Big data is the humongous amount of information, both structured and unstructured, that is generated from everyday functioning of various sectors across all walks of life. The high volume of big data generated across the world has necessitated the development of technological tools that can make this information utilizable. These tools have taken many form, from the previously used SQL (structured query language) to advanced DBMS (data base management systems). Hadoop is the newest and most effective tool for managing and analyzing any type of data, be it text, images, or any of the several other forms of data utilized over the world. Internet giants such as Facebook, Yahoo, LinkedIn, and eBay depend on Hadoop for analyzing the large volumes of data that inundate these businesses on a day-to-day basis.
How is Big Data Rendering Gains for Businesses?
Big data, if scrutinized properly, is extremely helpful for businesses for strategic planning and better decision making. For businesses, the evaluation of this information is directly related to cost savings and competitive gains, resulting in increased revenues. These, along with the expeditious growth in data collecting and data storing formats, are the major factors driving the global big data market.
For product manufacturers, big data helps design and develop new business models for the development of improved products and an enhanced after-sales experience for customers on the basis of customer feedback.
Due to the prominent socio-economic benefits of this information, the global big data market will expand at a whopping 40.5% CAGR from 2012 to 2018. The valuation of the market, pegged at US$6.3 bn in 2012, is expected to reach US$48.3 bn by 2018.
However, scrutiny of big data has its own limitations and also lacks efficiency for certain applications, in spite of the emergence of new technologies such as Hadoop. Scientific activities in areas of genomics, connectomics, complex physics simulations, meteorology, and environmental and biological research involve large data sets that are beyond the capabilities of any analytical tool for big data. These limitations are detrimental to the market’s growth.
High Volume Usage of Mobile Phones Benefits Asia Pacific Big Data Market
Today, big data is a global phenomenon, however, the developing regions in Asia Pacific hold immense potential for its utilization in the coming years. Presently, Asia records the largest amount of personal location data generation due to a large consumer base of mobile phone users. Personal location data is generated as a result of identifying the location of an individual or a mobile device in real time. China accounts for the largest number of mobile phone users across the globe and India also has a considerably large consumer base of mobile phone users in the region. Thus, the big data market in the region receives high-value growth prospects.
The big data market is segmented into eight application segments, namely financial services, healthcare, government, media and entertainment, manufacturing, telecommunication, retail, and others. In 2012, financial services, government, and healthcare were the largest contributors to the global big data market. These three application segments held a share of more than 55% in the global market.
Nevertheless, in the period from 2012 to 2018, media and entertainment and healthcare will expand at a phenomenal 42% CAGR globally. The exponential generation of data in the form of graphics, images, and videos will result in a high growth rate for the media and entertainment application segment. Globally, in the healthcare sphere, multiple and varied stakeholders, which include health givers, patients, product manufacturers, and pharmaceutical companies, together generate a large pool of data. Using big data analytical tools, a large portion of clinical and patient care data, which is presently of no use, can be digitized and made utilizable.
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