Global Big Data market will be worth $48.3 billion by 2018, says Transparency Market Research

Transparency Market ResearchBig Data Market – Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2012 – 2018, the market intelligence report published by Transparency Market Research, sheds significant light on the various market elements, the factors that drive and hinder growth, and the booming regional markets of the global Big Data market.

The report estimates that the global Big Data market, that was expected to have a value worth $6.3 billion in 2012, will reach a value worth $48.3 billion by 2018 by observing year-on-year growth at a CAGR of 40.5% during the defined forecast of the report, i.e. between 2012 and 2018.

In terms of revenue, the current leader of this market is the region of North America, which, according to the report, will maintain its leading rank and amass share worth about 54.5% of the global Big Data market during the forecast period. It could be followed by Europe.

In the current world, technology drives businesses and the Internet solves every underlying problem in a business. No job can be deemed complete in this world without the use of computers and the Internet. But the widespread use of these technologies across every possible business also leads to an enormous amount of data — data that cannot suffice or can be managed by the traditional databases we are used to see around us.

Such huge amount of data is called Big Data and is generated by various industrial segments such as banking, finance, medicines, retail, education, entertainment, among others. Storage, retrieval, analysis and management of such data require specialized tools and software applications, not generally provided by conventional databases management systems. Thus, various tools and technologies for managing such enormous amount of data have been developed.

The market of Big Data is formed by software products and services, storage devices and peripheral hardware. Among these, the segment of software products and services held the biggest share of the global big data market and accounted for nearly 50% of the market shares in 2012.