Big data worth £30bn by 2018, report reveals

Big data worth £30bn by 2018, report reveals

A new report has predicted that the value of the big data product market will soar by 26 per cent each year until 2018, taking its total worth to an astonishing £29.74 billion by that point.

MarketsandMarkets’ research suggests that the sharp increase – which will make the current £9.54 billion worth of the market pale into insignificance – will mainly be due to businesses’ need to constantly change their structures to boost efficiency and performance. The report suggested that the major driving force for the rise in popularity of the big data technology was the increasing amounts of unstructured data that was being received from several sources, coupled with the corporate need to optimise large workloads of data in order to improve its overall output.

One of the biggest contributors to the growth of the sector will be North America, the report suggested, while emerging economies across the Middle East, the Asia-Pacific region, Africa and Latin America are also tipped to “develop high compound annual growth rates”, Biz Tech Report confirmed.

"Big Data has become one of the most crucial factors for the success of business in various verticals. Many developing countries are also focusing on adopting this technology," the report read.

Alongside the sharp growth expected in the big data product market, the MarketsandMarkets’ research also suggested that the predictive analytics market will skyrocket by 25.2 per cent annually until 2018. This level of growth would represent a rise from its current worth of £1.09 billion to £3.36 billion over the time period.

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