Big Data Market – Efforts to Utilize Deluge of Information for Business Gains Fuels Growth

With the presence of a number of large globally companies that operate globally and regionally, the global big data market is a fragmented one. Top companies are aggressively engaged in devising new technological tools for scrutiny of big data which renders stiff competition in this market. Top companies to name in the global big data market are Mu Sigma, Oracle Corporation, Opera Solutions, Calpont Corporation, IBM, Cloudera, Hewlett-Packard Co., Teradata Corporation, and Splunk Inc. among others.

According to a market intelligence study by Transparency Market Research (TMR), the global big data market is projected to clock a whopping 40.50% CAGR over the forecast period between 2012 and 2018, for the market to be worth US448.3 bn by the end of 2018. The opportunities in the market translated into a revenue of US$6.3 bn in 2012. In terms of component, software and services segment led the big data market in 2012, holding more than 50% market share. However, the storage segment is anticipated to rise at the leading pace over the forecast period.

By product type, Hadoop technology holds prominence in the big data market as it is used by Internet giants such as LinkedIn, Facebook, Yahoo, and eBay. Application-wise, in 2012, government, healthcare, and media segments collectively held 55% of the overall market. Financial services is anticipated to emerge as a key application segment in the years ahead.

The deluge of customer information generated in the financial sector has necessitated financial institutions to adopt technological tools to scrutinize this data and make it utilizable to improve services. Geography-wise, North America held supremacy in the big data market in recent past and it is expected to remain this way over the forecast period.Majorly fuelling the global big data market is massive amount of data generated across various industry verticals across the world. The incessant penetration of smartphones and other smart devices have generated a deluge of data in the form of images, texts, videos, audios, etc.

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This data needs to be scrutinized and utilized by businesses to understand consumer behavior and to improve their service offerings. Technological tools used for the scrutiny of big data are positively impacting the big data market.The growth of the healthcare industry is also significantly boosting the big data market. The monumental amount of patient data generated for an array of services needs to be scrutinized for administrative purposes and to improve service offerings. The advantages offered by big data such as streamlining of administrative procedures, value-added services, and cost benefits are likely to influence the demand for big data in the healthcare sector in the years ahead.

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Pragati Pathrotkar

Pragati’s longstanding experience in the field of market research is reflected in her insightful news articles on business, science, and technology as presented on Edition Truth. Her interest lies in understanding the ramifications of cultural diversity, green behavior, ecommerce, economic progress, and technical consciousness on these increasingly consumer-oriented industries. Her understanding of digital marketing techniques gives her news stories an engaging twist.

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