Transparency Market Research has published a new research report on the global big data market. According to the report, the global big data market is expected to move from US$6.3 bn in 2012 to US$48.3 bn by 2018. The report, titled ‘Big Data Market – Global Scenario, Trends, Industry Analysis, Size, Share And Forecast 2012 – 2018’,
states that the global big data market is predicted to expand at a
40.50% CAGR during the period from 2012 to 2018 due to the increasing
number of applications of big data in the healthcare sector.
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. 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.
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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