The huge growth in the digital transformation market, combined with increasing adoption of cloud technology is proving a boon for the big data industry, with the latest figures predicting the sector will grow even faster over the next four years and be worth $273.4bn (£201bn) by 2026.
According to a report published by Markets & Markets, the big data market will witness a compound annual growth rate (CAGR) of 11.0% between 2021 and 2026, surpassing the previous prediction that it would reach $229.4bn (£182bn).
The industry surge is driven by sharp increase in data volume,with the service segment expected to grow at a higher CAGR during the forecast period.
Meanwhile, based on solution, the big data analytics segment will also grow at a higher CAGR, as firms look to tap into business and informational knowledge to drive operational improvements and new income prospects.
The report claims the main drivers are improved consumer personalisation, risk reduction, fraud detection, and internal operations analysis.
Another key growth are will be data discovery; gathering and analysing data from diverse sources in order to identify trends and patterns in the data.
The past few years have seen companies gather more and more data yet many have struggled when it comes to turning these huge volumes into usable insight.
The adoption of data discovery solutions, can alleviate these woes, the report argues, enabling firms to convert raw data into meaningful, actionable insights and recommendations that can help data scientists to make daily and long-term strategic business decisions.
The report follows upbeat forecasts for other sectors of the technology and marketing industry, including the data as a service (DaaS) sector, due to rise to $61.40bn (£45.7bn) by the end of the decade; the global data science platform market, which is set to hit $163.14bn (£124bn) by 2025, and the cloud-based subscription data analytics set to reach $126.5bn (£101bn) by 2026.
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