The global market for big data is estimated to grow rapidly in the next few years. The rise in the rate of adoption and the increasing consumer awareness are predicted to accelerate the market growth in the next few years. As per the market intelligence report that has been recently published by Transparency Market Research, the global big data market is expected to reach a value of US$3.5 bn by the end of 2018. The market is likely to register an exponential 40.50% CAGR between 2012 and 2018.

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High Consumers Awareness to Encourage Global Big Data Market

A tremendous rise in the quantity of data and the preferential shift from analogue to the digital technology are the major factors that are estimated to encourage the growth of global big data market in the near future. In addition to this, the rise in the number of mobile applications and devices is predicted to accelerate market growth in the near future. On the flip side, the lack of awareness among consumers related to the advantages of using big data solutions and the strict rules and regulations are estimated to curb the growth of the global big data market in the near future, Nonetheless, the rising number of organizations adopting the big data is expected to offer growth opportunities for the market players across the globe.

The global big data market has been classified on the basis of application into retail, healthcare, manufacturing, government, financial services, telecommunications, media and entertainment, and others. The financial services segment is projected to hold a massive share of the global big data market in the coming years. The growing need to manage the continuously rising sensitive financial data is estimated to support the growth of the overall market in the next few years.

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North America to Lead Global Big Data Market in Near Future

From a geographical viewpoint, North America is expected to lead the global big data market, holding a large share of the overall market in the next few years. The rise in the internet penetration and the presence of several players are considered as the major factors that are projected to accelerate market growth in the near future. In addition to this, the rising trend of digitalization in several end use industries and the growing use of smartphones are further predicted to propel big data market in the next few years. Furthermore, Asia Pacific is estimated to observe a promising growth, thanks to the rising contribution from India, China, and Japan. The rising adoption of big data by several organizations is anticipated to drive the big data market across Asia Pacific in the near future.