The global big data
market was worth USD 6.3 billion in 2012 and is expected to reach USD
48.3 billion by 2018, at a CAGR of 40.5% from 2012 to 2018. North
America is expected to maintain its lead position in terms of
revenues till 2018, with about 54.5% share of the global big data
market revenue, followed by Europe.
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Generation of huge
amounts of data, called big data, across different sectors such as
banking, healthcare, retail and education, among others, is creating
the need for an efficient tool to manage this data. Conventional
database management tools such as Relational Database Management
System (RDBMS) do not have the capability to manage surging volumes
of unstructured data. This has led to the development of various
tools and technologies to manage big data.
The basic components
of big data include software and services, hardware, and storage.
Software and services segment held the largest share, accounting for
more than 50% of the total big data market in 2012. The storage
segment is expected to be the fastest growing segment at a CAGR of
45.3% from 2012 to 2018. This can be attributed to the exponential
increase in the amount of data across different sectors. The
financial services sector is one of the major contributors to the big
data market, and held nearly 20% of the market in 2012.
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Big data tools are
emerging to be of great help to banks and financial institutes in
utilizing the depth of data collected. The media and entertainment
sector, though with a small market share contribution currently; is
expected grow at a CAGR of 41.4% from 2012 to 2018. This growth will
primarily be due to the humungous amount of data generated through
games, images, videos and so on. Healthcare is another large and
important segment of the world economy that has been facing
tremendous productivity challenges in the form of drug failure, drug
approval and regulatory barriers. Big data helps the healthcare
market players in managing their data efficiently, making important
corporate decisions and formulating business growth strategies.
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The big data market
is primarily driven by factors such as exponential growth in
different forms of data collected and cost benefits derived from the
use of big data tools. However, shortage of skilled personnel and
efficient use of big data tools is limiting the growth of this
market.
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North America
accounted for more than 50% of the overall big data market revenues
in 2012. However, the Asia-Pacific region will be the fastest growing
market and will grow at a CAGR of 42.6% from 2012 to 2018.
Flourishing outsourcing industry, distributed manufacturing hubs and
lenient regulations on data sharing are the several factors creating
significant opportunities in the Asia-Pacific region for the big data
market.
The big data market
is oligopolistic at large and dominated by a few major players
namely, HP Co., Teradata, Opera Solution, Mu Sigma and Splunk Inc.
These five players accounted for about 60% of the big data market in
2012.
The report on big
data market includes market size and forecast from 2011 to 2018 and
cross-sectional analysis of various segments such as software and
services, hardware, and storage within different geographies (North
America, Europe, Asia-Pacific and RoW). In addition, the report also
provides adoption, analysis and market size and forecast for various
end-use segments namely, financial services, manufacturing,
healthcare, telecommunication, government, retail and media &
entertainment.
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