San Francisco, Sept. 24, 2015 (GLOBE NEWSWIRE) -- The global big data market size is expected to reach USD 72.38 billion by 2022, according to a new report by Grand View Research, Inc. The amount of data flowing across organizations, both small & medium and large-scale has witnessed immense growth over the last few years, and the trend continues. However, managing, identifying, and extracting valuable information is a challenge.
Evolving consumer demand and contracting budgets put considerable pressure on organizations to the make the right decision to achieve competitive advantage. The big data market is expected to witness growth since it is an easy solution to overcome the given situation and ensure efficient accessibility.
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Social media is considered one of the major contributors to demand. Data generated by numerous social media interactions (generally in unstructured form) is considered a veritable source of critical business information. It helps better understand customer behavior, customer satisfaction, and purchase patterns.
Cloud computing and mobility are expected to sweep over the business landscape and transform the traditional way of doing business. Cloud is becoming a ubiquitous storehouse of data while mobility is improving collaboration and connectivity among enterprises, irrespective of location and time, facilitating the seamless exchange of information.
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Further key findings from the study suggest:
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Grand View Research has segmented the global big data market on the basis of component, application, and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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