As part of the final report, an analysis will be included to examine the effects of the Russia-Ukraine War and COVID-19 on the India Big Data industry.
New Industry Report on India Big Data Market Status and Prospects [2023-2032] has been released. The report is 100 pages long and provides an overview of the business with key types and applications along with the industrial chain structure. It includes information about the global market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market. If you are interested in the report, Please Request a Free Sample Copy
The big data market in India was valued at INR 132.63 Billion in 2021. It is expected to reach INR 558.24 Billion by 2027, expanding at a CAGR of 26.80% during the 2022-2027 period.
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The global big data market was valued at INR 17,111.93 Billion in 2021. It is expected to reach INR 34,943.77 Billion by 2027, expanding at a CAGR of ~12.81% during the 2022-2027 period.
Big data analytics is the process of analyzing large amounts of raw data to uncover information and patterns that will assist businesses in making informed decisions. It is a type of analytics that employs processes such as predictive modeling, to examine large amounts of unstructured data and provide businesses with solutions that keep them ahead of the competition. Organizations rely heavily on big data to boost profits, improve analytics skills, and support risk management capabilities.
Market insights:
At present, India is one of the top 10 countries in the market, with over 600 data analytics firms. This number is expected to increase in the future. Big data has become prevalent in several industries, including telecommunications, financial services, e-commerce, and healthcare, because of the increased demand for cloud-based solutions and predictive analytics capabilities.
Impact of COVID-19:
The COVID-19 pandemic resulted in a lot of pressure on warehouses and the e-commerce market. Business operations faced major challenges because of disruptions in supply chain management and the unavailability of workers. Companies have started using artificial intelligence and have enabled digital payments as a solution to deal with the pandemic.
Market Influencers:
Market drivers:
The demand for cloud-based collaboration tools, content management solutions, and online streaming platforms has increased. Organizations in India have started already adopted cloud computing. At present, they rely completely on public cloud IaaS to accelerate the development and deployment of business applications. Adoption of advanced analytics and artificial intelligence (AI) in India has rapidly expanded, with organizations investing heavily to improve their analytics capabilities. There is a surge in demand for a workforce skilled in analytics that could assist businesses to expand their operations.
Key deterrents to the growth of the market:
Analysts derive incorrect results when the data contains flaws, errors, or is incomplete. When system requirements are omitted or are not fully met due to human error during the development, testing, or verification processes, data flow is incorrect. It is imperative in these circumstances to undertake complete overhauling of the systems and replace them with new ones
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On June 8th, 2022, the Bureau of Economic Analysis and U.S. Census Bureau released a report detailing the recovery of the U.S. market and international trade. The report highlighted the significant growth in exports and imports, with exports reaching $300 billion in April 2022, an increase of $13.4 billion, and imports amounting to $294.5 billion, increasing by $17.4 billion. Despite the impact of COVID-19 on the global economy, the U.S. market is showing signs of recovery.
However, the Healthcare/ICT/Chemical industries are still feeling the effects of the pandemic, which is creating a large market for India Big Data. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for India Big Data is likely to increase. The report highlights the need for businesses to stay informed about market trends and adjust their strategies accordingly to take advantage of emerging opportunities in this evolving landscape.
Regional Analysis
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
In-depth Analysis of the Russia-Ukraine War Impact:
Global industries were impacted by the Russia-Ukraine War, which started in February 2022. There have been widespread announcements of strict travel restrictions over Ukrainian airspace. The market in 2022 has been damaged by the Russia-Ukraine War.
The conflict between Russia and Ukraine raises defense spending and fortifies NATO nations’ armed forces. Due to Russia’s invasion, the majority of European nations have raised their defense budget. Germany earmarked USD 109 billion, which is more than the whole cost of the military in 2021, increasing its defense spending above 2% of GDP.
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Some Questions Answered in the India Big Data Market Report:
- What is the projected size of the India Big Data market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the India Big Data industry?
- What are the major market trends that are affecting the expansion of the India Big Data market?
- What obstacles must be overcome in order to achieve sustained growth in the India Big Data market?
- What opportunities and threats do vendors in the India Big Data Market face?
- What are the raw materials and manufacturing equipment used in the production of India Big Data, and what is the manufacturing process?
- What are the different types and applications of India Big Data, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the India Big Data market?
- What factors are driving the growth of the India Big Data market in the top regions worldwide?
- Who are the major players in the India Big Data market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the India Big Data market?
- What are the main findings of a five forces analysis of the India Big Data market?
To gain a better understanding of market conditions, a Five Forces analysis is conducted, which includes an assessment of the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
Additionally, a PESTLE analysis is performed to evaluate the external factors that may impact the market:
- Political factors: This includes political policies and stability, as well as trade, fiscal, and taxation policies.
- Economic factors: Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates are all considered under this category.
- Social factors: Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles are taken into account when analyzing the social factors that may affect the market.
- Technological factors: Changes in digital or mobile technology, automation, research, and development are evaluated to determine the potential impact on the market.
- Legal factors: Employment legislation, consumer law, health and safety regulations, and international trade restrictions are among the legal factors that may affect the market.
- Environmental factors: Climate, recycling procedures, carbon footprint, waste disposal, and sustainability are all taken into consideration when assessing the potential impact of environmental factors on the market.
Our India Big Data Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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