The global big data market is expected to develop rapidly by 2018, with major contribution from the North America regional market. In the past few years, there has been a growth in ‘big data’, which is generated in several sectors across the globe. Growth in the amount of data has led to the development of technology that can be used to analyze and manage big data. For instance, eBay, Facebook, Yahoo, and LinkedIn use Hadoop technology to analyze and manage big data.
North American Big Data Market Fuelling Global Demand for Big Data
The global big data market is segmented on the basis of geography, applications, product requirements, and components. By geography, the global big data market is segmented into North America, Asia Pacific, Europe, and Rest of the World. With a 55% market share, in 2012, the North America regional market led the global big data market. The North American big data market is expected to dominate the global market during the period from 2012 to 2018. The Asia Pacific market for big data also seems to be promising and is expected to grow at a 42.6% CAGR during the forecast period.
A wide variety of stakeholders such as the pharmaceutical industry, patients and service providers, and the medical sector, generate a large pool of digital data every year. A major chunk of clinical data is yet to be digitized. Big data tools are being used by these and other stakeholders worldwide to digitize clinical data and use it effectively and efficiently.
Shortage of skilled workers to manage and analyze big data will prove to be one of the most important obstacles for the growth of the North America big data market.
By components, the global big data market is segmented into hardware and storage, and software and services. The market is dominated by the software and services segment, which will continue its dominance in the next five years. Continuous growth in the amount of generated data will lead to growth of the global big data market during the forecast period.
Demand from Global Big Data Market Dominated by Healthcare, Government, Media and Entertainment
By application, the global big data market is classified into financial services, telecommunication, healthcare, manufacturing, retail, media and entertainment, and government. Financial services, healthcare, and the government sector together held around 55% of the big data market in 2012. These three segments amount to the top three positions in the global big data market. The media and entertainment, government, and healthcare sectors are predicted to grow at a 42% CAGR during the forecast period.
By understanding the importance of managing data generated in various sectors, many key market players have started introducing big data management tools and applications. Growth in data collected in different formats has led to strong and rapid development of the global big data market.
The global big data market is also studied on the basis of product requirements, including existing database management systems (DBMS), structured query language (SQL), relational database management system (RDBMS), and Hadoop. With new data management and analysis tools emerging in the market, there is lot of potential for growth of emerging market players across the globe.