The scope of big data is changing as both public and private sectors learn how to manage large swaths of data, and consider how to approach data governance in a constantly changing digital era. The latest report from Research and Markets on the big data market looks at how it has expanded over the last few years, how the definition of big data has changed, and where the future challenges and opportunities lie.
“‘Big Data’ originally emerged as a term to describe datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyze. However, the scope of the term has significantly expanded over the years. Big Data not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data to solve complex problems.”
The big data market has been forecasted to grow significantly over the next few years by multiple research organizations, but Research and Markets says that investments are further expected to grow at a CAGR of 12% over the next four years, eventually accounting for over $72 billion by the end of 2020. Big data investments will account for over $46 billion alone in 2016.