Developed economics used data intensive technology on large scale. Information stored in alphanumeric text and still image data is most useful format for big data applications. Companies invest heavily for effective data traffic management tools such as predictive text analysis. At present, telecommunication and IT are industries utilizing this solution on enormously. Data whether structured or unstructured needs to be managed. The need for tools to manage large data will drive the market.
Multinationals collect and store data so as to process and extract information needed which will eventually help in decision making, operational efficiencies and cost reduction. The potential of data analytic will make it applicable in different sectors as healthcare, gaming, defence, BFSI and media.
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Big data technology has given opportunities to different sectors and business to store, process and manage data and convert it into useful information. In 2015 North America was major region in market which was having more than 30% of total revenue. Over a given time Apac is expected to grow at a fastest rate among various regions with CAGR exceeding 17% in given period. Use of data in public as well as private sector will be providing better opportunities for this market. Europe will also witness a significant growth due to use of big data in government and private sector.
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