Big data initially represented something that illustrated datasets having sizes outside the capacity of conventional databases. These datasets store, capture, study and administer data to solve complicated problems. However, the capacity of this term has gone further in the past years. Big data not only means data itself but also a group of technologies that deals with data to solve intricate problems.
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Big data has also turned one of the most imperative components for business accomplishments across different verticals. Production of digital information from online to fiscal services across all sectors of business is increasing the demand for the big data market. The wide-ranging data that is produced from online clicks to satellite data also drives the big data market ahead.
The constant requirement to accumulate and further data leads to augmented demand for the big data market. The widespread implementation of this technology has already started. But developing trends indicate towards a rapidly expanding market that is estimated to expand further. The big data market is anticipated to increase from about USD 3 billion in 2010 to USD 17 billion in 2015.
It is likely to register about 39 percent CAGR during the said phase. The big data market is progressing quickly and blending services and technology from various sectors. It is anticipated to display strong expansion in the coming five years. Products and services with respect to big data have constantly developed since 2013 from the point of view of characteristics.
This has increased the implementation of big data technology. It has also driven the demand for the big data market. However, the biggest factor that prevents further growth of the market includes concerns with respect to security and confidentiality. Big data technologies have taken significant steps towards security, confidentiality and governance and furthered the demand for the big data market.
Information Source: Grand View Research
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