Big Data Software Market To Grow By 50% In 2019
The big data buzz is all over the place. But there’s a lot more to come in the next few years. According to Ovum’s latest market report, while Big Data software in 2015 is just a small part of the overall market for information management, it is set to increase at a CAGR of 50 percent through 2019.
The big data software market in other words will grow nearly six fold by 2019, playing an increasingly important role that will position Big Data analytics as a core capability for many enterprises.
The huge growth
Ovum practice leader, and co-author of the report, Tom Pringle, said the experimental era of Big Data is coming to an end, and organizations are formalizing their use of Big Data technology to realise the business value they expect to find.
“Big Data, as an open source technology, has been accessible without creating huge financial impact on the market. 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,” he said.
In addition, the report found that the overall market for information management software is growing at a significant CAGR of 11 per cent. “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 $15.85 billion in 2015,” Pringle claimed.
“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.”
However, the report notes that the biggest challenge is to management the data generated by the day-to-day data management - which remains the largest part of the market. This would account for in excess of 40 percent of total spend amounting to $24.1 billion in 2015.
“Even as the biggest dollar spend on information management, data management continues to grow strongly, with a CAGR through 2019 of nine per cent. This expansion speaks not only to the growth in data volumes, but particularly the newer challenges of managing a much more heterogeneous range of data types and the speed with which those data are generated,” he added.
- Delving Into The ABC Of Cyber Security
- Is Artificial Intelligence The Future Of ERP Software Optimization?
- Weekly Rewind: Top 10 Stories On CXOToday (Oct 9-13)
- HR Managers See CRM As An Effective Business Tool
- Even Minor Glitches And Breaches Can Kill Brands
- Tele-Health To Bolster Home Healthcare Services
- Myriad Possibilities Of The Application Economy
- There's No Stopping The IoT Growth; Here's Why
- Third Party Digital Cos Will Generate Over $31 Bn This Year
- Weekly Rewind: Top 10 Stories On CXOToday (Oct 2-6)