With commercial entities being inundated with real-time data from various sources, the role of big data has seeped into many new applications. As the use of big data continues to grow in applications ranging from fraud detection to medical R&D, the big data market across the world is expected to log a steady CAGR of 12% from 2016 to 2020, says a new report that has recently been featured on MarketResearchReports.biz. The report is titled, “The Big Data Market: 2016 - 2030 - Opportunities, Challenges, Strategies, Industry Verticals and Forecasts.” As connected devices such as mobile phones and sensors proliferate, the dependence on big data and related technologies is bound to grow.
The definition of big data has expanded to include not only datasets that are larger than the scope of traditional databases but also a set of technologies that capture and analyze massive sets of data to solve find solutions to complex problems. Data captured through transactional applications, social media, and log files is further necessitating the use of big data storage, management systems, and analytics. As a result, investments in big data will cross US$46 billion by the end of 2016. Vendors will pocket substantial revenues from areas such as software, hardware, and professional services.
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That growth will continue to be seen steadily in the global big data market despite user concerns relating to privacy demonstrates the growing reliance of companies on big data. The next few years are thus likely to see big data investments gain momentum across the world. Consequently, by the end of 2020, vendors in the global big data market are projected to pocket US$72 billion in revenues. Moreover, as companies in the IT industry look to consolidate several different offerings into a single portfolio, the time is ripe for the acquisition of pure-play big data firms. This change has already occurred among large IT vendors with nearly each of them having big data in their portfolio of products and services.
A larger chunk of revenues earned by big data market players comes not from software but professional services and hardware sales. However, in the coming years, software vendors are expected to up their stakes in the big data market, the authors of the report project. It is expected that by the end of 2020, revenue from big data software will be greater than the hardware segment.
The report studies the following submarkets: software, hardware, and professional services. The horizontal submarkets that form a part of this study are Hadoop and infrastructure software, analytic platforms and applications, cloud platforms, networking infrastructure, and storage and computer infrastructure. Vertical submarkets covered include insurance, banking and securities, web media and entertainment, public services, defense and intelligence, and telecommunications, among others.
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