The industry trend towards Big Data Technologies is driven by the need for additional information derivable from analysis of all of electronic data available to a business. This electronic data is general information available via the Internet combined with the large volumes of data being collected by companies in the course of doing business.
This information is a hidden source of business intelligence and customer preferences. All of this information will help businesses spot business trends or determine quality of service.
There are certain market leading companies that are paving the way in terms of defining the procedures, processes, and technology best practices. Mind Commerce evaluated these companies in its two reports:
Enterprise is leveraging new approaches and tools such as Hadoop, No SQL databases like Accumulo, Cassandra, and other parallel analytics databases (HP Vertica, and Teradata Aster Data). This represents a different approach to data processing, analytics and applications as compared to traditional database management.
In its latest report, Big Data Market: Business Case, Market Analysis & Forecasts 2015 – 2020, Mind Commerce identifies the opportunities for the Big Data and Analytics by industry and provides forecasting for the period 2015 to 2020.
Mind Commerce estimates that the Big Data market amounted to $12 Billion in 2013 and will grow at a CAGR of 46 % between 2015 and 2020. Big Data revenues will reach $190 Billion by the end of 2020.
Mind Commerce estimates that professional services currently lead the market share among individual functional areas. However, the storage management market segment will show the highest growth rate.