San Francisco, California, April 11, 2018 – The global big data market is anticipated to witness a positive growth curve in the coming years, according to a recently published report. Titled, “Big Data Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” the report elucidates on how the how the generation of large volumes of data is impelling organizations in the field to uptake big data analytics to thrive in the industry.
Big data initially emerged as a term to represent datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyze. However, the scope of the term has substantially evolved over the years. Big data now not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data, to solve complex problems.
The rising number of virtual workplaces coupled with surging popularity of social media sites producing enormous amount of user generated data is a primary factor driving growth of the big data market. Increased penetration of the internet, leading to the several advantages such as unlimited communication, abundant information and resources, easy sharing, and online services generates huge amount of data in everyday life, which is also anticipated to augment demand over the coming years. The changing preferences of consumers paired with rise in consumer purchasing power, primarily in the developing countries, is resulting in mounting adoption of smart devices. Additionally, mounting demand for mobile devices and apps has further paved the way for big data significantly for the next few years.
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A rising trend that is expected to gain traction in the global big data services market is the growing significance importance of big data in internet of things (IoT). The generation of gargantuan amounts of data due to the increased adoption of IoT has magnified the demand for necessary tools to process large data volumes and generate actionable insights. Big data analytics enhances the analyzing abilities of sensor data and data collection of industrial equipment such as oil refineries and turbines. The analytics tools also help enterprises innovate for new product models, and enhance their business decisions. In order to better manage their big data projects, enterprises are opting to outsourcing their projects.
The global big data services market consists of numerous established vendors and new market entrants. The regional and domestic players are finding it difficult to foray into the market on due to the established players vying to establish their presence across the globe. The prominent vendors in the market provide a huge range of products, solutions, and services while holding major shares in the big data market.
Some of prominent market players include Opera Solutions, Cloudera, Teradata Corporation, Mu Sigma, Calpont Corporation, Hewlett-Packard Co. (HP), and IBM.