The market will reach $81 billion by 2022, at a compound annual growth rate (CAGR) of 12 percent in the next seven years.
Bosch, Cisco, Dell, General Electric, Intel, Microsoft, Oracle and others will challenge Big Data Analytics market leaders such as IBM, SAS and SAP.
Some of the main industry verticals that will be using Big Data Analytics software include healthcare, financial, industrial and manufacturing IoT vertical market segments.
The Big Data Analytics software revenue from healthcare vertical segment will grow from $7.964 billion in 2015 to $17.031 billion in 2022, a CAGR of 11 percent.
The financial sector is the second largest Big Data Analytics vertical market. Big Data Analytics software revenue from financial vertical will double to $13.78 billion by 2022 from $6.87 billion in 2015.
Strategy Analytics says much of Big Data Analytics software will be less expensive open source. It will run on commodity hardware, which OEM vendors are betting will help broaden its appeal to small and midsize (SMBs) and midsize enterprises (SMEs).
Laura DiDio, director in the IoT Strategies Service and author of Big Data Analytics: The Internet of Things (IoT) Differentiator report, said: “Corporations’ increased use of analytics enables them to interpret the vast amounts of data they generate and respond to market dynamics.”