Collection of larger and complex data sets is known as big data. The amount of this data is hard to process with help of traditional data processing tools and applications. Companies suffer from problems in storing, processing, analyzing, capturing, curating, transferring, sharing, and searching for the particular information at the right time. Big data is highly useful for the organizations, governments and players from all the industrial sectors. Hence, the big data market has huge potential in terms of application for various niche sectors. The rising demand and evolving technology within the industry also creates great business potential for the industry. As a result, companies in this market are aiming to gain maximum profit and business expansions across the developed and developing parts of the world.
Driving Forces behind Big Data Industry
The big data technology has numerous applications including fraud detection, portfolio analysis, vendor rating analysis, supplier intelligence, risk modeling, and so on. As a result, businesses from across the world are attracted towards the big data market. This technology plays crucial role in improving the basic infrastructure of the enterprises. It also brings great accuracy in management of these businesses. Big data has huge potential, which is helping the already existing businesses in the market in the process of gaining profit and recording presence in different parts of the market. In order to harness more advantage the existing businesses are investing into brining out innovative technologies and applications of big data. Growth in demand from emerging markets is also a strong driver for the industry.
Segmentation in Big Data Industry
In order to understand the prevailing trends, researchers have segmented the global bid data market on the basis of the types of technologies, their applications and demand recorded from different geographic regions. Latest technologies included in the market include Hadoop, unified appliances, NoSQL database, cloud based storage and analytics, security intelligence products, data platform as a service (DPaaS), analytics software as a service (ASaaS), and so on. Applications of big data include risk modeling, fraud detection, customer churn analysis, consume risk inspection, cost intelligence, portfolio analysis, demand forecasting, traffic management, supplier intelligence, log and lead time analysis, casino management, vendor rating analysis, and so on.
Trends and Forecasts
The big data market is expected to grow at a CAGR of over 25% from 2013 to 2018. At the anticipated CAGR of 25.5%, the market is expected to reach $46.34 billion by the end of the year 2018. 2013, the market was worth $14.87 billion, which was a major leap forward. The technology is expected to record great rise in demand from various industrial verticals including BFSI, transportation, public transport, automotive, public sector, government, commercial sector, media and entertainment, academia, and so on. As a result, the existing businesses in the market are also aiming at healthy growth during the forecasting period. The market is anticipating great investments from key players.