Big Data Is Going To Be The 200 Billion Dollar Market By 2024
Global big data market is expected to grow at a CAGR of 22.4% during the forecast period and reach USD 200 billion by 2024.
Global organizational spending is estimated to reach over USD 500 billion by the end of 2024. Increasing number of heterogeneous data generated from web clicks boosting the necessity to manage and monitor the data which will significantly impel the big data market growth in the near future.
Adaptation of cloud computing is giving an edge for growth of big data market across the globe. Discovering and analysis of huge amount of data is progressively bringing the business opportunities from past few years. However, lack of skilled work force for management and effective use of collected data is hampering the adoption of big data analytics mainly by small and medium enterprises. However, managing enormous amount of data is a biggest challenge for the expansion of big data business. For instance, Twitter generates 7+ terabytes (TB) and Facebook generates 10 TB per day. Also more than 82% of data which is generated from various industries is in unstructured form.
Global big data market is segmented on the basis of types of data, by components, by application and by end user. End-user segment is further categorized into banking & finance, government, transportation & logistics, aerospace and defence, IT & telecommunication, healthcare, energy & Utilities, manufacturing and other industries (education).
Geographically, countries such as Japan, India and China are expected to lead the entire big data market in Asia-Pacific region over the forecast period. Latin America and MEA regions currently holds smallest share in terms of revenue of global big data market, also shows great potential to garner untapped business opportunities for big data analytics and services during the forecast period. North America big data market is expected to grow at a CAGR of 15.6% over the forecast period.
Major players of big data market are IBM Corporation, Oracle Corporation, Amazon Web Services, Microsoft Corporation, Splunk Incorporated, Intel Corporation, TIBCO Software Inc., NetApp, Inc., Google , Dell Inc., SAP SE, VMware Inc., MicroStrategy, Inc., EMC Corporation, HORTONWORKS, INC., Cloudera, Inc., Karmasphere Inc., Teradata Corporation and HP Enterprise.
Leading industry players such as IBM, HP, Google, SAP, Cloudera, and Oracle, are progressively investing in R&D, for the development of unified big data solutions to provide improved analytics and integrated management of data. Companies are focusing on mergers and acquisition to diversify their product portfolio with big data and mainframe technologies. For instance, in 2015, Microsoft acquired Revolution Analytics to expand its business for cloud base platform. Similarly, IBM acquired Cloudant and Cleversafe to strengthen its cloud platform business.
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