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Big data market set for a surge in near future

Paul Newman Archive

The buzz around big data appears to be garnering interest from businesses that will drive the sector's growth in the next few years.

The latest forecast from International Data Corporation (IDC) expects revenue from the big data services and technology market to hit $23.8 billion by 2016. However, other predictions about big data that are even more optimistic. Transparency Market Research recently reported findings that indicate the sector was worth $6.3 billion in 2012 and stands to surpass $48.3 billion by 2018, if expected growth rates are on target.  

"The Big Data technology and services market represents a fast-growing, multibillion-dollar worldwide opportunity," said IDC's vice president of business analytics and big data research Dan Vesset. "It is an important topic on many executive agendas and presents some of the most attractive job opportunities for people with the right technology, analytics, communication and industry domain expertise."

As companies collect more content and plan to use it for advanced business analytics, they will also need to invest in complementary solutions such as data quality tools. These can help enterprises clear out expired content and eliminate inaccurate data that might otherwise impact their ability to extract the valuable insights they need.