Vast collection of data sets with complex processing is collectively called as big data. This data has vital information about various aspects of business, which is useful for the key decision making and strategic planning of a company. Analysis, management, search, curation and sharing information becomes a challenge for the enterprises. Using various management tools and systems is an ideal solution to avoid this problem. Growth in demand is the strongest driving factor for the big data market. Rising demand for information breach, fraud detection, customer churn analysis and many other fields of analysis demand this data for a clear picture. This changing trend is creating vital business prospects in this industry. Growing investments in the market are also set to create potential business opportunities.
Growth Driver in Big Data Industry
The global industry for big data is expected to be strongly driven by the changing demand trends. Rapid rise in machine and customer data on various virtual platforms is also a major factor that contributes to the increase of the data and ultimately creates demand for various services and solutions in the market. Demand for clear and unified platforms is also driving the growth of the industry. Growing applications of leveraging the collected information is also a strong driver for the big data industry. In order to analyze these trends and drivers, researchers study and analyze the big data market on the basis of the types of services, sol is segmented on the basis of the types of services, end-users, geographic regions and applications.
Segments and Forecasts
Major services available in the big data market include analytics and visualization as a service, hadoop as a service, and data as a service. The technologies used in the market include cloud based storage and analytics, unified appliances, NoSQL, security intelligence products and Hadoop. The growth opportunities for these technologies and services are expected to become major drivers for the global companies. Growing investments and rising trends of security intelligence are expected to drive the demand as well as investments in the market. Data warehousing trends along with advanced analytics are also set to create better business prospects for the existing industry players.
According to the analysis of the segments and drivers, the global big data market is expected to grow at an impressive CAGR of over 25% from 2013 to reach past $46.34 billion by the end of the year 2018. During the forecasting period, security intelligence and data warehousing segments are expected to drive strong growth. North America is expected to dominate the rest of the segments in terms of market shares. Asia Pacific on the other hand is expected to witness healthy CAGR during the next few years.