by Angela Guess

According to a recent press release, “The report ‘Big Data Market by Component (Software and Services), Type (Structured, Semi-Structured and Unstructured), Deployment Model, Vertical, and Region (North America, Europe, Asia-Pacific, Latin America & Middle East and Africa) – Global Forecast to 2021’, The big data market is expected to grow from USD 28.65 Billion in 2016 to USD 66.79 Billion by 2021, at a high Compound Annual Growth Rate (CAGR) of 18.45%. For the purpose of the report, 2015 has been considered as the base year and 2016 as the estimated year for performing market estimation and forecasting. The forecast period is 2016-2021.”

The release continues, “The big data market is witnessing a rapid growth due to the tremendous increase in organizational data. Enterprises have deployed the big data solutions to analyze and manage the data generated to assist in quick decision making process. Additionally, the increase in number of mobile devices and apps, and the organizations shift from analog to digital technologies are few of the drivers driving this market… The big data analytics software is expected to hold the highest market share in big data software market. Due its capability to analyze big data to extract actionable insights, more and more enterprises are deploying this software solution. Among services, the managed services segment is expected to grow with the highest CAGR during the forecast period.”

Read more at Press Release Rocket.

Photo credit: MarketsandMarkets