In the most general terms, Big Data refer to data that are so large and complex that they cannot be contained or managed by normal databases and their management systems. Big data differ from ordinary data in terms of volume and variety. Ordinary data may well fit in a common hard-disk and exist in only one or two formats, viz. text, graphic, audio, etc. Big data, on the other hand, may even require multiple servers and have a mix of all possible formats of data.
Over the past couple of years, the concept of big data has garnered special interest. Businesses collect information about their customers, social networking portals have millions of users with millions of sets of personal data, the information on the internet is exponentially growing every other day, medical research activities are unending, government bodies need to maintain enormous quantity of ever-growing data, financial institutes have a vast number of records, and the list of how data expands does really keeps going on.
Big data market segmentation:
Big data market can be segmented on the basis of the products and processes that help in managing such data, which include: the hardware for storing them, peripheral devices for keeping those systems working, maintenance services for managing the system and software tools to retrieve, analyze and edit data.
Amongst these categories, the segment of software tools and maintenance services together held more than 55% shares of the global big data market in 2012. The segment of hardware is also expected to observe exponential growth in the coming years owing to the rapid growth in data being generated from various industries and businesses and the growing popularity of internet throughout the globe.
Application-area wise, the global big data market is driven by rising demands for big data systems from areas such as healthcare, government, retail, financial services, government bodies, media and entertainment and telecommunications. Demands are especially soaring from the government, healthcare and financial sectors.
The global big data market segments of media and entertainment and healthcare are estimated to grow at an extremely high compound annual growth rate of 42% in the coming 4-5 years. The rapid growth of complex data in the form of video, audio, games, images is expected to drive the segment of media and entertainment.
Global big data market: Drivers and deterrents
The perpetual growth in data from various segments and the continuous expansion of the World Wide Web are considered the foremost reasons that would drive the worldwide big data market in future. Growth is also viable due to the cost efficiency and competitive advantage provided by big data systems to almost any kind of business and data mix of numerous formats.
Though there are immense growth opportunities for the global big data market due to all the benefits it provides and the unending growth of data from numerous industries, there are still some factors that have negative effects on the growth of this industry including the scarcity of well-experienced analytical and managerial professionals and many issues regarding the collection, storage and retrieval of the huge quantities of data that come with the term “Big”.
Though the need for big data management systems is a necessity in most industries and in every geographic section of the world where businesses of any sorts operate, this industry has more potential for growth in the developing nations from the Asia Pacific segment. Currently, Asia leads in terms of production of personal location data due to the vast number of mobile phone users in this region. The use of internet is also observing enormous popularity in these regions, explaining the expected boom in the global big data market.
It is estimated that the global big data market would have a market value worth nearly $48.3 billion by the year 2018. In 2012, the global big data industry had a market value worth $6.3 billion in 2012.