The term Big Data is being increasingly used almost everywhere on the planet both online and offline. And, it is not related to computers only. The majority of the newly created data between now and 2020 will not be produced by people, but by the machines as they talk to each other over the data networks. Doubling in size every year, Digital universe is forecast to grow to around 44 zettabytes (40 trillion gigabytes) by 2020 Yet only a fraction of this data will be of actual value in the marketplace. And even today, only a fraction of the data produced has been explored for its value using data analytics.
IDC(International Data Corporation) reports that the big data and business analytics market will grow to $203 billion by 2020 -- a double-digit increase from this year. The banking industry is expected to be a big driver of this increase in spending, while the IT and businesses services will lead most of the tech investing.
In terms of geographies, North America Big Data Market controls the largest market share in terms of revenue in Global Big Data market. Europe Big Data Market controls the second largest market share in terms of revenue in Global Big Data market. As per NOVONOUS estimates, Europe Big Data market is expected to grow at a CAGR of 36.50% till 2020 and maintain its market position even in 2020.Asia Pacific Big Data Market controls the third largest market share in terms of revenue in Global Big Data market. Asia Pacific Big Data market is expected to register second largest growth rate of 43% till 2020 and maintain its market position even in 2020.
Big Data has significantly helped in Understanding and Targeting Customers, Optimizing Business Processes, Personal Quantification and Performance Optimization, Improving Healthcare and Public Health, Improving Sports Performance, Improving Science and Research, Optimizing Machine and Device Performance, Improving Security and Law Enforcement, Improving and Optimizing Cities and Countries, Financial Trading.