According to a new report published by Million Insights, The growing demand for big data analysis includes an increase in easy sharing, mobile devices, internet penetration, abundant information and resources. The market has shown tremendous growth in its adoption rate recently.
Big data market is the term for a large and complex dataset that includes challenges like capturing, storing, sharing, transferring and analysing data. The traditional data processing software is inadequate to deal with them. Increasing popularity of social media that produce a large amount of data can act as a driver for its growth. The market size was US$25.67 billion in 2015 and it is forecasted that it will grow to US$123 billion by 2025. Big data market includes software and services which can be further divided into big data analytics, data discovery and visualisation. The growing demand for big data analysis includes an increase in easy sharing, mobile devices, internet penetration, abundant information and resources. The market has shown tremendous growth in its adoption rate recently.
The market is segmented across geographical regions like Latin America, MEA, Asia Pacific, North America and Europe. Asia-pacific is expected to be fast growing region.
This mainly includes storage devices, Network components and server that are used for data processing and storage. It is estimated that network component market will grow at CAGR 20 percent over a given period because of big data. Security becomes important when it comes to handling large data, so new network security paradigm and algorithm should be developed. At present, due to cloud computing, there is elevating demand for storage space and incoming nine years it is expected to witness more healthy growth.
Visualisation or Graphical User Interface (GUI) is important because the user needs to access data when required. This market will witness growth with CAGR more than 15 percent over given time period. The big data market is expected to present a great opportunity for data vendor in next four to five years, so proper and effective visualisation is needed.
Big data analytics is processing large data sets to discover correlations, market trends and hidden patterns which are handy in making business decisions. This segment is also expected to grow due to increase in awareness of analytics in large enterprises for making strategic decisions and to reduce the risk of failure.
Full Research Report On Global Big Data Market Analysis available at https://www.millioninsights.com/industry-reports/big-data-market
Service is the delivery of information, consulting or statistical analysis tools to a firm by outside provider that helps to understand and use large information. This segment will have training & development, deployment and maintenance. Many organisations spend a large amount of money on training, analytical tools so this segment will observe growth over a forecasted period. Demand for technicians and vendor executive will witness growth over forecasted period.
Developed economics used data-intensive technology on large scale. Information stored in alphanumeric text and still, image data is the most useful format for big data applications. Companies invest heavily for effective data traffic management tools such as predictive text analysis. At present, telecommunication and IT are industries utilising this solution on enormously. Data whether structured or unstructured needs to be managed. The need for tools to manage large data will drive the market.
Multinationals collect and store data so as to process and extract information needed which will eventually help in decision making, operational efficiencies and cost reduction. The potential of data analytic will make it applicable in different sectors as healthcare, gaming, defence, BFSI and media.
Big data technology has given opportunities to different sectors and business to store, process and manage data and convert it into useful information. In 2015 North America was a major region in the market which was having more than 30 percent of total revenue. Over a given time APAC is expected to grow at the fastest rate among various regions with CAGR exceeding 17 percent in given period. Use of data in public as well as the private sector will be providing better opportunities for this market. Europe will also witness a significant growth due to the use of big data in government and the private sector.
Big data and IOT work together. Efforts are made to reduce hardware cost which includes network component and storage cost reduction. Organisations are investing in R&D to achieve integrated big data solution so as to increase its efficiency and capabilities. Gaining precise information has the highest priority in industry as it helps in understanding customer needs. Alpine Data Labs, Databricks, HPCC Systems are some organisation that deals with Big Data.