The global big data infrastructure market is forecast to grow at a CAGR of 33.15% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: There is an increase in the number of open source big data technologies available in the market. Such technologies may be available free of cost by the enterprises. Some of the major open source big data technology platforms are Apache Hadoop, R, Cascading, Scribe, ElasticSearch, Apache HBase, Cassandra, MongoDB, and Apache CouchDB. Apache Hadoop technology is used for storing huge volumes of unstructured and semi-structured data. It is an open source software and is freely available to enterprises.
According to the report, big data provides enhanced customer experience. The unstructured information can be converted to derive qualitative and quantitative information, which are valuable for a company. It also helps in identifying idle resources and improving operational efficiency. Also, it helps in predictive analytics and risk management for enterprises
Further, the report states that big data implementation is highly dependent on the application of output from big data on the current business models. Mining big data without proper aim and methodology often leads to futile attempts and a heavy financial burden on the company.