Big data refers to large data sets and use of techniques and tools to analyze it. Various organizations and large and small scale enterprises are adopting big data technology to analyze market trend, consumer behavior, customer experience, risk management, and to generate profitable business and marketing plans and strategies.
Major factors driving growth of the global big data market are increasing adoption of cloud services and solutions and increasing adoption of real-time analytics to generate effective marketing plans and business strategies. In addition, increasing demand for predictive analytics, data profiling, and data mining from various end-use industries is another factor expected to drive growth of the global market to a significant extent over the forecast period. Lack of skilled professionals and lack of awareness regarding advantages of big data technology in some underdeveloped and developing countries are factors expected to hamper growth of the target market.
The global big data market is segmented on the basis of component, end-use industry, and region. The software segment, among the component segments is expected to register highest growth over the forecast period in the global market. Among the end-use industry segments, the banking, financial services, and insurance (BSFI) segment is expected to account for highest market share in terms of revenue by 2021.
On the basis of region, the global big data market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for highest revenue share in the global market, whereas the market in Asia Pacific is expected to register highest CAGR over the forecast period.
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