Data is money, and knowing how to store, manipulate and analyze it is the key to success in business today.
But because of the size and complexity of modern data sets, conventional data management tools just aren’t cutting it anymore.
This is where big data solutions come in. These solutions are used to store and anlyze the large amounts of unstructured and semi-structured data generated by organizations. This can range from enterprise data in ERP, SCM, and CRM applications and patient data in electronic medical records, to data from sensors and network devices, and data from business transactions.
According to a new report from Techavio, the global big data enabled market is currently in a growth stage is expected to post a CAGR of 23.32% from 2014-2019.
The big data enabled market can be roughly segmented into five key areas of application: Smart manufacturing, telehealth, mobile LBS, risk analytics and smart oilfield.
Smart manufacturing
Smart manufacturing is the combination of information technology, industrial automation, and human intelligence applied to all aspects of the manufacturing business, with the objective of transforming traditional factories from cost centers into profit centers.
Market size and forecast
The global smart manufacturing market is the largest segment of the big data enabled market. The segment was valued at $40.50 billion in 2014, and is expected to grow at a CAGR of 24.24% during the forecast period.
Hybrid industries like smart manufacturing demand more knowledge-based experts and decision-makers who will focus on tasks like system planning, exception handling, and engineering that cannot be automated. The segment is expected to grow to $119.89 billion by 2019.
Telehealth
Telehealth is the delivery of long-distance healthcare services with the help of information and telecommunications technology. Services include clinical and non-clinical services like professional health education, health administration, and public health.
Market size and forecast
The global telehealth market is the second-largest segment of the big data enabled market and is expected to reach a value of $48.10 billion by 2019.
An aging population, increasing awareness, physician shortage, government support, better telecommunication infrastructure, and a need to reduce healthcare costs are some of the key factors driving the growth of this market. The market is expected to grow at a CAGR of 18.95% during the forecast period.
Mobile location-based services
Mobile location-based services (LBS) are information-based services offered through mobile phones and other portable devices using the geographical location of a device a user.
The technology is used for tracking, obtaining traffic updates and real-time directions, discovering places and routes, and obtaining information regarding ongoing local events.
Market size and forecast
The global mobile LBS market is growing at a steady rate and is expected to top $31 billion in 2019.
Increased adoption of smartphones and GPS-enabled devices, increased investments in mobile marketing, increased adoption of location-based applications, and competitive pressure are some of the key factors driving the growth of this market. The global mobile LBS market is expected to grow at a CAGR of 35.74% during the forecast period.
Financial risk analytics
Risk analytics are a set of tools used to predict and control operational, financial and strategic risk.
The risk analytics process includes priority-based risk identification and use of internal and external data to measure risk, collect information, and take appropriate measures to minimize risk. In addition, future risks can be predicted, and necessary actions and business decisions can be taken by analyzing historical risk patterns.
Market size and forecast
The global financial risk analytics market is growing steadily, and is expected to reach a value of $5.8 billion by 2019.
Risk analytics solutions provide better ways to process, store, and analyze data and deliver them on time, which increases business performance. This is also expected to help organizations access and analyze important data and make timely decisions regarding business needs.
The market is expected to grow at a CAGR of 13.95% during the forecast period.
Smart oilfield
Smart oilfield technology is the combination of automation and information technology applied to the oil business with the objective of improving oil exploration and production process with a view to achieving better ROI. Smart oilfield technology makes data analysis faster and easier, and helps monitor and optimize the production process, thereby improving quality and ensuring both worker and environmental safety.
Market size and forecast
The global smart oilfield market is the smallest segment of the big data enabled market and was valued at $2.87 billion in 2014. The market value is expected to reach $3.99 billion by 2019, growing at a CAGR of 6.80% from 2014-2019. The increased need to enhance business productivity coupled with the need to reduce costs due to fluctuating oil prices has led to the growth of the smart oilfield market.
