Big Data Market: Present Scenario and the Growth Prospects with Forecast 2018
The global big data market is segmented on the basis of geography, application, product type, and component. Based on the component, the global big data market is classified into hardware, storage, and software and services. The software and services segment dominated the global big data market in 2012, accounting for more than 50% of the market owing to the rising demand for big data services and their improved functionality.
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The storage segment is expected to expand at a 45.30% CAGR during the period from 2012 to 2018. In the years to come, the storage segment is predicted to be the fastest growing segment due to the pace at which data is getting generated in the modern world.By product type, the global big data market is divided into relational database management systems, Hadoop, structured query language, and existing database management systems. Hadoop technology is used by giants such as Facebook, LinkedIn, eBay, and Yahoo.
Some of the applications of big data are telecommunications, financial services, retail, government, healthcare, media and entertainment, manufacturing, government, and others. In 2012, the government, financial, and healthcare segments collectively accounted for 55% of the total revenue. Expansion of the customer database is expected to allow financial institutes such as banks to take calculated and strategic business decisions, thereby propelling the global big data market.
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The healthcare segment has been playing a vital role in the development of the global big data market over the past few years. Efficiency in streamlining administrative procedures, providing cost benefits, and providing accurate data are some of the benefits contributing towards the growth of the application of big data in healthcare. The media and entertainment segment is predicted to expand at a 42.0% CAGR during the period from 2012 to 2018. Growth in data forms such as images, video, and games is expected to drive the media and entertainment segment during the forecast period.
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By geography, the global big data market is divided into North America, Asia Pacific, Europe, and Rest of the World. In 2012, the global big data market was dominated by the North America big data market. North America accounted for 54.5% of the total market. On the other hand, Asia Pacific is predicted to present immense growth potential for the global big data market in the coming few years.
The global big data market is expected to be highly competitive, as the number of participants is expected to increase in coming few years. Some of the leading companies in the global big data market are Mu Sigma, IBM, Cloudera, Oracle Corporation, Hewlett-Packard Co. (HP), Opera Solutions, Teradata Corporation, Calpont Corporation, Splunk Inc., and others.
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