With the Big Data market continues to exhibit strong momentum, the new technology and services market is seen growing at a compound annual growth rate (CAGR) of 23.1 per cent over the 2014-2019 forecast period with annual spending reaching USD 48.6 billion in 2019, reveals a new forecast from International Data Corporation (IDC).
As the businesses accelerate their transformation into data-driven companies, the momentum is driving strong growth in big data-related infrastructure, software, and services, highlighted the report.
"At the same time, the market opportunity is spurring new investments and M&A activity as incumbent suppliers seeks to maintain their relevance by developing comprehensive solutions and new go-to-market paths."
As big data matures, IDC expects its share of the larger Business Analytics market to increase. However, year-over-year 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 also have a direct impact on the market.
While the business drivers, barriers, and potential benefits from deploying big data initiatives vary from industry to industry, these efforts are primarily focused on delivering a better customer experience, supporting product and service innovation, and optimizing business processes. Common 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.