Any conversation about the Big Data marketplace would be unfinished without mentioning the precious data in terms of the useful market. The service market of the big data industry is predicted to rise from an astounding USD 2,613.68 million in 2017 to USD 15,921 .68 million by the year 2024 calculated at a compounded annual rate of development.
There are several concerns that are augmenting the development of the industry especially when it offers unified solutions, increasing popularity of data sciences, expanding volume of heterogeneous data and virtual decrease of implementation cost has enhanced the actual need for big data. The international market for big data may face multiple challenges in the future owing to its own set of complications arising out of platforms like compound data consolidation, privacy threats, and the overall shortfalls associated with the big data industry.
The big data industry has a uniform distribution which is displayed in terms of the industries it caters to. Some of the industries are
- Information Technology
- Life sciences and healthcare
- Public Sector
- Media & Entertainment
The basic statistical distribution of the big data market in terms of market capitalization is:
- Across the world, the Big Data market revenue channel is expected to rise from $42 Billion in 2018 to $103 Billion in 2027 which is an astonishing rise in a 10.48% annual growth rate
- According to Forrester research, the worth of the global big data software industry would be worth $31 billion by 2019 end
- According to a vital report by Accenture, 79% of enterprise executives agree that non adoption of big data will lead to gradual oblivion for businesses
- According to research conducted by PWC, 59% of executives feel that big data adoption would leverage a company’s professional competence to higher levels
- According to a research report from McKinsey, nearly 50 percent of the respondents understand that business analytics and big data have made fundamental changes to the way they conduct business
- Among the respondents from the R&D Segment, which is inclusive of industries like high precision engineering services and high-end material manufacturing companies
- The growth of Big Data market value within the Republic of China is expected to rise to a staggering $9 billion by 2020 if it is not slowed down due to the coronavirus outbreak
To conclude, one can say that Big Data is the future that will revolutionize enterprise development and help them achieve the next level. Today, Big Data is helping businesses make key decisions that will result in ROI transformation. Along with IoT and Blockchain, Big Data will transform enterprises of different ecosystems of digital transformation along with blockchain and IoT. The distributed ledger will play a pivotal role in transforming the face of modern businesses. Considering the power of blockchain, the next generation of enterprises will beeline for blockchain adoption.