Big Data Market Expected to Reach $46.34 Billion by 2018 - Report by MarketsandMarkets
(PRWEB) April 21, 2014 -- The report "Big Data Market By Types (Hardware; Software; Services; BDaaS - HaaS; Analytics; Visualization as Service); By Software (Hadoop, Big Data Analytics and Databases, System Software (IMDB, IMC): Worldwide Forecasts & Analysis - 2018", segments the global big data market in to various sub segments with in-depth analysis and forecasting of revenues. It also identifies drivers & restraints for this market with insights in to trends, opportunities and challenges. MarketsandMarkets had segmented the big data market by types or components: hardware, software, services and cloud services; by verticals; by regions; North America (NA), Asia-Pacific (APAC), Middle East & Africa (MEA) and Latin America (LA).
Browse 136 market data tables and 33 figures spread through 246 pages and in-depth TOC on “Big Data Market”.
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According to the announcement of findings, the global big data market is expected to grow to $46.34 billion. This represents an estimated Compounded Annual Growth Rate of 25.52% . In current scenario the services segment, continue to be the largest segment in terms of consulting and integration & deployment services. The software segment is expected to grow at an estimated CAGR of 28.7%.
Big data had primarily gained importance due to constant increase in consumer & machine data. Along with this there is rapid increase in big data applications in several industries. Typically these applications have optimized the business processes and reduce the overall infrastructure cost and enhance the bottom line efficiency. Also the rising demand of real time integration of analytical results has enforced the enterprises to adopt emerging big data analytics solutions and services.
There has been a significant rise in the growth of unstructured data from multiple sources across the globe. Big data has the vast potential to derive insights that provides competitive advantage in business. Big data also provides opportunity to enable innovative business models, as traditional models fail to meet underlying requirements of enterprises. 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.
Another 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.
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