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.
Banks and financial institutions use big data tools to help sort and utilize the large amount of data, but the media and entertainment sector, though currently a small segment of the global market, is expected to grow at a CAGR of 41.4 percent until 2018. In addition, the healthcare segment requires big data management because of productivity issues involving form of drug failures, approvals and regulations.
The limiting growth of the big data market comes from a shortage of trained, efficient personnel and the skillful use of big data tools. Asia-Pacific segments of the big data market, due to outsourcing, distributed manufacturing and simple regulations, are poised for future growth. It is projected that it will grow at a CAGR of 42.6 percent between 2012 and 2018.