The big data services market caters to a range of services that is required to process and analyze the available enterprise data that is conventionally too large or too extensive for the processing by traditional data tools. The data is generated from multiple sources such as digital repositories, mobile devices, enterprise and social applications, etc. and can generate data ranging in terabytes, petabytes or even exabytes. By processing this information with the help of big data services, the companies gain multiple facilities. To cite an instance big data collected from social media sites provide conversational analysis, help in fraud management especially in the BFSI sector and even diagnose diseases in the healthcare sector.
Analyzing big data
Since the volume, variety and velocity of data in any organization is undergoing exponential growth it becomes all the more the important to understand big data and decipher the details that truly counts. The process analyses big data to uncover hidden patterns, correlations and other information that can be processed further to take informed decisions by companies. Analyzing huge volumes of data that other conventional forms of processing could not derive, the information generated from this analysis provides intelligent solutions.
With the recent advancements in computing technology, companies do not have to worry about dealing with this business problem. There are high performance analytics already available for simpler and faster processing of the relevant data. With the use of high performance data mining, text mining, predictive analytics, forecasting and optimizing big data, enterprise can continuously innovate and take smart decisions.
The big data services market size is bound to grow once the enterprises understand the overall value of these analytical services that help in database analytical functions, social media and predictive modelling. Global big data services is therefore expected to grow at a CAGR of 32.14% during the forecasted period of 2013-2018.
For further insights,
Visit: Global Big Data Services Market 2014-2018
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