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Big Data Market - Efforts to Utilize Deluge of Information for Business Gains Fuels Growth
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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.
Efforts to Utilize Deluge of Information for Business Gains Fuels Growth
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. 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.
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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.
Use of Critical Consumer Information to Serve Entertainment Needs Stokes Demand
Growth of the media and entertainment sector is positively impacting the big data market. Marketers actively collect crucial information pertaining to consumer entertainment interest and sell it to music and entertainment companies. This information is scrutinized and used to serve consumer interest for business gains.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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