The global big data market is led by computing giants such as IBM and Intel, according to Transparency Market Research. These companies have been at the top of the global computing industry for decades, which has helped them stay on top of the industry’s dynamic trends. Recognizing the vast potential of big data management systems in today’s global economy, these two players have become influential pioneers in the market for the same, with both companies developing their own versions of the popular Hadoop software in recent years. Cloudera Inc. is another major player in the global big data market and is the market leader as far as Hadoop technology is concerned.
The major driving factor for the global big data market is the increasing volume and diversity of data being generated across the world, according to TMR.
Increasing Use of Internet-based Services Propels Big Data Market
The increasing penetration of the Internet, particularly in emerging economies, and the increasing digitization of several industries have been instrumental in increasing the amount of data being generated online. This data is a precious commodity for online vendors, as it reveals crucial consumer behavior and provides insights into how a company’s product catalog can be improved to maximize demand. Regional or demographic breakdown of the available data can also tell a company which regions and which population groups to target.
The growing use of social media has also increased the diversity of data being generated online. This not only requires a larger storage unit, but also a storage system that can identify various types of data and take the corresponding course of action. Since various types of data reveal different insights into consumer behavior, big data management has become an important functionality for any company operating online.
However, at present, a shortage of skilled technicians has held the global big data market back.
“Since big data management is a relatively new concept, the technology is yet to spread across the world, which has caused a lack of competent talent in emerging regions,” explained TMR’s lead analyst.
Increasing Demand for Smart City Infrastructure Drives Demand from Government Sector
By application, the government, healthcare, and BFSI sectors collectively accounted for more than 50% of the global big data market. The BFSI sector is a major contributor to the big data market due to the increasing preference to digitization of banking operations. Due to the rising use of website- and app-based banking portals, major BFSI players have taken great efforts to provide online services at par with conventional ones. The need to stringently maintain the security of the data generated by the BFSI sector has also been instrumental in shaping the global big data market.
The application of big data solutions in the government sector is driven primarily by the increasing demand for smart city infrastructure. Several countries around the world have launched smart city initiatives in order to boost their industrial setups, however, the overwhelming majority of the world’s major cities still lack widespread smart city infrastructure. This is expected to remain a major driver for the global big data market over the forecast period.
The global big data market is expected to exhibit a stunning CAGR of 40.5% in the 2012-2018 forecast period, according to Transparency Market Research (TMR). Should the market’s growth remain consistent, the valuation of the market is set to rise from US$6.3 bn in 2012 to US$48.3 bn in 2018. This information comes from a TMR market research study titled ‘Big Data Market - Global Scenario, Trends, Industry Analysis, Size, Share And Forecast 2012 - 2018.’
The global big data market is segmented as follows:
Global Big Data Market, by Component
- Software and Services
Global Big Data Market, by Application
- Financial Services
- Media and Entertainment
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