|By Tim Watson||
|August 30, 2013 11:00 AM EDT||
A MarketsandMarkets report forecasts that use of big data technology will have an annual growth rate of 25.52 percent and its global market value will potentially reach $14.87 billion by 2018.
The report categorizes the big data market by products and services, regions and vertical sectors as well as analyzes market drivers and restraints, MarketsandMarkets said Wednesday.
Needs such as business process upgrades, the rise of unstructured data sources and the demand for predictive analytics are among the factors the firm expects to fuel growth for the market.
MarketsandMarkets says consulting and integration and deployment services continue to be the largest segment of the big data market.
North America is projected to have the biggest market in terms of revenue and big data technology implementation, according to the research and consulting firm.