Big Data Market to Reach $46 Billion in 2018
As consumers and businesses continue to generate massive volumes of digital information, enterprise decision-makers need to consider leveraging the cloud and other unified systems to embrace the Big Data phenomenon. In today's sophisticated IT landscape, there are numerous technologies that can aid companies in their Big Data efforts, although some of these applications and appliances may be difficult to manage and integrate with other resources.
Analysts highlighted how many big data vendors are pushing into professional and integration services fields in an effort to make using their applications and solutions in the workplace less complicated. At the same time, cloud computing providers are entering the Big Data mix to take advantage of the rapidly expanding Big Data market, which is growing throughout the business world as decision-makers pursue new objectives and results. A recent report by MarketsandMarkets revealed that the Big Data industry is poised to expand at a compound annual growth rate of more than 25 percent between 2013 and 2018, increasing from slightly less than $15 billion in revenue this year to $46 billion in 2018.
Why is Big Data on the rise?
MarketsandMarkets noted that the software component of the Big Data landscape is forecast to expand at a compound annual growth rate of more than 28 percent between the parameters of the report. This growth is largely due to the fact that both enterprises and small businesses are looking to upgrade traditional processes with more efficient analytic solutions that provide substantial insight into current and prospective objectives.
For the most part, organizations are investing in predictive analytics and other tools in an effort to gain a competitive advantage because these technologies give executives more insight into how they can attract, retain, and engage customers on multiple levels. Forrester Research highlighted how enterprise decision-makers should develop new goals with Big Data and predictive analytics in mind, allowing managers to acquire information from multiple sources without compromising those resources in the long run.
Forrester analysts also suggested that firms build a predictive model around their analytics strategies because these endeavors will often reduce the time needed to compile useful information.
As the Big Data phenomenon continues to send shock waves throughout the business world, it will become increasingly important for decision-makers to understand how they can leverage sophisticated and easy-to-use technologies to reach their objectives.
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