Global Big Data Market was valued at $33.02 Billion in 2015 and is estimated to grow at a CAGR of over 11% from 2016 to 2024.
Rapid increase in big data technology instigates enterprises to implement robust security solutions to protect the data resulting in the advent of big data security intelligence. Escalating need to manage and secure the rising amount of data is increasingly prompting companies to adopt efficient security solutions. The security analytics market is expected to witness growth of over 20% over the period of 2016 to 2024.
Big data analytics is used to provide precise and accurate business insights to enterprises. Companies make use of several analytics solutions including predictive analysis, sentiment analysis and real time analysis. The big data software revenue is anticipated to reach $10 Billion by 2024 with an estimated CAGR of more than 20% over the forecast period.
North America Big Data Market, By Industry Vertical, 2014 – 2024 (USD Million)
The amount of data flowing across organizations, both small and medium and large-scale has witnessed immense growth over the last few years, and the trend continues. However, managing and identifying valuable data from massive amount of data is a challenge. Evolving consumer demand, contracting budgets are impacted by propagating data, and put considerable pressure on organizations to make right decision to achieve competitive advantage. Big Data is an easy solution to overcome the given situation and efficiently access data.
The industry has witnessed exponential growth in amount of both structured and unstructured data across several sectors. Collecting, storing and exploiting this huge data amount has become a crucial task for companies. Need for tools to manage this substantial data amount is expected to fuel the big data market. Organizations collect and store data with a view to extract information from historical data to gain insights. This is done with the purpose of analyzing data to make precise decisions, which help in improving risk mitigation, operational efficiencies and cost reduction. Understanding the potential of big data analytics, numerous sectors have started deploying the same across their systems including healthcare, e-commerce, IT, banking, retails, media & entertainment and telecom.
Manufacturers are increasingly investing in R&D for developing unified big data solutions that offers increased capabilities. Vendors are undertaking efforts to decrease hardware costs in order to seize competitive advantage. The 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.
“Optimal Price Point (OPP) for Big Data Solution”
Estimated Average solution cost – $ xx globally. However, with growth in machine data, growing solution implementation and increasing SMEs, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Big data analytics to overcome rising advanced issues”
Big data analytics is used to provide precise and accurate business insights to Enterprises. Using these analytical platforms, big data vendors have built application based solutions such as forecasting models, risk modeling and managing customer relationship. Additionally, enterprises make extensive use of data visualization tools to help user easily understand any trend or pattern without complex programming language.
“Notable industry participants include Teradata, SAS, SAP, IBM, Oracle and EMC”
Key players include CISCO, CLOUDERA, AMAZON WEB SERVICES, EMC, HP, IBM, Microsoft, Netapp, Oracle, SAS, SAP, and Teradata. Vendors emphasize on reducing hardware cost and developing unified big data solutions in order to seize a competitive advantage. Key market participants rely on developing technology innovative solutions in order to reduce cost, increase productivity and attract new customers.
Manufacturers are also expected to focus on venture funding and mergers & acquisitions over the coming years owing to technology advancement and complex ecosystem. . Major industry participants emphasize on seeking correlations across multiple disparate data sources and predicting customer behavior in order to achieve competitive advantage.
Emergence of YARN laying the base for Hadoop as a true multi-application framework coupled with the constant evolution of cloud-based big data services for application development and large scale analytics is a growing trend in the industry presently.
Additionally, the advent of Hadoop 2.0’s framework and the need to analyze larger sets of data without bogging down on-premises systems enables real-time data analysis which instigates manufacturers to evolve cloud-based big data services.