Big data market is expected to grow more than two-fold to USD 153.1 million (around Rs 840 crore) by 2014, over the last year, on the back of huge growth in volumes and diversity of data, a survey has said.

Big Data technology allows businesses to manage large chunks of information and analyse to get business insights.

Sectors adopting big data include telecom, healthcare, oil and gas which involve huge information management.

According to IDC, big data market was worth USD 58.4 million in 2011, and is likely to reach USD 153.1 million in 2014.

Huge growth in volumes and diversity in data are the factors leading to the adoption of big data technology among businesses, the survey by IDC-EMC said.

"Around 89 per cent respondents felt the importance of big data lies in turning this huge data residing in organisation into critical insights," the survey said.

"Almost 70 per cent respondents feel there is a data overload in their organisation and they struggle to make sense out. While 59 per cent say big data produces big results and can add value to business directly," it said.

The survey consisted of 101 decision makers in their respective businesses across Delhi and Mumbai who presented their views on big data as an emerging technology space.

"About 52 per cent respondent cite "analysis-driven requirements" as the biggest trigger for switching to big data as against the traditional "requirement driven analysis"," the survey said.

Big data adoption stands at a very nascent stage in the country with only 5 per cent of large and very large enterprise (with employee base more than 1000) having implemented it.

Being a relatively new technology with lack of benefit awareness and robust return on investment (ROI) measurement, big data is at low adoption levels, however, as per IDC estimates, it is poised to reach the point of influx in coming 2-3 years time.

"The future of information is digital. It is increasingly reflecting in the way we store it, the way consume it and the way we transact whether its ticketing for travel or entertainment, retail, banking or otherwise," EMC India and SAARC President Rajesh Janey said.

He added over time, this trend will be more prevalent in the country due to the acceptance of mobile technology and a young population.

"This is what makes understanding big data imperative. Businesses and governments need to recognise this trend now and make necessary investments to remain relevant in the future," Janey said.