Two analysis firms, MarketsandMarkets and IDC, have released their forecasts for the big data market.
According to a report from MarketsandMarkets, the big data market will be worth $46.34 billion by 2018. The global big data market is estimated to be $14.87 billion and expected to grow to $46.34 billion, which is an estimated compounded annual growth rate (CAGR) of 25.52% from 2013 to 2018. The analysis firm pointed out that the major forces driving in this market is the constant need for enterprises to upgrade their business processes, enhance performance and increase efficiency.
The continuous rise of unstructured data, and the need for advanced and predictive analytics tools also contribute to the increase in demand.
The consultant firm IDC said that globally hardware, software and service solutions focused on analyzing data will generate $11 billion in revenue in 2013. This places big data in a relevant position to the IT industry.
IDC noted that the financial and telecommunications service industries bolster the big data market, as they consume the most solutions that address the huge amount of data that needs to be analyzed.
More news from the telecom analytics market:
- Big data analytics firm Antuit has received $3 million in an initial investment in a round led by Zodius Capital, a specialized operator-investor company founded by Neeraj Bhargava, cofounder of WNS and a partner at McKinsey and Co . Antuit aims to establish its credentials as a key player in the fast growing big data analytics service market.
- IBM released a big data and analytics-based dashboard to boost enterprise risk management.
- Intel is betting big on big data and cloud initiatives. The company is addressing concerns by delivering open data management and analytics software platforms.
- Large South African corporationss are lagging far behind when it comes to the utilization of big data analytics, according to an article in BizTechAfrica. The lag is reportedly due to a lack of understanding at the executive level of the competitive advantage big data analytics brings in enabling companies to respond to data in real time.
The telecom analytics series provides weekly insights on trends, new products and other topics that touch on the advantages and monetization opportunities of analytics tools for telecom operators, including big data, business intelligence, customer experience analysis and management, business analytics and network analytics.
