According to the Market Statsville Group (MSG), the Global modern data platforms Market size is expected to project a considerable CAGR of 5.6% from 2024 to 2033.
The modern data platform market is a novel market that is currently quickly growing as a result of growing volumes of data and organizations’s awareness of the potential for achieving a competitive advantage based on data. For instance, IoT devices and social media, which are producing data at a rapid rate of doubling. The IoT devices that information to the next level by emphasizing that organizations require strong solutions to host as well as analyze such information. There is a need for more analytical tools such as big data, the Internet of Things, and machine learning and AI, which puts pressure on the data platform to carry heavy computational work. The changes brought about by the adoption of cloud computing have largely had to do with how data platforms are viewed, where most organizations opt to move their data and analytics to the cloud environment to maximize on them. With increased legal requirements on both data protection and security such as GDPR and CCPA, companies would need platforms that can offer better governance capabilities. Other common means of handling both structured and unstructured data in data storage platforms include data lakes, data warehouses, and NoSQL databases.
Furthermore, Integrating data tools for integration of data from various sources should include ETL and ELT processes. Real-time or batch processing capability can make this scalable in data processing, which is quite crucial. In such a case, great common technologies are Apache Spark and Flink. Consolidation toward a unified platform for data warehousing, data lakes, and analytics continues to rise. A bright trend seen lately is the increasing demand for serverless computing, which usually comes with resource scalability on an automated basis and handles varying workload without any human intervention. Modern data platforms increasingly contain AI and ML capabilities, which help in easier automated data processing, simplification of analytics, and better actionable insights from data. The trend of edge computing is gaining ground with the advent of the Internet of Things; more processing will be closer to the source, minimizing latency as well as bandwidth usage.
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Scope of the Modern Data Platforms Market
The study categorizes the modern data platforms market based on data type, deployment model, component, and end-user area at the regional and global levels.
By Data Type Outlook (Sales, USD Million, 2019-2033)
- Structured Data
- Unstructured Data
- Semi-Structured Data
By Deployment Model Outlook (Sales, USD Million, 2019-2033)
- Cloud-Based
- On-Premises
- Multi-Cloud
By Component Outlook (Sales, USD Million, 2019-2033)
- Data Storage
- Data Integration and ETL
- Data Processing
- Data Analytics and BI
- Data Governance and Security
By End User Outlook (Sales, USD Million, 2019-2033)
- Financial Services
- Healthcare
- Retail
- Manufacturing
- Government
- Telecommunications
By Region Outlook (Sales, USD Million, 2019-2033)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
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Financial Services segment accounts for the largest market share by end-user
Based on financial services, Modern data platforms are the latest practices within the management, analysis, and exploitation of large amounts of data. According to the financial services, in the financial services industry. Contemporary data platforms allow for efficient evaluation of credit, market, and operational risks using historical experience, such as patterns of specific transactions, or tendencies of the particular market. Having established such a model it becomes easier for predictive analytics and machine learning models to predict possibilities of risk of such a project & recommend how the risk can be managed. The platforms are for banks insurance companies investment houses and financial technology companies to understand how they can enhance decision-making on the part of customers and how better to align with and meet the requirements of legal standing. High-level analysis and instant comprehension help in identification of fraudulent transactions. Using transaction data, machine learning algorithms can be used to analyze anomalies and flag suspicious activities, thus reducing fraud and financial loss.
Additionally, Aggregated data sources also provided by data platforms from transaction history, customer interactions, and social media are essential and very useful. Analytics tools provide insights into customers’ behavior, preferences, and needs for finance. In turn, leveraging customer insights, financial institutions can provide customized products and services across the board, based on targeted marketing campaigns, customized financial advice to patrons, and tailored loan or investment recommendations. Modern data platforms are valuable in the management and governance of data to attain regulative compliance with GDPR, CCPA, and Basel III. They are empowered with tools for data lineage, audit trails, and access controls. Automated reporting tools would facilitate the process, create compliance reports, and, thus reduce the workload on the human force. Such automated reporting tools help financial institutions to efficiently meet any kind of regulatory requirements.
North America accounted for the largest market share by Region.
Based on the region, North America, especially the United States and Canada, is a dominant region in this market of modern data platforms. An advanced technological structure of the region, high levels of adoption of digital solutions, and a strong investment in innovation are driving the growth of this market. North America is known for its early adoption of cutting-edge technologies and its significant role in shaping global trends in data management, analytics, and cloud computing. North America is a major innovation hub for technology, with a high concentration of tech companies, research institutions, and startups driving advancements in data platforms.
This is further enhanced by the presence of Silicon Valley and other technology hubs that further innovate and speed up modern data solutions development. North American high investments in R&D by the tech giants and venture capitals create continuous growth of data technologies, including AI, machine learning, advanced analytics, and various types of analytics. North America is one of the largest deployment regions in cloud computing, where, data storage and processing are being migrated steadily to cloud-based platforms. In this region, key industry leaders can be named as huge cloud service providers in terms of volume: Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP), which are researching innovative and scalable flexible data solutions.
Competitive Landscape: Modern Data Platforms Market
The modern data platforms market is a significant competitor and extremely cutthroat in the sector is using strategies including partnerships, product launches, acquisitions, agreements, and growth to enhance their positions in the market. Most sectors of businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Major players in the modern data platforms market are:
- Teradata
- Cloudera
- SAP
- Databricks
- Oracle
- Snowflake
- IBM
- Google Cloud Platform (GCP)
- Microsoft Azure
- Amazon Web Services (AWS)
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Recent Development
- In August 2024, Microsoft Azure further integrates with OpenAI in its data platforms and unlocks further capabilities on AI and machine learning, bringing even more powerful data insights and automation.
- In August 2024, New solutions from IBM and Amazon Web Services (AWS) specifically designed into their data platforms target ambitions to support industries like manufacturing or self-driving cars
- In July 2024, The European Union has formulated new updates in the General Data Protection Regulation that have had a global impact on data protection practice. North American firms, therefore are updating their data platforms by adding these updated regulations.