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  • 31 January 2020 22:57

Big Data Strategy Market Growing Investment in Smart City Initiatives to Boost the Market Growth

Big data is extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. Now, a big data strategy involves managing exactly these. A company's Big Data strategy encompasses its approach to storage, analysis, data frameworks, decisions about data models, and lots – and lots – of careful planning.

Big data and cloud computing is a perfect combination mainly for addressing security concerns. The constant evolution of big data and cloud computing is providing cost-effective, efficient and powerful infrastructures to support business analytics. The big data market is experiencing massive growth owing to the remarkable increase in organizational data and spending on R&D.

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Leading industry players such as IBM, HP, Google, SAP, Cloudera, and Oracle, are progressively investing in R&D, for the development of unified big data, solutions to provide improved analytics and integrated management of data. Companies are focusing on mergers and acquisitions to diversify their product portfolio with big data and mainframe technologies. For instance, in 2015, Microsoft acquired Revolution Analytics to expand its business for cloud base platform. Similarly, IBM acquired Cloudant and Cleversafe to strengthen its cloud platform business.

Market Segmentation: Global Big Data Market is categorized on the following basis:

Based on Type of Data:
Unstructured Data
Structured Data

Based on Components
Hardware
Software
Services

Based on Application
Financial Analytics
Risk Analytics
Customer Analytics
Operational Analytics

Market Drivers and Challenges

Continuous generation of the abundant volume of data by various sectors is raising the need for analysis of these data and significantly propelling the business prospects for big data analytics. Cloud computing provides cost-effective, flexible and secure storage of data. Affordable open source storage such as Hadoop and vast technological advancement provide ease for accessibility of data at any place and at any time consumers are accelerating the demand for big data market.

Big Data Market : Adoption of Blockchain Solutions through Big Data Implementation

Enterprises across various sectors have started to experiment with the use cases of blockchain technology to ensure cybersecurity. Blockchain technology transports data in blocks and links data blocks with cryptography algorithms. The combination of blockchain with big data will help enterprises track and store the information and data generated from various sensors. Using this combination, enterprises can also identify the reasons for failure in production, without necessarily interrupting the operations. Hence, the use of blockchain technology is expected to enhance the business value derived from big data implementation.

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