Technology | Media | Telecommunications

Thursday, January 02, 2014

Global Big Data Market will Reach $32.4 Billion by 2017

According to the latest market study by International Data Corporation (IDC), the Big Data technology and services market will grow at a 27 percent compound annual growth rate (CAGR) to $32.4 billion through 2017.

Expect to hear more about Big Data and associated analytics software in 2014. To put this forecast into perspective, consider that's about six times the growth rate of the overall information and communication technology (ICT) market.

Although there are multiple scenarios that could unfold and many demand and supply variables remain in flux, IDC expects the market to exhibit strong growth over the next five years.

"The Big Data technology and services market represents a fast-growing multi-billion dollar worldwide opportunity," said Dan Vesset, Vice President at IDC. "The Big Data market is expanding rapidly as large IT companies and start-ups vie for customers and market share."

Because of the rapidly developing nature of this market, IDC continues to review its methodology and forecast assumptions on an ongoing basis.

In fact, IDC made a number of changes to the Big Data market sizing and forecast presented in this latest global market assessment. They have included the addition of infrastructure software -- such as security and datacenter management -- and high performance data analysis (HPDA).

IDC says that the company now considers HPDA to be a portion of High Performance Computing (HPC) market that fits within IDC definition of the overall Big Data landscape.

Additional findings from the market study include:
  • The growth of individual segments of the market varies with cloud infrastructure having the highest CAGR of 49 percent through 2017.
  • Decision automation solutions based on Big Data technology will increasingly begin to replace or significantly impact knowledge worker roles.
  • A significant amount of data that can be described as Big Data in the data centers will either get disposed of or archived to the cloud, which will result in lower revenue for traditional storage in the data centers.