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In the modern business domain, big data technologies and concepts have become an integral part of achieving success. Companies deploy data to achieve growth and gain an edge over their competitors. The big data market size is expected to grow from US$162.2 billion to US$273.4 billion by 2026, at a CAGR of 11% within the forecast period. The primary factors that are triggering this growth mainly revolve around the massive growth of data and an increase in the number of mobile applications and IoT devices.
Businesses across multiple horizons such as banking, financial services, government, defense, and healthcare have been deploying big data tools and technologies, abundantly. In the years to come, experts believe that the prominence of big data analytics will continue to rise, and its primary role will be to generate real-time analysis, enabling better-informed decisions, and increasing competitiveness among businesses. In a nutshell, big data initiatives have become critical to unlocking the hidden strength of the assets.
The growth of the big data market size was clearly visible during the Covid-19 pandemic when almost all government and private institutions adopted big data technologies to store data and information regarding clients and citizens. It also revealed deep insights into the control and spread of the Covid-19 pandemic. This technology efficiently assisted healthcare workers and scientists allowing them to make informed decisions regarding how to fight off the Covid-19 pandemic.
The future of disruptive technologies like big data seems brighter. It will help companies conduct thorough analyses of strategies that will help drive the growth of the organization, it will also facilitate leaders to defeat their competitors and achieve success. Big data will continue to find inefficiencies and missed opportunities for businesses, in turn, playing a major role in establishing the business' foothold in the global financial and economic markets.
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