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Global Big Data Market to Be Worth $48.3 billion by 2018

Big Data Market - Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2012 – 2018”, the market intelligence report by Transparency Market Research sheds significant light on the various market elements, the factors that drive and hider growth and the booming regional markets of the global big data market.

The report estimates that the global big data market, that was expected to have a value worth $6.3 billion in 2012, will reach a value worth $48.3 billion by 2018 by observing year on year growth at a CAGR of 40.5% during the defined forecast of the report, i.e. between 2012 and 2018.

In terms of revenue, the current leader of this market is the region of North America, which, according to the report, will maintain its leading rank and amass share worth about 54.5% of the global big data market during the forecast period. It could be followed by Europe.

In the current world, technology drives businesses and internet solves every underlying problem in a business. No job can be deemed complete in this world without the use of computers and internet. But the widespread use of these technologies across every possible business also leads to an enormous amount of data – data that cannot suffice or can be managed by the traditional databases we are used to see around us.

Such huge amount of data is called big data and is generated by various industrial segments such as banking, finance, medicines, retail, education, entertainment, among others. Storage, retrieval, analysis and management of such data require specialized tools and software applications, not generally provided by conventional databases management systems. Thus, various tools and technologies for managing such enormous amount of data have been developed.

The market of big data is formed by software products and services, storage devices and peripheral hardware. Amongst these, the segment of software products and services held the biggest share of the global big data market and accounted for nearly 50% of the market shares in 2012.

However, the segment of storage devices is estimated to be the fastest growing segment of this market during the forecast period and could observe growth at a CAGR of 45.3% during this period. The impending growth of this market can be attributed to enormous data being flooded from different market segments and which will continue to rise in the future as well.

The finance sector is also a big contributor to this market and accounted for nearly a 20% share of this market in 2012. Financial institutes and banks benefit enormously from large customer databases. Such databases allow them to take calculated and more strategic decisions.

The segment of media and entertainment, though small currently, is expected to grow at a CAGR of 41.4% from 2012 to 2018. This will primarily happen due to huge data generated thorough games, audio, videos, etc.

The segment of Healthcare also presents an important and large application area of the big data industry. Big data can enormously help this segment by providing accurate and efficient data.

Factors such as the exponential growth in the ways through which different forms of data can be collected and the cost benefits derived from the use of big data are driving the growth of this industry. However factors such as lack of skilled professionals and an efficient use of data tools could hinder the growth of this market.

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