The big data technology and services market is expected to grow at a compound annual growth rate (CAGR) of 23.1 percent over the 2014-2019 with annual spending reaching $48.6 billion in 2019, said IDC.
The growth driver in big data-related infrastructure, software, and services will be the acceleration of transformation of businesses into data-driven companies.
“The ever-increasing appetite of businesses to embrace emerging big data-related software and infrastructure technologies while keeping the implementation costs low has led to the creation of a rich ecosystem of new and incumbent suppliers,” said Ashish Nadkarni, program director, Enterprise Servers and Storage.
Infrastructure — computing, networking, storage infrastructure, and other data center infrastructure-like security – will grow at a 21.7 percent CAGR.
Software — information management, discovery and analytics, and applications software – will grow at a CAGR of 26.2 percent.
Services — professional and support services for infrastructure and software — will grow at a CAGR of 22.7 percent. Infrastructure spending will account for roughly one half of all spending.
IDC expects its share of the larger Business Analytics market to increase. However, growth within the big data market is forecast to gradually slow. The reduction in overall growth will be largely caused by increased price pressures for infrastructure and higher rates of commercialization of open source software. The availability and skill level of big data IT and analytics talent will have a direct impact on the market.
Barriers to adoption include security and privacy concerns, as well as the related challenges of collecting, using, and managing customers’ personal data. A shifting regulatory environment is another area of concern across industries.
In 2014, discrete manufacturing have spent $2.1 billion on big data, banking $1.8 billion and process manufacturing $1.5 billion in 2014. Securities and investment services reported 26 percent CAGR, banking 26 percent CAGR and media 25 percent CAGR.