Software

Global Big Data Market will be of $48.3 Billion by 2018 – Report

September 30, 2014

Big Data Market – Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2012 – 2018, the market intelligence report by Transparency Market Research gives us important details on the different market elements, the circumstances that encourage and obstruct the growth and the thriving regional markets of the global big data market.

Global Big Data Market ($48.3 Billion by 2018)

The report evaluates that the global big data market, that was predicted to have a value worth $6.3 billion in 2012, will surge to a value worth $48.3 billion by 2018 by the analysis of year by year growth at a CAGR of 40.5% during the defined projection of the report, i.e. between 2012 and 2018.

The ruler of this market, in the terms of revenue is the North American region, which, by the information of the report will continue to be the leading rank holder and compile a share worth about 54.5% of the global big data market during the duration of forecast. It may be chased by Europe.

Technology is the driving force of businesses and the internet is the solution to all the fundamental problems in a business, in the present world scenario. No job can be considered as complete without the usage of internet and computers.

But the extensive usage of these technologies across every probable business also leads to a huge amount of data- data that cannot be adequate or can be managed by the conventional databases we are used to see around us. Such an enormous amount of data is called big data and is produced by different industrial sectors banking, finance, medicines, retail, education, entertainment, among others.

Storage, retrieval, analysis and management of this data require specific tools and software applications, which are not usually made available by traditional data base systems. Therefore, a number of tools and technologies have been evolved for the management of such huge amount of data. The market of big data is established by storage devices, software products and services and peripheral hardware. Amidst these, the sector of software products and services held the largest share of the global data market and is estimated to hold about 50% of the market shares in 2012.

The fastest growing sector of this market is evaluated to be that of storage devices during the forecast period andcould detect upsurge at a CAGR of 45.3% during this period. The forthcoming upsurge of this market can be credited to the huge data being flooded from different market segments and it will continue to grow in the future as well. A big benefactor of this market is the finance sector that accounted for about 20% share of this market in the year 2012.

The huge beneficiaries from the enormous customer databases are banks and financial institutes. These databases grant them to take computed and more strategic decisions. The media and entertainment which is a small sector at this time, is estimated to grow at a CAGR of 41.4% from 2012 to 2018. The primary of this is the generation of huge data thorough games, videos, audio, etc.

The Healthcare sector also presents a significant and massive application area of the big data industry. Big data can largely be helpful to this sector by providing authentic and detailed data factors such as the exponential growth in the means through which different forms of data can be possessed and the cost perks derived from the use of big data are urging the upsurge of this industry. But, elements such as shortage of expert professionals and a productive use of data tools could interfere with the growth of this market.

This article is written by : Arshi Bansal

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