Big data is something being utilized by more and more industries. As it becomes increasingly necessary for businesses and organizations in a variety of areas, global storage in big data is becoming more valuable.
At the end of 2016, global storage in big data was valued at $9.5 billion. However, recent studies have projected that it will be valued at $61.4 billion by the end of 2026.
Why is the value of global storage in big data going up at such a rapid rate?
Reasons Behind the Value Increase in Global Storage of Big Data
There are a few factors at play that contribute to the increase of value for global storage of big data. To better examine where this value increase is happening, we need to look at the different segments of global storage for big data.
Big data global storage is separated into three different sections, including hardware, software, and services with hardware encompassing about 50% of the market value share. At the end of 2015, the hardware segment alone was valued at $4.1 billion while at the end of 2016 it was valued at $4.7 billion. This gives the hardware segment alone a growth rate of 4.6%.
One of the biggest reasons driving up the value of global storage in big data is the need to digitize. Because countries are starting to put regulations on the way data is stored and handled, certain processes and systems need to be put in place to protect valuable information.
In order to meet the new regulations and keep data protected, companies are required to spend more on software to hold the information properly. While there are various kinds of storage options already on the market, we can expect to see even more as the value of global storage in big data go up.
The devices used to access the digital data also plays a part in how the global storage of big data is valued. With an increase in digital storage for big data, there will also be an increase of devices used to view, protect, add or change big data.
What Industries Use Big Data?
Just about every industry utilizes big data, but there are a few that use big data more than others. Healthcare is one of the biggest industries for big data. Other popular industries for big data include manufacturing and banking.
For the health care industry, big data helps providers keep track of patient information and monitor the spread of diseases. Through the use of big data, the healthcare industry can better manage day-to-day activities in the hospital as well as minimize the risk of diseases spreading.
The manufacturing industry also uses big data to perform its jobs more efficiently. On the day-to-day end, big data allows the manufacturing industry to implement more productive supply-chain systems. On the larger end, big data helps determine business energy consumption and pollution output.
In the banking industry, big data is used to help evaluate and monitor the state of the financial market. Through monitoring the information stored in big data, bankers can catch illegal traders or irregular information.
In the next few years, we can expect to see the value of global storage in big data increase. While it can be difficult to truly project the value of something years beforehand, if the value continues to grow in the same way it has been, we can expect it to grow by more than $50 billion in just 10 years.