Big Data Market Size & Forecasts 2012-17
Independent research suggests, the Big Data market will cross $50 billion mark worldwide within the next five years 2012-17. As of early 2012 Big Data statistics, the Big Data market stands at just over $5 billion based on related software, hardware, and services revenue.
According to market research firm IDC, the business analytics software market grew by 14.1 percent in 2011 and will continue to grow at a 9.8 percent annual rate, to reach $50.7 billion in 2016, driven by the focus on big data. IDC report “Worldwide Business Analytics Software 2012–2016 Forecast and 2011 Vendor Shares” suggests, the market is expected to grow from $3.2 billion in 2010 to $16.9 billion in 2015. This represents a compound annual growth rate (CAGR) of 40% or about 7 times that of the overall information and communications technology (ICT) market.
“While software and services make up the bulk of the market opportunity through 2015, infrastructure technology for Big Data deployments is expected to grow slightly faster at 44% CAGR. Storage, in particular, shows the strongest growth opportunity, growing at 61.4% CAGR through 2015,” quoted Benjamin S. Woo, program vice president, Storage Systems at IDC. “The significant growth rate in revenue is underscored by the large number of new open source projects that drive infrastructure investments.”
While the five-year CAGR for the worldwide market is expected to be nearly 40%, the growth of individual segments varies from 27.3% for servers and 34.2% for software to 61.4% for storage.
The growth in appliances, Cloud, and outsourcing deals for Big Data technology will likely mean that over time end users will pay increasingly less attention to technology capabilities and will focus instead on the business value arguments. System performance, availability, security, and manageability will all matter greatly. However, how they are achieved will be less of a point for differentiation among vendors.
Today there is a shortage of trained Big Data technology experts, in addition to a shortage of analytics experts. This labor supply constraint will act as an inhibitor of adoption and use of Big Data technologies, and it will also encourage vendors to deliver Big Data technologies as cloud-based solutions.
Five-Year 2012-17 Forecast for the Big Data Market