BIG DATA :
Big Data can be defined as a collection of massive data that includes both structured and unstructured data.Big data is so large that it is difficult to handle this data with traditional data handling techniques.The term Big Data is also used in reference with the technology that handles large amount of data & storage facilities.
As per Wikipedia- Big data is the term for a collection of data sets so large and complex
that it becomes difficult to process using on-hand database management
tools or traditional data processing applications.
Major Forces Driving The Big Data Market:
The major forces responsible for the growth of big data market includes :
- Growing need among the enterprises to upgrade the business processes
- Rapid growth in unstructured data
- Demand for providing advanced and predictive analytics
- To gain the competitive advantage in this growing market
Market Forecasts For Big Data Market :
The Global big data market is estimated to be $14.87 billion in 2013 and
expected to grow to $46.34 billion. This represents an estimated
Compounded Annual Growth Rate (CAGR) of 25.52% from 2013 to 2018. In the
current scenario, the services segment continues to be the largest
segment, in terms of consulting and integration & deployment
services. The software segment is expected to grow at an estimated
Compounded Annual Growth Rate (CAGR) of 28.7%. In terms of Regions,
North America is expected to be the biggest market on the basis of
revenue and adoption of big data technology & solutions.
MarketsandMarkets further expects that the increasing big data market in
the developing economies will further enhance the growth of overall
market.
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