The global big data market is currently valued at $6.3 billion as of 2012 and is expected to reach $48.3 billion in 2018 with a 40.5 percent CAGR, according to a recent study by Transparency Market Research. Topping the global big data market charts with a percentage share of 54.5 percent, North America is expected to maintain its top-tier position, with Europe following behind.
Big data is the creation of large amounts of data in sectors such as healthcare, banking, education and retail. The generation of such information has created a need for a means of managing data, as conventional database tools like the Relational Database Management System (RDBMS) are not robust enough to handle the flow. Companies have worked to develop tools specifically for the development of big data management.
Big data includes software and services, storage and hardware components. The largest share is software and services, which encompassed more than half of the big data market for 2012. At a CAGR of 45.3 percent, it is expected that this will be the fastest-growing segment of the big data market in 2018. This growth is due to the increase in data in different sectors, especially in financial services, which hovered at around 20 percent of the 2012 market... Read More