Big Data Market: Financial Services Industry to Lead Demand

Published: Mon Oct 08 2018

The global big data market has evolved over the years with efficient technologies that offer accurate insights imperative to innovation to its users. The advantages offered by big data such as valuable inferences of the changing market dynamics have been its unique selling point over the past few years. Deployment of big data is expected to help companies formulate better business strategies and aid their decision-making processes. Over the years, big data has proved to be a pivotal means to achieving product innovation and improving after-sales services. 

The research report on the global big data market by Transparency Market Research offers a thorough outlook of the drivers and restraints influencing the trajectory of the overall market. The segments of the global market have been studied using a SWOT analysis whereas the competitive landscape has been studied through a Porter’s five forces analysis. The research report puts forth a fair assessment of the future of the global bid data market along with its impact on the overall economy. 

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Big Data Market: Trends and Opportunities

The mammoth amounts of data being used and generated across all industrial verticals is, undeniably, the key growth driver for the global big data market. The billions of smartphones and other devices are responsible for the gargantuan data being stored in form of texts, numbers, images, videos, graphs, audios, and other forms of multi-media formats. Analysts predict that as the sales of such devices remain the rise, the amount of data will also continue to reach newer heights.

End users are using efficient big data technologies such as Hadoop and SQL to organize this information and give it a logical meaning to understand businesses, markets, consumer sentiments, and the global economics in the larger scheme of things. 

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Several companies across the globe are employing big data technologies to gain a competitive advantage over others in the long run. For instance, a meaningful analysis of the healthcare industry can be ascertained by these analytics to understand where a specific country is headed. From tracking diseases to prevent epidemics to bringing down healthcare costs, deployment of big data in the healthcare sector can deliver unmatched results. Thus, the emergence of better technologies in this market is anticipated to bring in an improved efficiency and cost advantages to the users. 

Big Data Market: Region-wise Outlook

Geographically, the global big data market has been segmented into Asia Pacific, Europe, North America, and the Rest of the World. Research indicated that the big data market held a dominant share in North America, accounting for nearly 54.5% of the overall market in 2012. The growing number of Internet users in North America and the unstoppable Internet penetration has been driving the big data market across the region.

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Several end users such as financial institutions, the retail market, healthcare sector, the media industry, and the governments are turning their attention towards big data to understand the vast amount of data generated by Internet users in a meaningful manner. Analytics services is a key area of big data market where vendors have mushroomed. 

Developing countries of Asia Pacific such as Japan, China, and India are projected to offer remarkable opportunities in the market. The thriving businesses in these countries will encourage the constructive usage of big data in the coming years. End users are expected to opt for big data services and software both to develop better products and services by understanding consumer behaviors along with their spending patterns. 

Key Players Mentioned in the Report are:

Some of the key players operating in the global big data market are Teradata Corporation, Opera Solutions, Mu Sigma, IBM, Cloudera, Oracle Corporation, Splunk Inc., Hewlett-Packard Co. (HP), and Calpont Corporation. 

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