Global Big Data Market: Snapshot
The massive amount of data produced across various industrial verticals, worldwide, is having the most prominent impact on the global big data market. The growing number of smartphones and other smart device users and the enormous data being stored by them as images, videos, texts, audios, contact numbers, and in other forms is likely to maintain the high growth rate of this market in the coming years. Expanding at a CAGR of 40.50% between 2012 and 2018, the market will stand positive at US$3.5 bn by 2018.
Financial Services Industry to Lead Demand for Big Data
The telecommunications, financial services, government, retail, healthcare, manufacturing, and media and entertainment sectors are the predominant application areas of big data. The demand for big data has been higher from the financial services sector and is expected to lead the demand over the forecast period. The continual rise in the customer database of financial institutions, such as commercial banks and investment banks, is likely to boost the uptake of big data solutions in the financial services industry over the forthcoming years.
The healthcare industry is also projected to report a healthy increase in the demand for big data solutions in the near future. The advantages provided by big data, such as efficient streamlining of administrative procedures, accurate data, and cost benefits are anticipated to influence the demand for big data in the healthcare industry in the years to come.
Boosted by Increasing Amount of Data Generated by Internet Users, North America to Remain Dominant
According to TMR, the global market for big data has a presence across North America, Asia Pacific, Europe, and the Rest of the World. With an opportunity worth US$9.5 bn, North America led the worldwide market in 2015. The increasing internet penetration and augmenting smartphone user base in this have driven the North America market for big data since the past few years. Over the forthcoming years, the global market is likely to remain dominated by North America during the forecast period on account of the rising trend of digitalization in several end-use industries, such as the BFSI, retail, medical and healthcare, and the entertainment and media industries. The increasing focus of the governments in this region towards big data in a bid to gain an insight into the increasing amount of data generated by Internet users is also expected to impact positively on this regional market in the coming years.
Asia Pacific is also anticipated to witness a surge in its share in the global market for big data. Emerging countries, such as Japan, India, and China, are likely to present rewarding opportunities to players in this market over the next few years. The ongoing expansion in a number of businesses, thanks to the strengthening economic conditions in these countries, will also encourage the adoption of big data in the years to come.
At the forefront of the global big data market are Oracle Corp., Calpont Corp., IBM, EMC, Cloudera, Splunk Inc., Mu Sigma, Opera Solutions, Teradata Corp., and Hewlett-Packard Co.
The global big data market has evolved over the years with efficient technologies that offer accurate insights imperative to innovation to its users. The advantages offered by big data such as valuable inferences of the changing market dynamics have been its unique selling point over the past few years. Deployment of big data is expected to help companies formulate better business strategies and aid their decision-making processes. Over the years, big data has proved to be a pivotal means to achieving product innovation and improving after-sales services.
The research report on the global big data market by Transparency Market Research offers a thorough outlook of the drivers and restraints influencing the trajectory of the overall market. The segments of the global market have been studied using a SWOT analysis whereas the competitive landscape has been studied through a Porter’s five forces analysis. The research report puts forth a fair assessment of the future of the global bid data market along with its impact on the overall economy.
Big Data Market: Trends and Opportunities
The mammoth amounts of data being used and generated across all industrial verticals is, undeniably, the key growth driver for the global big data market. The billions of smartphones and other devices are responsible for the gargantuan data being stored in form of texts, numbers, images, videos, graphs, audios, and other forms of multi-media formats. Analysts predict that as the sales of such devices remain the rise, the amount of data will also continue to reach newer heights. End users are using efficient big data technologies such as Hadoop and SQL to organize this information and give it a logical meaning to understand businesses, markets, consumer sentiments, and the global economics in the larger scheme of things.
Several companies across the globe are employing big data technologies to gain a competitive advantage over others in the long run. For instance, a meaningful analysis of the healthcare industry can be ascertained by these analytics to understand where a specific country is headed. From tracking diseases to prevent epidemics to bringing down healthcare costs, deployment of big data in the healthcare sector can deliver unmatched results. Thus, the emergence of better technologies in this market is anticipated to bring in an improved efficiency and cost advantages to the users.
Big Data Market: Region-wise Outlook
Geographically, the global big data market has been segmented into Asia Pacific, Europe, North America, and the Rest of the World. Research indicated that the big data market held a dominant share in North America, accounting for nearly 54.5% of the overall market in 2012. The growing number of Internet users in North America and the unstoppable Internet penetration has been driving the big data market across the region. Several end users such as financial institutions, the retail market, healthcare sector, the media industry, and the governments are turning their attention towards big data to understand the vast amount of data generated by Internet users in a meaningful manner. Analytics services is a key area of big data market where vendors have mushroomed.
Developing countries of Asia Pacific such as Japan, China, and India are projected to offer remarkable opportunities in the market. The thriving businesses in these countries will encourage the constructive usage of big data in the coming years. End users are expected to opt for big data services and software both to develop better products and services by understanding consumer behaviors along with their spending patterns.
Key Players Mentioned in the Report are:
Some of the key players operating in the global big data market are Teradata Corporation, Opera Solutions, Mu Sigma, IBM, Cloudera, Oracle Corporation, Splunk Inc., Hewlett-Packard Co. (HP), and Calpont Corporation.
Market Segmentation of the Global Big Data Market is as follows:
Big Data Market By Product Requirements
- Existing DBMS Market
- Hadoop – Full Fledged Market
- Relational Database Management System (RDBMS)
- Comparison of SQL Databases and Hadoop
- Limitations of Big Data
Big Data Market by Components
- Software and Services Market
- Hardware Market
- Storage Market
Big Data Market By Application
- Financial Services Market
- Manufacturing Market
- Healthcare Market
- Telecommunication Market
- Government Market
- Retail Market
- Media and Entertainment Market
- Others Market
The regional analysis covers:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments