Today: February 11, 2016, 4:04 pm

Global big data market: Key players include Amazon and Cisco Systems
World Big Data Market Opportunities 2013-2018 - a new market research report on 2014-03-14 16:57:01
The value of the global big data market in 2013 will reach $12.4 billion. Although big data is not a new concept, it has emerged as a significant commercial success over the past few years. Over the next five years big data will play an increasingly important role in the business segment as future systems will further exploit the capabilities offered by this technology.

One of the key driving points for big data services has been its applicability to all forms of organizations where some sort of data is being compiled and managed. While all of these organizations might not gain equally from the application of big data, some will thrive from it and others will see results with a lower impact. Nonetheless big data is here to stay and is already being adopted in many sectors including healthcare, communications, retail, transport, private and the public sector.

In recent years, as the IT world discovers new and innovative ways on how to systematically collect and harness the power of big data, there has been increasing debate regarding its ethical application, especially with the growing concerns for user privacy and users demanding full transparency from organizations from how their private data is being handled.

This issue has been highlighted with the recent revelation from the leaked documents of the Prism initiative of the National Security Agency (NSA) and its alleged linkages to gain access to user data from giant corporations using big data such as Facebook, Google, Apple and a few others. These companies could come under close scrutiny for the exploitation of their users private data if these claims are found to be true.

Big data is turning out to be a ubiquitous phenomenon which can effectively be applied a wide range of industries from the private to the public sector. The overall big data market is growing at a rapid pace and will continue to do so over the forecast period 2013-2018. Big data has become more of a buzzword recently and 80% of the enterprises in the developed world are now investing at least some part of their IT budget on big data.

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