Some data professionals may still question big data’s very existence, arguing that it has simply been invented by the major software firms, but still the phenomenon marches on with the latest estimates showing spending on technology and services will reach $48.6bn (£32bn) within four years.
That is according to IDC, which says that between 2014 and 2019, the market will grow at a compound annual growth rate (CAGR) of 23.1%, with the big data market comprising three main submarkets: infrastructure; software; and services.
The software segment – which it defines as information management, discovery and analytics and applications software – will be the main growth driver, with a CAGR of 26.2% over the period.
Services – which includes professional services and support services for infrastructure and software – will grow by 22.7% a year, while infrastructure (computing, networking and storage) will see 21.7% growth.
However, despite the predicted boom-time, IDC warns that there will be certain barriers for the big data market such as privacy and security concerns as well as challenges relating to the collection of personal data.
“The ability to leverage big data and analytics to develop an integrated view of customer activities and business operations will provide competitive differentiation to companies across industries,” said IDC programme director Jessica Goepfert.
“However, in addition to the huge opportunities, big data presents some significant risks and liabilities to organisations. Companies will need to approach these ongoing challenges with awareness, flexibility, adaptability, and responsibility.”
Related stories
Scots offer the most dosh for big data professionals
Capital losing allure for creatives
Digital bosses can earn £55,000 extra
Data job demand at 16-year high
Big data experts get £600 an hour
Big data skills crisis ‘a nonsense’
Tesco dismisses rise of data scientist
KPMG backs data scientist course
