The global big data market is anticipated to expand at a rapid pace over the forecast period (2017 to 2025) owing to the technology’s ability to effectively manage large amounts of data while reducing overall costs. Increased number of Internet users, popularity of social media, and ability to easily share unlimited information over these platforms has resulted in generation of large amounts of data on a daily basis, which is projected to augment demand for big data solutions over the coming years. Extensive usage of cloud technology has also generated significant volume of information due to enhanced connectivity and technological developments, thereby providing the market a major boost.
On the other hand, lack of skilled manpower, which is needed to leverage big data capabilities, may have a negative impact on market growth. Nevertheless, the industry is emerging as a highly lucrative option for many end-use sectors as this technology allows companies to manage large data volumes in an effective manner, resulting in overall cost reduction. The emergence of this technology has given opportunities to a number of businesses to monitor valuable information and convert it into a significant usable insights. The market has experienced high growth in both structured and unstructured data across various sectors. Collection and storage of information are vital tasks for companies in almost every industry vertical, which enables them to analyze information and make smarter decisions. Thus, rising need to manage gathered data volumes is estimated to spur market expansion in the coming years.
Server, storage, and network equipment are key hardware elements, while database, analytics, and distribution tools are important software components used in big data. The storage segment is expected to witness significant growth as a result of rising demand for public and hybrid cloud solutions. The network equipment segment is also likely to witness notable growth on account of rising need for improved security.
Analytics is expected to be one of the key software segments during the forecast years. The technology finds application in a number of end-use sectors such as media and entertainment, retail, healthcare, telecommunication, gaming, BFSI, manufacturing, and government. It is also used in brand reputation, predictive analysis, and relationship management.
On the basis of region, developed regions such as North America and Europe have been major markets due to government focus on improving operational efficacy. Asia Pacific is likely to emerge as a highly lucrative market over the coming years due to expanding end-use sectors, such as healthcare. Developing economies such as China and India offer potential growth opportunities for big data.
Most companies in the global market are actively involved in R&D for development of advanced data management solutions. For example, Equifax, Inc. recently introduced its next-gen big data solution called Equifax Ignite + InterConnect. The new advanced solution creates an integrated experience to help customers make faster decisions with unique information. It is designed using advanced analytics tools to create a seamless integrated solution and help clients in developing, monitoring, and executing business strategies. Using the new solution, companies can access/link information and generate and deploy insights while managing decisions in an effective manner and in one location.
Some of the leading companies in the global big data market are Cloudera, Inc.; International Business Machines (IBM) Corp.; Oracle Corp.; and The Hewlett-Packard (HP) Co.
Research Support Specialist, USA