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    Market for big data to grow by double digit over the next 5 years

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    , a partner to the launched two white papers – Big Data and India Mobile Wallet Market – at the opening of the three-day event. Launching the report, Ashish Jhalani of eTailing India said: “The market for big data in India is projected to witness a double-digit growth rate over the next five years. In terms of revenue, the market for big data in India has crossed US$ 7.5 billion in 2012. In India, only multinational companies are using data analytics to improve their customer experience and increase revenue whereas other companies are simply learning to store big data in data warehouses.”

    The report added that online travel agencies and e-commerce companies use big data to analyse the usage and sales patterns with the help of predictive analytics.To effectively use big data, companies must:  store data, process it and apply insights from the data.

    What is big data?

    Big data is estimated to be the next big focus for e-commerce companies. It provides in-depth insights into the customer’s buying behaviour and trends in the industry. It enables the company to make more accurate decisions for every aspect of the business right from advertising and marketing to operations and merchandising.

    Big data consists of three V’s, which include Volume, Velocity, and Variety information assets that demand cost-effective, innovative forms of information processing for enhanced decision-making and insights. Big data is often associated with cloud computing due to the analysis of large sets of data; in real time it requires a platform such as Hadoop to store large data to combine, coordinate, and process data from various sources through a distributed cluster and MapReduce.

    IBM is the market leader in big data followed by HP and Dell. The worldwide big data revenue generated by IBM in 2013 was US$ 1,368 million, while for HP and Dell it was US$ 869 million and US$ 652 million, respectively. Some of the other major players are Oracle, SAP and Accenture, etc.