Global Big Data market to account for $57 Billion this year

Big Data

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Global market intelligence and consultancy firm SNS Research released a forecast, claiming that Big Data investment will account for $57 Billion this year.

The report entitled The Big Data Market: 2017-2030 - Opportunities, Challenges, Strategies, Industry Verticals & Forecasts presents an assessment in the Big Data Industry as a whole. It has included case studies, key market challenges, opportunities, and investment potential. The research also assesses the value chain and presents a future roadmap within the industry.

SNS showed Big Data software, hardware, and related services from 2017 to 2030. They have also segmented a total of 35 countries, 6 regions, 14 vertical markets and 8 horizontal submarkets.

Originally, big data was described as datasets. Its size is beyond the capacity of normal databases to store, capture, analyze, and manage data. Yet, the range of the term widened as the years passed. Big data now does not just refer to data but it is also considered as a technology that stores, captures, analyzes, and manages large collections of data, the purpose of which is to solve difficult problems.

Big data today caters to vertical market applications such as scientific R&D and fraud detection amid the development of real-time data from other sources. Included in these sources would be log files, social media, web, transactional applications, sensors, and mobile devices.

The forecast shows that Big Data investments have the potential to gain momentum for the next few years. With the $57-billion benchmark this year, investments are expected to reach over $76 Billion by 2020.