Enterprise spending on big data will exceed $31 billion in 2013, said ABI Research.
Big data market forecast says the spending will grow at a CAGR of 29.6 percent over the next five years, reaching $114 billion in 2018.
The forecast includes the money spent on internal salaries, professional services, technology services, internal hardware, and internal software.
ABI Research says big data initiatives salaries account for about half of the current spending, with the other half allocated to vendors’ products and services.
The research says a good share of the money is spent on the associated professional services, which have sprung up to assist firms that are data-rich but skills-poor.
Narrowing the said skills gap, as well as improving the productivity of dedicated data scientists, represents a lucrative revenue opportunity for the sector’s vendors.
Cloudera’s Impala project, the hitherto readiest attempt to enable SQL on Hadoop clusters, is an example of this demand being addressed on the database front.
ABI Research expects significant innovation, especially from the field of analytics.
Machine learning and its application in advanced analytics is one area that will make both the public and private sectors data-savvier than anything we’ve seen so far.
Big players such as IBM and HP are moving to this direction, but at the same time we can also see analytics startups, like Ayasdi and Skytree, that have machine learning in their very DNA.