period, due to the increasing need to store and manage data from various customers and retailers across retail and eCommerce organizations.
Major business functions in the big data and data engineering services market include the marketing and sales, operations, finance, and Human Resources (HR). The adoption of big data and data engineering services for marketing and sales is expected to grow significantly, because of an increasing need to monitor and analyze the marketing and sales data and streamline the business process across industries.
The global big data and data engineering services market by region covers North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America, followed by Europe, is expected to continue as the largest revenue-generating region for big data and data engineering services vendors, as the US and Canada have a high focus on innovations through Research and Development (R&D) and technologies. APAC is expected to be the fastest-growing region in the market, owing to the increasing adoption of big data technologies and various other government initiatives, such as smart cities across major APAC countries, including China and India.
The big data and data engineering services market faces challenges, such as data diversity and privacy and security concerns. Inability of service providers to provide real-time insights may limit the market growth.
Major vendors offering big data and data engineering services across the globe 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). They have adopted many types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships, collaborations, agreements, and acquisitions, to expand their offerings in the big data and data engineering services market.
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