The global big data market size was valued at over USD 27 billion in 2014. It refers to large, distributed and unstructured as well structured pool of data, and is estimated to emerge as a key determinant of competition leading towards innovation, productivity and growth. The big data market is rapidly becoming a new area of focus across several end-use industries. The technology adds up significant value by providing usable information; allowing organizations to manage large volumes efficiently.
Emergence of Hadoop 2.0’s framework enables real-time analysis. Additionally, the need to analyze larger volumes without bogging down on-premise systems has instigated manufacturers to evolve cloud-based services. Distributed frameworks such as MapReduce are budding into distributed resource managers that are increasingly turning Hadoop into a general-purpose data operating system.
With the help of these solutions, organizations obtain both quality and efficiency in managing large volume of raw information, thereby leading to cost reduction. Monitoring raw information also facilitates companies in overcoming frauds, streamline critical business processes, and reduce errors.
The European Commission enforced a draft of its European Data Protection Regulation to replace the previous directive. The aim of the new regulation is to harmonize the current protection laws in place across the EU member states. Vendors are also required to comply with the Data Protection Act (DPA) enforced by the Information Commissioner’s Office (ICO) pertaining to the information protection and privacy risks.
Europe big data market by application, 2012 – 2022 (USD Million)
Presently, BFSI, IT & telecommunications and retail are a few key industries utilizing these solutions. Relationship management, predictive analytics and brand reputation are key emerging application areas. Manufacturers invest heavily in these solutions for optimizing their operations and manage traffic significantly.
High priority to gaining more precise information and how to best simplify sales cycles, gain better insights into customers needs, and streamline customer service are the most common activities followed by key industry participants.
The industry has witnessed exponential growth the in amount of both structured and unstructured information across several sectors. Collecting, storing and exploiting have become a crucial task for companies. Need for tools for effective management is expected to fuel demand
Extracting information is done with the purpose of analyzing and making precise decisions, which help in improving risk mitigation, operational efficiencies and cost reduction. Understanding the potential of analytics, numerous sectors have started deploying the same across their systems including healthcare, e-commerce, IT, banking, retails, media & entertainment, and telecom.
North America big data market is expected to emerge as the dominant region accounting for more than 30% of the total share over the forecast period. The emergence of this technology has given a window of opportunity to several businesses to transform findings into meaningful information. High usage across the retail and healthcare sector is estimated to drive regional demand over the forecast period. Further, harnessing information in public as well as the manufacturing sector provides several growth opportunities.
Europe is also anticipated to witness substantial demand over the next seven years as the government and administrative sectors emphasize increasingly on enhancing operational efficiency with increasing usage.
Manufacturers are increasingly investing in R&D for developing unified solutions that offers increased capabilities. Vendors are undertaking efforts to decrease hardware costs in order to seize competitive advantage. The big data industry is also witnessing emergence of several startups. Manufacturers are also expected to focus on venture funding and mergers & acquisitions over the coming years owing to technology advancement and complex ecosystem.
Companies rely on developing technology innovative solutions in order to reduce cost, increase productivity and attract new customers. Major industry participants emphasize on seeking correlations across multiple disparate sources and predicting customer behavior in order to achieve competitive advantage.
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