Big data market to approach $50 billion in five years, study finds

If the hype for big data analytics ever slows down, it likely won’t be until at least the end of the decade.

A recent study by Transparency Market Research found that the worldwide big data market will achieve a 40.5 percent compound annual growth rate (CAGR) from 2012 to 2018, increasing from $6.3 billion to $48.3 billion in the process.

North America is projected to dominate the sector, accounting for more than half of all spending on big data, while Europe is expected to rank second. The Asia-Pacific region will likely grow the fastest with a 42.6 percent CAGR during that time period.

Innovative technologies – and the need to organize the information these technologies are producing – have been the driving force behind much of big data’s growth. The data storage market is projected to experience a 45.3 percent CAGR, the fastest of any sector, while software and services are expected to make up more than half of spending on big data.

From financial firms to media companies to healthcare agencies, organizations across nearly every industry are projected to invest more in these programs. Regardless of the sector, however, IT departments are likely leading the charge for adopting big data.

A recent survey by Gartner revealed that business intelligence and analytics is the No. 1 priority for chief information officers in 2013. Meanwhile, an earlier report by Gartner found that big data will account for $34 billion of worldwide IT spending in 2013, nearly half of which will go toward social media and content analysis.

Future big data trends
Big data analytics have rapidly changed from a luxury to a necessity for businesses, particularly for the technology’s forecasting capability.Although the technology has already risen to the top of the list for company and IT decision-makers, they are still trying to perfect their big data strategies.

As a result, a recent SiliconANGLE report made several predictions about the sector for 2013, including its role with regard to mobile ecommerce growth. As mobile and internet payment methods continue to gain popularity, companies will employ big data analytics to gain insight on how online shoppers behave – from their search tendencies to which internet customer service strategies are most effective. Big data will help these companies to make more accurate assessments.

In addition, the study projected that as many of the traditional roles of IT departments go away, they are going to become increasingly involved with big data strategies.

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