Big Data Applications in Healthcare likely to Propel Market to US$48.3 Bn by 2018
Transparency Market Research announces the release of a new report titled “Big Data Market - Global Scenario, Trends, Industry Analysis, Size, Share And Forecast 2012 - 2018”. The report states that registering a remarkable CAGR of 40.5% from 2012 to 2018, the global big data market is likely to grow from US$6.3 billion in 2012 to US$48.3 billion in 2018.The research report studies the global big data market by segmenting it on the basis of four criteria: product requirement, component, application, and geography. By component, the big data market is categorized into hardware, software and services, and storage. Owing to the growing demand for new big data services and functionality, the segment of software and services has dominated the overall market, accounting for nearly 50% of the global big data market in 2012. The storage segment is likely to grow at the fastest pace from 2012 to 2018, registering an astounding CAGR of 45.3%. Given the massive amount of and the rapid pace at which data is being generated, storage is most likely to become a major issue in the years to come.
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The key product requirements of big data include relational database management systems (RDBMS), structured query language (SQL), Hadoop, and existing database management systems (DBMS).Big data finds application in retail, media and entertainment, financial services, telecommunication, manufacturing, government, healthcare, and many other sectors. In 2012, the financial, government, and healthcare sectors together accounted for around 55% of total big data market revenue. The financial sector is a major contributor to the global market thanks to growing demand from banks and financial institutes. The expansion of existing customer databases allows them to take strategic and calculated business decisions, thereby fueling the big data market. With an increasing amount of data being generated through audios, games, and videos, the segment of media and entertainment is projected to develop at a 41.1% CAGR from 2012 to 2018.
The healthcare segment plays a vital role in the growth of the big data market. Factors such as providing accurate data, efficiently streamlining administrative processes, and providing cost benefits have made big data a success with major healthcare providers. However, inefficient use of data tools and lack of skilled professionals threaten to restrict the growth of the big data market in this segment. Geographically, the global big data market is divided into North America, Europe, Asia Pacific, and Rest of the World. North America dominates the worldwide market, holding a share of 54.5% in 2012. The report indicates that the Asia Pacific market for big data has immense potential for growth, especially in countries such as China and India.
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The global big data market is growing to be rather competitive, with a large number of players operating at an international and domestic level. The key players profiled in this research report are Mu Sigma, Teradata Corporation, IBM, Calpont Corporation, Cloudera, EMC, Oracle Corporation, Splunk Inc., Hewlett-Packard Co. (HP), and Opera Solutions. Attributes such as company, business, and financial overview and recent developments have been focused on while assessing the performance of these big data market players.
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Source: Transparency Market Research