Data Growth, Complexities To Drive Big Data Market

by CXOtoday News Desk    Sep 10, 2014

big data

The Big Data market is emerging at a rapid pace and is gaining momentum across a wide range of market segments. The global market for big data is expected to grow from $14.8 Billion to $46.3 Billion by 2018, at an estimated CAGR of 25.52 percent during the forecasted period, reveals a new report from Marketsandmarkets, which states that the market will be driven by the massive growth of unstructured data from multiple sources across the globe as well as complexities arising from various big data big-data market ecosystem.

In the current scenario, the services segment continues to be the largest segment, in terms of consulting and integration & deployment services. The software segment expected to grow at an estimated CAGR of 28.7 percent.

The report states that big data has the vast potential to derive insights that provides competitive advantage in business. It also provides opportunity to enable innovative business models, as traditional models fail to meet underlying requirements of enterprises.

A key factor responsible for increase in adoption of big data technologies among enterprises is the growing variation of the types of data used for analysis. The data can be unstructured as well as semi structured or even limited to specific pattern or formats such as social media data and web activity logs. To extract usable insight out of this data, enterprises must enhance their existing data management solutions to provide semantic and log stream analytics, says the report.

The research firm notes that the emergence of companies providing dedicated big data solutions such as NoSQL databases, Hadoop distribution products, data visualization tools and system software, is expected to make the big-data market ecosystem complex.

There has been a major confusion about the solutions available for big data. The solutions available are complex in nature and difficult to understand and the companies are unable to implement these solutions. According to the report, foreseeing these issues, there is a large demand in the market for enterprise grade professional and integration services across the globe. This surging demand is also driving the overall growth of big data market.

On a positive note, there has been major emphasis on companies to provide end-to-end business processes to fully integrate analytical models and enhance the data management capabilities to optimize performance. The emerging big data technologies are enabling broad scale analytics and bringing in new facets of technology to optimize the performance and efficiency, says the report.

In addition, the open source platform had lowered the barriers of entry for new players. It is also expected that large no of venture capitalist (VC) would invest in this market to propagate the growth of new and innovative players, it says.