Market Snapshot: BigData

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Market Snapshot: BigData

The term big data or “BigData” may seem like an overly simplistic term to describe large, complex data streams generated through almost every facet of our daily lives – these data streams have reached a point where legacy or incumbent data processing application software may be incapable of handling them. BigData and the challenges associated with this topic are also linked to such digital trends and movements as the Internet of Things (IoT), artificial intelligence (AI), and more traditional data science. BigData has become the ultimate, ‘the more you know’ tool.

Frost & Sullivan provides coverage on many sectors of this growing market, including Big Data Analytics. Frost & Sullivan defines Big Data analytics (BDA) as a set of data management tools, applications, and techniques for effective analysis of Big Data sets so as to derive intelligence on business operations and customer interactions. With this influx of new information comes new regarding issues of privacy and security, as well as data discrimination. According to MarketsandMarkets, the digital transformation market was valued at $181.02 Billion in 2016 and is projected to reach $493.39 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. It goes on to report that the big data market is forecast to grow from $28.65 Billion in 2016 to $66.79 Billion by 2021, at a CAGR of 18.45%. BCC Research sheds light on many of the sectors impacted by the digital transformation and the usage of BigData. For example, BCC Research reports that the global market for the internet of things (IoT) in energy and utility applications should reach $59.9 billion by 2022 from $21.4 billion in 2017 at a compound annual growth rate (CAGR) of 22.9%, from 2017 to 2022. In terms of IoT discrete parts manufacturing, BCC Research values this market, which includes three main components – hardware, software and networking and five subsets of the discrete parts market: automotive and transportation; electronics and computer; consumer goods; aerospace, aviation and defense; and machinery and heavy equipment at $643.9 million in 2016 and is expected to grow to $2.8 billion by 2022.

Big data is a big deal within the Federal government, and its R&D initiatives. The Big Data Interagency Working Group (BD IWG) works in this area and published the Federal Big Data Research and Development Strategic Plan in May 2016. The Department of Energy (DOE) provides information on Open Data initiatives and is partnering with the Department of Veterans Affairs (VA) to focus on the secure analysis of large digital health and genomic data. NIST is also a major player in Big Data with several initiatives and its Big Data Public Working Group. 

Need more? The 2017 IEEE International Conference on Big Data took place in Boston, MA last month and a summary of the 2016 symposium is available online.