Big data plays a pivotal role in the tech industry, demonstrated by groundbreaking patents like innovations in virtual assays. Industry trends are shaped through strategic collaborations, engaging major players in these influential partnerships. The changing job landscape reflects industry leaders setting the tone for roles in the realm of big data. The impact of big data extends beyond the technology sector, influencing various industries. GlobalData’s data and analytics market report helps understand the key trends in the market, revenue opportunity forecast, and the competitive landscape. Buy the report here.
This article presents a quarterly round-up of the latest trends in the technology industry regarding big data. It provides an overview of recent developments in big data-related deals, talent acquisition, and patent filings within the technology industry.
Diverse applications of big data in technology industry
Technology companies in the field of big data are leveraging new technologies and applications to innovate and improve their businesses. Revolutionary technologies are driving transformations in the tech industry, exemplified by Saudi Arabian Oil Co's patent on time-of-flight mass spectroscopy (TOF-MS) for virtual assays. This method streamlines oil sample analysis, offering comprehensive information without the need for fractionation. The acquisition of this technology promises heightened efficiency and accuracy, fostering informed decision-making and optimization in the oil sector. Simultaneously, an undisclosed applicant introduces a multilingual natural language processing patent, expanding language capabilities for text analysis and fortifying global market understanding.
Further innovations by Saudi Arabian Oil Co involve a cost-effective fluorescence spectroscopy-based virtual assay method for oil sample analysis. This, coupled with ARM LIMITED's vector processing patent for enhanced data processing in Big Data applications, reflects the industry's dedication to efficiency and optimization. Lastly, Ezlo Innovation LLC's patented system for altering real-time audio and video streams enhances flexibility for content manipulation, offering a user-centric solution across diverse industries. Collectively, these advancements underscore the industry's commitment to streamlined processes and user-centric technological progress.
Overall, these patents showcase the advancements in big data technologies and applications, providing innovative solutions for analyzing and processing data in various industries. The acquirer of these patents will benefit from improved efficiency, accuracy, and flexibility in their data analysis and decision-making processes, leading to enhanced business performance and competitiveness.
The industry experienced a 58% decline in the number of big data-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of big data-related patent applications in the technology industry witnessed a drop of 67% compared with Q3 2022.
Strategic deal trends in big data in technology industry
Technology companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in big data. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of big data in the technology industry.
In Q3 2023, the number of big data-related deals in the technology industry declined by 18% compared with Q3 2022. On a quarterly basis, there was 10% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the technology industry experienced a 7% drop compared with the previous quarter. On an annual basis, job postings also declined by 42%. Notably, computer and mathematical occupations, with a share of 43%, emerged as the top big data-related job roles within the technology industry in Q3 2023, with new job postings drop by 6% quarter-on-quarter. Management occupations came in second with a share of 12% in Q3 2023, with new job postings dropping by 12% over the previous quarter. The other prominent big data roles include architecture and engineering occupations with an 8% share in Q3 2023, and business and financial operations occupations with a 5% share of new job postings.
Countries driving adoption of big data in technology industry
The US is the leading country in big data adoption within the technology industry, boasting the highest number of big data-related patents, jobs, and deals. Meanwhile, China, the UK, Canada and Germany also maintain significant positions in big data adoption within the technology industry.
In summary, the evolving landscape of big data in the technology industry unfolds through innovative solutions and shifting job markets. This trend, marked by advancements in technology applications, underscores strategic investments in patents and deals, positioning companies for sustained competitiveness and growth in the global arena.
To further understand GlobalData's analysis on big data in the technology industry, buy the report here.