The market for big data is growing over the next five years with an estimated compounded annual growth rate (CAGR) of 25.52% from 2013 to 2018 to $46.34 Billion by 2018, reports research firm MarketsandMarkets.
The report “Big Data Market By Types (Hardware; Software; Services; BDaaS – HaaS; Analytics; Visualization as Service); By Software (Hadoop, Big Data Analytics and Databases, System Software (IMDB, IMC): Worldwide Forecasts & Analysis (2013 – 2018)” says steady growth of consumer and machine data, demand of big data applications and growth of unified appliances are playing a major role in shaping the future of big data market.
The report further stated that the major forces driving in this market is the constant need among enterprises to upgrade their business processes and enhance performance and efficiency. Also the other forces are continuous rise of unstructured data; demand to provide advanced & predictive analytics. Companies providing hardware and software IT solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating sophisticated analytical solutions and data management platforms for the enterprises.
It is the willingness of organizations to update their processes and improve performance and efficiency that driving big data analysis market. They also face the proliferation of unstructured data, and thus develop tools to analyze them. The creation and adoption of sophisticated analysis and data management platforms tools are therefore part of an inevitable process in which companies are investing their money. But even if solutions exist today, the deployment of big data requires the integration of complex technologies and services.
It is also interesting to see the segmentation of the study, which gives us information on the components of a big data strategy – Hardware that includes servers, storage and network equipment; Software including big data analytics, research tools (discovery) and visualization databases, Hadoop distributions and products, and software systems; Services including consulting, integration and deployment training; Cloud services that includes big-data-as-a-service Hadoop-as-a-service, analytics & visualization as service, data-as-a-service; Visualization including BFSI, manufacturing, distribution and trading, web, media and entertainment, healthcare, government and utilities, telecommunications, bioinformatics, energy and natural resources, universities, research and education, business, games, transport, logistics and distribution.
North America is the front runner in terms of revenue contribution, followed by emerging economies such as the Asia-Pacific, the Middle East and Africa. Latin America are expected to experience increased market traction with high CAGRs. The cloud services allowing access from anywhere data: big-data-as-a-service, Hadoop-as-a-service, analytics & visualization as service, and data-as- a-service.
In June, the research firm published another report with the prediction that the market for cloud security market is growing over the next five years with an average of 15 percent per year to 8.71 billion in 2019.