Any discussion regarding the Big Data market would be incomplete without mentioning the valuable data in terms of the serviceable market. The service market of the big data industry is expected to rise from a staggering USD 2,613.68 million in 2017 to USD 15,921 .68 million by the year 2024 at a compounded annual rate of growth.
There are several factors that are contributing to the growth of the industry especially when it comes to unified solutions, the rising popularity of data sciences, a growing volume of heterogeneous data and a relative decrease of implementation cost has enhanced the need for big data. The global market for big data may face a few challenges in the future owing to its own set of complexities like complex data consolidation, privacy threats and the overall insufficiencies of the big data.
Image Credit https://www.analyticsinsight.net/
The big data industry has a uniform distribution which is displayed in terms of the industries it caters to. Some of the industries are
- Information Technology
- Media & Entertainment
- Life sciences and healthcare
- Public Sector
The basic statistical distribution of the big data market in terms of market capitalization is:
- Across the globe, the Big Data market revenue generation is expected to rise from $42 Billion in 2018 to $103 Billion in 2027 which is a staggering 10.48% annual growth rate
- According to Forrester research, the value of the global big data software industry would be worth $31 billion by the end of 2019
- According to a crucial report by Accenture, 79% of enterprise executives accept that non-adoption of bog data will lead to sure extinction from the markets
- According to a study by PWC, 59% of executives feel that big data adoption would automatically improve a company’s professional competence significantly
- According to a research report from McKinsey, nearly half of the respondents feel that business analytics and big data have brought a fundamental change to the way they conduct business
- Among the respondents from the R&D Segment, which is inclusive of industries like the high precision engineering services and high-end material manufacturing companies
- The growth of Big Data market in the Republic of China is expected to rise to a staggering $9 billion by 2020
In the end, one can say that In the end, one can say that Big Data is the future that will transform enterprises and take them into the next league. Today, Big Data is capable of helping businesses make decisions that will change the very complexion of the markets. Along with IoT and Blockchain, Big Data will play a major role in transforming the entire ecosystem of digital transformation along with blockchain and IoT.