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‘Big data market to reach $48.3 billion in 2018’

US: A report by Transparency Market Research has predicted that over the next five years, the big data technology market in the world will reach $48.3 billion from a comparatively modest $6.3 billion last year, a CAGR of 40.5 per cent from 2012 to 2018. The humungous amount of data generated across various sectors is termed as big data, which also includes geospatial data.

According to Transparency Market Research, five companies including HP, Teradata, Opera Solutions, Mu Sigma and Splunk, commanded more than 60 percent of the big data market in 2012.

The technology market and big data services represents a global opportunity for rapid growth of billions of dollars. North America is expected to lead the market through 2018, accounting for more than 54 per cent of all revenue. But Asia-Pacific region will outpace other markets by growing at a CAGR of 42.6 per cent from 2012 to 2018. Flourishing outsourcing industry, distributed manufacturing hubs and lenient regulations on data sharing are the several factors creating significant opportunities in the Asia-Pacific region for the big data market, says the report.

Most of the data that will be made in the period from 2012 to 2018 will generate not people, and cars in the course of interaction with each other and other data networks. These include, for example, healthcare market financial services, manufacturing, healthcare, telecommunication, government, retail and media & entertainment.

The multiple and varied stakeholders including the medical and pharmaceutical product industries, providers and patients, all generate pools of data. A major portion of the clinical data is not yet digitised and so big data tools are helping these stakeholders to use the pool of data effectively.

Despite the prospects offered by new technologies, the IT leaders will certainly have to consider some aspects. Talent – one of them. According to IDC research, only 0.5% of the world’s information currently is being analysed. The need for people with deep analytical expertise in the field of high technology and efficient use of big data tools is limiting the growth of this market.

Source: Cloud Times