2018 Big data market expected to reach $46.3 billion trillion

According to eWEEK, a well-known US it website, a new report by market research firm MarketsandMarkets predicts that from 2013 to 2018, the world's big data market will grow at an average annual rate of 26%, That's from 14.87 billion dollars this year to $46.34 billion trillion in 2018.

The main thrust of the big data market is the need for companies to continually upgrade their business processes, improve performance and efficiency, the report said. Other important drivers include the continued growth of unstructured data and the need to provide advanced predictive analytics services.

Companies that provide hardware and software information technology solutions are seeking to gain greater competitiveness from this growing market, so they develop sophisticated analytical solutions and data management platforms for enterprise customers.

The service sector is the largest market segment in terms of consulting, integrating and configuring services, MarketsandMarkets said. The software sector is developing in a healthy and orderly way, and MarketsandMarkets expects the field to grow by an average of 28.7% a year from now to 2018.

North America is expected to be the most revenue-generating market, and some emerging markets, such as the Asia-Pacific region, the Middle East and Africa, and Latin America, are expected to achieve greater market pull and higher annual growth rates. The MarketsandMarkets company predicts that the growing large data market in developing countries will further boost overall market growth.

MarketsandMarkets expects the forecast analysis market to grow from $1.7 billion trillion in 2013 to $5.24 billion trillion in 2018, with an annual growth rate of 25.2% per cent. The driving factors of global predictive analysis market are the production of huge data and the application of innovative technology.

The focus of commercial companies has shifted from traditional business intelligence solutions to predictive analysis because they understand the importance of data and their analysis for the future, the report said. The shift from traditional business intelligence to predictive analysis presents new opportunities for large and small companies in the market.

However, predictive analysis also faces some challenges. Because of the lack of clarity about predictive analysis and the time-consuming nature of predictive analysis, many companies have been hesitant to perform predictive analysis solutions in their business processes, MarketsandMarkets said.