Big data is growing an an exponential rate as it penetrates virtually every industry in every market. Organizations around the world are learning of the benefits of implementing a big data strategy, which is why the concept itself and the technologies needed to process big data are being implemented on a global scale.
According to a report from Transparency Market Research, the global big data market will be worth $48.3 billion in roughly four years. This is a truly impressive feat considering some initial projections said the global big data market was worth only $6.3 billion as recently as 2012. Currently, the market is predicted to grow by 40.5 percent year-over-year, which goes to show how important implementing a big data strategy will be in the coming years.
Transparency Market Research issued a press release on the study and discussed the factors leading to the rise of big data market value. The market’s primary influencer is the growing use of online technologies in the workplace, particularly in emerging markets.
“In the current world, technology drives businesses and internet solves every underlying problem in a business,” the press release says. “No job can be deemed complete in this world without the use of computers and internet. But the widespread use of these technologies across every possible business also leads to an enormous amount of data – data that cannot suffice or can be managed by the traditional databases we are used to see around us.”
This requires the use of more advanced data management practices and systems. Organizations cannot thrive in the big data landscape if they don’t have the tools to pull only the pertinent information they need, transform it so it can be presented in a way that makes sense for those who use the information and load it into whatever systems are needed to read, share and store digital data. Otherwise, organizations will be left with massive volumes of information with no clear view of what’s valuable and what isn’t.
This is one of the key factors driving the value of the big data market. Not only is the advancement of our technology leading to increasingly digitized data, more solutions are being built to help extract value from our data. For example, business intelligence analytics systems allow users to wade through billions of bytes worth of information, find what they need and present it so it can be properly analyzed. Overall, the global big data market will only continue to grow as more organizations realize the importance of doing this.