DUBLIN, February 26, 2016 /PRNewswire/ --
The global big data market is expected to grow at a CAGR of 36.67% by 2020, according to a technology report available from Research and Markets. The report states that the sheer volume of data being generated is the main driver for this market. This forecast growth was supported today with news of Splunk Inc's rise in profits.
Data analytics software developer Splunk reported a 49% increase for 2015's fourth quarter, and saw revenue rise from USD 174.4 million to USD 220 million. An increasing number of businesses are using data analytics to protect and secure networks from cyber attacks and other risks, and Splunk said over that 600 new enterprise customers were added during the fourth quarter.
The global cyber security market is estimated to grow at a CAGR of 12.13% by 2020, as revealed in a recent report. This forecast could be higher if cyber security solutions providers successfully adopt and implement big data analytics software into their technology.
The global analytics-as-a-service market is forecast to reach a value of USD 22.24 billion in 2020, up from USD 5.9 billion in 2015, as noted in an industry report. The forecast suggests strong and stable growth in this industry over the next few years, a suggestion partially confirmed by Splunk's impressive increase in fourth quarter revenue.
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SOURCE Research and Markets