Big data market worth $48.3 billion in 2018

The big data phenomenon will continue to evolve in the near future, placing greater emphasis on effective big data analytics to manage and study large information sets. A recent report by Transparency Market Research found that the global big data market was worth $6.3 billion in 2012. This figure is projected to expand at a compound annual growth rate of approximately 41 percent, reaching $48.3 billion by 2018.

 In terms of revenue, the research firm said that North America will be responsible for roughly 55 percent of the market through 2018, followed by Europe. The advancement of big data across healthcare, retail, banking and education, among others, has made it necessary for organizations to leverage certain tools to make this information more valuable and manageable, the research firm said. Unstructured data is especially impacting this development.

 “Conventional database management tools such as relational database management system (RDBMS) do not have the capability to manage surging volumes of unstructured data. This has led to the development of various tools and technologies to manage big data,” Transparency Market Research explained.  

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