The digital world is creating a huge pool of information on a daily basis which projects that the data count will rise up to 44 zettabytes by next year. Such an ocean of data has proven to be extremely valuable for various industries. With the emergence of big data analytics, organizations are exploring their capability of integrating different data into a meaningful structure which can later support the algorithmic operations of a project. According to research, the adoption of big data analytics had already jumped up to 53 percent by the end of 2017.
Big data assets demand innovative forms of information which are also cost-effective and can be later utilized in constructing enhanced insight, decision-making, and automation process.
Big data analytics and its vital aspects have been around for years but recent tech-eruption in the industry has enabled the speed, efficiency, and productivity of the technology. Big data analytics has not only revamped big businesses but also brought changes within small companies which focus on data collection and its interpretation. Also, the new and innovative technologies are continuously accelerating and improving for seamless implementation of big data solutions.
Big data in itself is the greatest perk of disruptive innovation prevailing in the market. The possible reason for such recognition could be the demand for a new skill set by the technology to manage status, tools, and workforce. With the influx of advanced analytical tools and techniques, big data tends to bring about a huge transformation in the ways operations are being performed.
Big data analytics as a service market was weighed at US$8.9 billion in 2018 and is expected to reach up to US$31.75 billion by 2024, growing at a CAGR of 24.5 percent over the projected period.
Additionally, governments in different countries are supporting the emergence of big data analytics by showing their commitment towards its implementation. Excelling the list of top big data countries, the US is more likely to dominate the global big data service market over the forecast period. While in other major regions and countries including Europe, China, Japan, Southeast Asia and India, big data is showcasing tremendous growth in terms of market dynamics and innovation.
Various researchers have also revealed that India is expected to emerge as a US$8 billion big data industry by 2020. The upsurge will definitely generate a new set of jobs and opportunities for professionals including big data experts and data scientists.
Big data analytics is undoubtedly evolving since its inception and reforming businesses for better. Analyzing the present scenario of big data analytics, it can be rightly guessed that the technology tends to unfold various marvels in the future. A techie can easily foresee a world which will be data-driven and where users, as well as experts, would contribute to making it smarter, efficient and productive. Well, big data is an amazing package with some intense future and it is definitely here to stay and to stay for a long time.