Big Data analytics is driving the growth of businesses all over the world. Globally, the Big Data market was estimated to grow from USD 28.65 Billion last year to about 66.79 Billion by 2021, at CAGR of 18.45%. In the US, companies from a wide variety of industries are reaping benefits from the collection, analysis, and manipulation of large amounts of data from a vast variety of sources. Market Research firm IDC predicts that revenue generated by the USA Big Data market will exceed $98 billion. The growth drivers, trends, and development in the USA Big Data markets give an overview of the sector in the country.
First, the discovery of new business insights is contributing to the expansion of Big Data market in the US. Big data helps companies enhance customer experience, improve marketing, improve operational efficiencies, prevent compliance failures, identify fraud and waste and achieve other results that directly enhance business performance. What can is achieved with Big Data is expansive. As more and more different examples emerge of how businesses are using it, more companies are inspired to follow suit.
Second, new tools in the USA are making data more and more accessible. Much of technology required to harness Big Data and expertise needed to create working environments are complex. However, many end-user friendly solutions are continuously emerging, enabling businesses to start with an off-the-shelf package and with minimal hardware integration and coding skills needed.
Finally, availability of data is also a key growth driver in the USA Big Data market. Data is increasingly everywhere and in numerous formats. Whether it is sports or retail, banking or media, all generate and use Big Data! According to Deloitte Consulting, Big Data has become like the air we breathe.
Trends in USA Big Data Market
As the size of Big Data market continues to increase in the USA, there is a need to understand the market trends in order to know what the future holds for Big Data. First, movement to the cloud is a major trend in the market. Almost every company is mapping strategies that take more of its applications to the cloud. Organizations want to see reduced spend in their data centres and more flexibility as plugging into and out of solutions is involved. Another factor for big data is difficult that companies have in finding the required talent to operate in-house Hadoop clusters and processing. Consequently, many companies are forced to go to the cloud services providers that provide both the big data processing platform and expertise.
Second, using and incorporating Internet of Things (IoT) data is becoming a dream of many organizations. Big Data aggregation goals of organizations are expanding to visions where standard digital data initially issued by machines and entered by humans are incorporated into composite visualizations that are changing the way work is done.
Third, we are seeing stronger management of data security in the US. As more Big Data moves to data repositories and warehouse, the goals is to have all users use the same data but not necessarily accessing all of it. Companies are tightening up data access permission in a move to ensure that every user has the correct access permission in place. This is involving revising or creating data access rules and implementing technology that detects and monitors potential data exfiltration by users.
Developments in USA Big Data Market
There are several developments that are evident in the USA Big Data market. In 2012, the Obama government announced the Big Data Research and Development Initiative, to find out how Big Data could be used to tackle problems that are faced by the country. The initiative consists of 84 different Big Data programs that are spread across six departments.
While many US firms are investing more in Big Data, the banking industry is particularly interested in the technology. According to IDC, banking, process manufacturing, discrete manufacturing, the federal government and professional services account for about 50% of all spending in this Big Data market. However, industries such as insurance, telecommunication, and transportation are starting to increase their own spending on Big Data.
Finally, to get all the benefits that come with Big Data, the USA has created six most powerful supercomputers. The United States National Security Agency has also recently constructed the Utah Data Centre, a storage facility designed to handle a large amount of data collected by NSA over the internet.