Big data is defined by collection of information sets that are difficult to process with help of several on-hand information management tools and conventional database solutions. It has the potential to convert unstructured data clutters into powerful information base for the industrial, governmental and commercial sectors. Increasing applications and projected adoption amongst various industrial verticals are expected to drive the global big data market. Apart from that, technological advancements are also expected to drive the global industry to greater heights. Emerging markets are expected to have a strong hold on the global market within next few years, which is a good sign for the businesses in the respective regions are concerned.
Global big data market has great categorization, which is largely based on the types of hardware, software programs, services, and cloud-based services, applications across different business verticals and demand patterns across various industrial verticals. On the basis of geographical demands, the global industry is segmented into five basic regions, which include North America, Latin America, Asia Pacific, Europe and Middle East and Africa.
- Types of Services: On the basis of the types of services, the market is segmented into integration and deployment services, consulting services and training services.
- Types of Software: Storage, servers and network equipment are the basic types of software programs in the industry.
- Types of Cloud Services: The types of cloud services include hadoop-as-a-service, big-data-as-a-service, data-as-a-service and visualization-as-a-service.
- Types of Hardware: Basic hardware include, discovery and visualization tools, big data analytics, hadoop distribution tools, databases, tools, products and system software for hadoop installation.
- Types of Businesses: Businesses include retail, media and entertainment, BFSI, manufacturing, consumer goods, healthcare, government, bio-informatics, telecom, IT, energy, academia, transport, automotive, natural resources, logistics and public utilities.
According to the experts, gaining as much from the core potential of big data is expected to be the prime target for the businesses in the big data market. According to the market research reports, big data industry is growing a whopping compound annual growth rate. Forecasting reports that provide insight about the future business prospects in big data industry from 2013 to 2018 claim it to be growing at an estimated CAGR of over 25%. Aggressive investments, rapid technological advancements and sophistication in hardware solutions and software programs are the major drivers for the industry. Based on the estimated CAGR, the market is anticipated to become worth $ 46.34 billion by 2018, which is poised at $ 14.87 billion in 2013.