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apacciooutlook | Friday, August 14, 2015
The current industry studies indicate that companies are extensively looking to build a competitive advantage by harnessing the power of Big Data. Data-driven strategies are working away the best path to adopt technological innovations, and data management has become more and more relevant to businesses, government, and consumers. Big Data market in the Asia Pacific (APAC) region has grown considerably in the past couple of years. Countries such as Australia and Singapore have turned out as leaders in the pack as they increasingly apply Big Data technologies with great success in their individual markets and also globally.
However, China still holds the largest share in the APAC Big Data Market. It has been reported that large banks in China are leveraging analytic tools on a wider scale to improve operational and structural efficiency. In the context of developing innovative financial products and services, the Big Data industry has played a key role in almost every Chinese financial institutions. Many other countries are also catching up with the rise of the concept of Big Data. According to a study done by Research and Markets, The Japanese Big Data market is expected to reach a value of $2.05 billion by 2019, at a CAGR of 27.5% from 2014 to 2019. Japanese Big Data market is expected to reach a value of $0.91 billion by 2019.
Consulting services market in Japan is expected to reach a value of $0.48 billion by 2019. It is estimated that key industry players such as IBM, Microsoft, Oracle, Dell, HP, and Teradata will continue leading the Japanese Big Data market. The study further examined the focus areas, which include New product launches, partnerships, acquisitions and collaborations as the major strategies adopted by organizations to undertake Big Data projects.
The market can be divided into different sectors such as BFSI, telecom, retail, government, and healthcare. The Big Data market is also segmented on the basis of major countries in this region such as Japan, Australia, and the rest of the countries in the APAC region. With the emergence of Big Data, companies at all levels have the opportunity to develop themselves in the APAC region. Research and Markets study pointed out, Japan is estimated to hold a share of 33% by 2014 of the Global Big Data Market. Australia held a share of 23.2% of the overall APAC big data market in 2014. The Japanese Big Data market is primarily driven by the technological advancement and the rise in amount of transactional data.
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