Big data and data engineering services enable organizations to streamline their business processes and shift to reliable and fast decision-making process. They help companies reduce losses, gain operational efficiency, and grab new opportunities. The global 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.
The big data and data engineering services market includes many vendors, such as 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 embraced different growth strategies to further expand their presence and their market shares. New product launches, product upgradations, agreements, collaborations, business expansions, partnerships, and acquisitions are some of the significant growth strategies adopted by the market players.
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Accenture is a leader in the big data and data engineering services market. Inorganic growth strategies, such as acquisitions and strategic alliances are enabling Accenture to improve its big data and data engineering service offerings as well as cater to a broader customer base. For instance, in July 2018, Accenture acquired Kogentix, a company providing big data and AI services and solutions that help enterprises make better decisions with their data. Kogentix is expected to strengthen Accenture Applied Intelligence’s growing data engineering business, particularly in North America. The company is also increasingly investing in Research and Development (R&D) activities to deliver an innovative set of products and strengthen its foothold in the untapped markets. For instance, in 2017, the company invested USD 0.70 billion in its R&D activities.
The fundamental objective of Cognizant is to meet every industry’s client’s requirement and provide new advancements with big data and data engineering services. The organization serves clients across industries, such as financial services; healthcare; product and resources; and communications, media, and technology. Cognizant is headquartered in the US and operates in more than 30 countries, worldwide. It is a leading provider of big data and data engineering services. The company follows organic strategies to expand its market share. For instance, in August 2018, Cognizant opened its new US regional technology and service delivery center in Mesa, Arizona. The center will house over 500 new employees, increasing Cognizants statewide workforce to nearly 3,000 employees at facilities in Phoenix, Chandler, and Mesa to address an increasing demand for specialized digital technology and business process services.
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
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