Big Data Market to Reach US$203 Billion
The big data and business analytics market will be worth $203 billion by 2020, and the investment is expected to come from mainly information technology and business services, reported the IDC.
The market for business applications of big data is widening, and with a predicted market growth of approximately $70 billion over the next few years, it can only be expected to become more and more mainstream.
Big data applications in shipping are seemingly endless in an industry where communication and technology are becoming increasingly vital, new legislation regarding VGMs and other cargo data sharing means big data has the ability to make a real difference.
The rise of automation in ports and terminals is providing the perfect platform for the introduction of big data into everyday operations, as complete integrated communication could create the highest efficiency working environments.
In 2015, PTI reported that big data was still a relatively new term within the port and terminal industry, but that 87% of enterprises believe that big data will redefine the competitive landscape in the next three years, and 89% believing that the companies who are not actively using it risk losing market share.
However ports and terminals are now implicating big data in both big and small ways, some for safety and personnel management and some for their larger operations networks, the market boom that is predicted over the next few years is undoubtedly going to change the way all types of businesses use big data.
The Ap Institute created a video explaining the basics of big data: