Big Data Market Segment LS
Big Data Market Segment RS
Monday, 06 July 2015 12:57

Big Data set to hit the Big Time Featured

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Big Data set to hit the Big Time Image courtesy of Stuart Miles, freedigitalphotos.net/images

Still a relatively small part of the overall IT market, Big Data is now forecast to grow significantly over the coming years, according to the latest forecasts from industry analysts.

In a new report on the global Big Data market, Ovum is forecasting a six-fold increase through to 2019 and for Big Data to play an “increasingly important role” that will position big data analytics as a core capability for many enterprises.

Ovum says the Big Data market is set to increase at a CAGR of 50% through to 2019, with the overall market for information management software growing at a significant CAGR of 11%.

Ovum Practice Leader, and co-author of the report, Tom Pringle, says the “experimental era of big data is coming to an end, organisations are formalising their use of big data technology to realise the business value they expect to find.”

According to Pringle, big data, as an open source technology, has been “accessible without creating huge financial impact on the market,” and Ovum believes that situation is changing, “with commercial Hadoop distributions and a fast-growing ecosystem of enabling and extending technologies pointing toward a bright future for big data.”

On the performance of the overall IT market, Pringle says that aside from the major impact of big data’s growth, business intelligence (BI) and analytics are also strongly contributing to growth – close to doubling by 2019, from a market size of US$15.85bn in 2015.

“Self-service BI, enabling a whole new universe of users, is driving the expansion of the market.

“With easier to use self-serve tools becoming mainstream, and moves to the cloud and mobile providing accessibility, barriers to growth in this market are being eroded.”

In the overall IT market, Ovum also reports that the day-to-day data management remains the largest part of the market, accounting for in excess of 40% of total spend at US$24.1bn in 2015.

“Even as the biggest dollar spend on information management, data management continues to grow strongly, with a CAGR through 2019 of 9%.,” Pringle observes.

“This expansion speaks not only to the growth in data volumes, but particularly the newer challenges of managing a much much more heterogeneous range of data types and the speed with which those data are generated.” 

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