The importance of big data has been growing due to the enormous data been produced around the world from various sources. The generated data is of course very useful. However, to derive meaningful analysis and turn the data into action, it requires sophisticated tools and analytics products.
When it comes to big data, what is the market size of big data analytics in terms of monetisation and what is its future direction?
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The big data play an important role in almost every sector these days, prominently telecom, healthcare, automotive, financial services, media, government and manufacturing industries.
Some of the main components of big data include services, software, hardware and storage. Services and software are various functionalities that are provided through big data to various organisations, e.g. data analytics and management. Hardware segment includes the components used for storage and management of big data.
Some of the top companies involved in the big data market include IBM, Google, HP, Oracle, SAP, Cogito, Amazon and Microsoft.
The big data analytics market and big data market generation are directly proportional. Therefore, with the rise in data generation, there will be more need for data analysis.
The big data market is calculated at around US$ 100-130 billion and forecasted to reach US$ 280 billion by 2025.
The big data market is set to rise as the data generated in various industries is going to rise significantly. With the introduction of new technologies and new communication devices, there will be more data flowing around the world, which will also need more analysis and management.
Some of the key drivers that will increase the big data market in the future include rising demand for smartphones and other smart devices adoption, automation in almost every industry, autonomous vehicle technology, increase in internet users, and new efficient technologies for managing big data such as blockchain.