The Global Market for Big Data is Forecast to Reach US$86.1 Billion by 2024
The Race to be More Data
Driven & the Ensuing Efforts to Apply Analytics to Drive Intelligent
Decisions Drives Growth of Big Data Technologies, According to a New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Big Data market. The global market for Big Data is forecast to reach US$86.1
billion by 2024, driven by the
spectacular growth in the creation and consumption of data and the ensuing rise
of big data as the most valuable commodity driving competitive advantage of
modern enterprises.
In the new world characterized by
information explosion, incorporating analytics is the only way to remain
competitive and take smart decisions in a data driven world. Data has long been
a critical corporate asset, but only now it is being monetized by analytics to
stay ahead of competition. With the cost of creating, aggregating,
assimilating, storing, and accessing data continuously declining, analytical
methods and tools are becoming ubiquitous and in the coming years are poised to
become indispensable. Analytics is therefore becoming a corporate strategy and
a monetization strategy to develop scalable insights and capabilities that
drive competitive advantage. Enterprises across the world, large and small, are
going through analytics transformation supported by undisputable evidence that
links the analytics capability with high business performance and
competitiveness.
The scenario provides stupendous
potential for big data and analytics in creating value. New generation of big
data analytical tools have the potential to unleash even bigger value, making
the technology the next frontier for innovation, competition, productivity and
smart decision making. A growing number of companies are embarking on the
journey towards building a big data environment to bring together large number
of disparate datasets. Big data analytics combined with artificial intelligence (AI) and machine learning is the key for survival in the
data-driven age of analytics. Defined as
a natural result of rapid digitalization, “Big Data” refers to extremely large
datasets of structured, semi-structured and unstructured data of different
types or categories generated from a variety of electronic devices, machines
and digital networks and which has the potential to be mined for information
and intelligence.
Internet of Things (IoT) represents a major growth driver for big data
technologies. Big data analytics represents the linchpin for driving value from
IoT projects. A chief factor that drives commercial interest in IoT is the
continuous development in big data processing and handling technologies. All
the massive volumes of information gathered by IoT sensors are virtually
useless and are of no commercial value in the absence of technologies and
infrastructure required to process them and analyze them in real time. Big data
processing technologies like Hadoop, Edge or Fog Computing and M2M Data
Analytics are vital to interpret sensor information and turn them into actionable
business intelligence and insights.
Another key trend in the market is the
swelling volumes of readily available personal digital data and the growing use
of the same to unlock the value trapped in “personal analytics” to develop more
predictive consumer apps and solutions. Personal big data is a new class of asset for companies focused on developing consumer
applications. The ability to glean insights from personal big data helps in the
development of smart intuitive consumer apps which are anticipatory in their
ability to service customer needs. A
significant departure from earlier approaches to consumer software development,
personal data based predictive apps has the potential to proactively enhance
consumer lives making it more productive and satisfying. Big data enabled
predictive consumer apps have the ability to scan through a person’s Gmail,
calendar, contacts, maps, flight schedules etc. to provide timely information
updates.
As stated by the new market research
report on Big Data, The
United States represents the largest market worldwide. Asia-Pacific is poised
to emerge as the fastest growing market with a CAGR of 20.3% over the analysis period
driven by factors such as rapid digitalization of the enterprise sector; strong
adoption of IoT technologies in myriad industries; growing interest in data
monetization as a source of revenue among enterprises; and the rise of big data
as a valuable commodity capable of driving competitive advantage and also the
ability to innovate, both of which are valuable strength for companies in
emerging markets negotiating global competition and productivity excellence.
Major players in the market include 1010data
Inc., Accenture plc, Actian, Amazon Web Services Inc., Cazena Inc., Cloudera
Inc., Datameer Inc., Dell EMC, Fujitsu, Google Inc., Guavus Inc., Hewlett
Packard, Hortonworks Inc., International Business Machines (IBM), MapR
Technologies Inc., Microsoft Corporation, Oracle Corporation, Palantir
Technologies, Ryft Systems Inc., SAP SE, Splunk Inc., and Teradata Corporation among
others.
The
research report titled “Big Data: A Global Market Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections for all major geographic markets such as the USA,
Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. The
report also provides estimates and projection for all major sectors such as
Software, Hardware and Services. End-Use Industries analyzed in the report
include Telecommunications, Retail, Manufacturing, Healthcare Oil & Gas,
Finance and Others (including Government, Military, and Education among others).
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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