Big Data Market: Billion Dollar Market to uptake with Digitization & Social Media Engagement

Global Big Data Market: Snapshot

The massive amount of data produced across various industrial verticals, worldwide, is having the most prominent impact on the global big data market. The growing number of smartphones and other smart device users and the enormous data being stored by them as images, videos, texts, audios, contact numbers, and in other forms is likely to maintain the high growth rate of this market in the coming years. Expanding at a CAGR of 40.50% between 2012 and 2018, the market will stand positive at US$3.5 bn by 2018.

Financial Services Industry to Lead Demand for Big Data

The telecommunications, financial services, government, retail, healthcare, manufacturing, and media and entertainment sectors are the predominant application areas of big data. The demand for big data has been higher from the financial services sector and is expected to lead the demand over the forecast period. The continual rise in the customer database of financial institutions, such as commercial banks and investment banks, is likely to boost the uptake of big data solutions in the financial services industry over the forthcoming years.

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The healthcare industry is also projected to report a healthy increase in the demand for big data solutions in the near future. The advantages provided by big data, such as efficient streamlining of administrative procedures, accurate data, and cost benefits are anticipated to influence the demand for big data in the healthcare industry in the years to come.

Boosted by Increasing Amount of Data Generated by Internet Users, North America to Remain Dominant

According to TMR, the global market for big data has a presence across North America, Asia Pacific, Europe, and the Rest of the World. With an opportunity worth US$9.5 bn, North America led the worldwide market in 2015. The increasing internet penetration and augmenting smartphone user base in this have driven the North America market for big data since the past few years. Over the forthcoming years, the global market is likely to remain dominated by North America during the forecast period on account of the rising trend of digitalization in several end-use industries, such as the BFSI, retail, medical and healthcare, and the entertainment and media industries. The increasing focus of the governments in this region towards big data in a bid to gain an insight into the increasing amount of data generated by Internet users is also expected to impact positively on this regional market in the coming years.

Asia Pacific is also anticipated to witness a surge in its share in the global market for big data. Emerging countries, such as Japan, India, and China, are likely to present rewarding opportunities to players in this market over the next few years. The ongoing expansion in a number of businesses, thanks to the strengthening economic conditions in these countries, will also encourage the adoption of big data in the years to come.

At the forefront of the global big data market are Oracle Corp., Calpont Corp., IBM, EMC, Cloudera, Splunk Inc., Mu Sigma, Opera Solutions, Teradata Corp., and Hewlett-Packard Co.

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This release was published on openPR.