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Study: North America to Capture 55% Big Data Market Share by 2018

Study: North America to Capture 55% Big Data Market Share by 2018 - top government contractors - best government contracting event
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Big Data, AppsA Transparency Market Research study projects North America would continue its lead in big data spending and capture approximately 54.5 percent share of that market globally through 2018.

The worlwide big data products and services market’s value is forecast to increase from $6.3 billion in 2012 to $48.3 billion in 2018, Transparency Market Research said Friday.

The report estimates that storage technology will be the fastest-growing big data segment over the next four years with a 45.3 percent compound annual growth rate.

Software held nearly 50 percent of the total market share by product category in 2012 while financial services companies accounted for almost 20 percent share by industrial segment during that year, according to the report.

Transparency Market Research believes the technology could play a key role in the healthcare sector’s data collection and the cost benefits associated with big data use will help drive the market.

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Written by Mary-Louise Hoffman

is a writer of news summaries about executive-level business activity in the government contracting sector. Her reports for ExecutiveBiz are focused on trends and events that drive the GovCon industry to include commercial technologies that private companies are developing for federal government use. She contributes news content to ExecutiveBiz’s sister sites GovCon Wire and ExecutiveGov.

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