The big data market is exploding as it continues to change in previously unimaginable ways right before our eyes – from the increase in data growth to the way in which it is structured, analyzed and utilized. This surge in big data presents huge challenges but it also opens up extraordinary and mind-boggling business opportunities.
The production of data is going up at an amazing speed. Data experts predict an astounding 4300% increase in annual data generation by 2020. They attribute this growth to the switch from analog to digital technologies and the huge increase in data generation by both individuals and corporations and other organizations and institutions – public, private and governmental.
Data collection to data connection
The new world of data analytics is revealing deep insights into every field imaginable. As we move from data collection to data connection, businesses and other organizations use big data analytics to view things from multiple perspectives and discover newer solutions to complex issues.
Some interesting big data statistics (from CSC – A global leader in providing technology enabled business solutions and services) that give a hint of the importance and value of big data and predictive analytics:
• By 2020, over 1/3 of all data will live in or pass through the cloud.
• Data production will be 44 times greater in 2020 than it was in 2009.
• Individuals create 70 percent of all data. Enterprises store 80 percent.
Annual growth rate of 26 percent
The global big data market is predicted to show a compound annual growth rate of 26 percent—jumping from $14.87 in 2013 to $46.34 billion by 2018, according to a new report from research firm MarketsandMarkets. This represents an estimated Compounded Annual Growth Rate (CAGR) of 25.52% from 2013 to 2018.
It is believed that the services segment will be the largest segment in this growth, in terms of consulting, integration and deployment services. The software segment is expected to grow at an estimated CAGR of 28.7%. North America is expected to lead in terms of revenue and adoption of big data technology & solutions but MarketsandMarkets forecast immense growth globally thanks to firstly, the emerging economies in the Asia-Pacific, the Middle East, Africa, and Latin America which are expected to experience increased market growth with high CAGRs and secondly, the increasing big data market in the developing economies.
Primary force driving this growth
The primary force driving this growth is the continued pressure in a competitive world to upgrade business processes and enhance performance and efficiency, along with the dramatic rise of unstructured data (photos, videos, social media) and the demand for advanced and predictive analytics. Organizations handling hardware and software development sustain their growth in this market by creating and providing sophisticated analytical solutions and data management systems.
MarketsandMarkets further say that that the predictive analytics market will grow from $1.70 billion in 2013 to $5.24 billion in 2018—showing a CAGR of 25.2 percent. They state that this growth is the outcome of the generation of humongous volumes of data and the innovative new technologies being developed to understand insights and implement action.
As traditional business intelligence solutions give way to predictive analytics, leading to a better comprehension of data and information, new doors open and new opportunities come up for both big businesses and small. And the big data markets continue to grow at exponential rates.