October 29, 2014 - The global big data market is forecast to show a compound annual growth rate of 26 percent—jumping from $14.87 this year to $46.34 billion by 2018, according to a new report from research firm MarketsandMarkets. 

The constant rise in consumer and machine data, demand of big data applications and growth of unified appliances are playing a major role in shaping the future of big data market. Even though there are number of big data technology and solutions available in market, but the solutions are complex and difficult to integrate. The emerging professional and integration services would address the issue. It is expected that large number of vendors would enter the market through strategic collaborations and venture capital funding.

The major forces driving in this market is the constant need among enterprises to upgrade their business processes and enhance performance and efficiency. Also the other forces are continuous rise of unstructured data; demand to provide advanced & predictive analytics. Companies providing hardware and software IT solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating sophisticated analytical solutions and data management platforms for the enterprises.

The Global big data market is estimated to be $14.87 billion in 2013 and expected to grow to $46.34 billion. This represents an estimated Compounded Annual Growth Rate (CAGR) of 25.52% from 2013 to 2018. In the current scenario, the services segment continues to be the largest segment, in terms of consulting and integration & deployment services. The software segment is expected to grow at an estimated Compounded Annual Growth Rate (CAGR) of 28.7%. In terms of Regions, North America is expected to be the biggest market on the basis of revenue and adoption of big data technology & solutions. MarketsandMarkets further expects that the increasing big data market in the developing economies will further enhance the growth of overall market.