Global spending on big data technology is expected to surpass $57 billion by the end of 2017, according to a new report from SNS Research.
Despite challenges relating to privacy concerns and organizational resistance, big data investments continue to gain momentum throughout the globe, the report said.
SNS Research estimates that big data investments will account for over $57 billion in 2017 alone. These investments are further expected to grow at a CAGR of approximately 10% over the next three years.
Originally used as a term to describe datasets whose size is beyond the ability of traditional databases, the scope of big data has significantly expanded over the years.
Big data not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data, to solve complex problems.
Amid the proliferation of real-time data from sources such as mobile devices, web, social media, sensors, log files and transactional applications, big data has found a host of vertical market applications, ranging from fraud detection to scientific R&D.