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Big Data: Sizing the Big Data Market 2013-2016
The size of the Big Data market is growing annually at a rate of 31.7 percent and is expected to reach $23.8 billion by 2016, according to IDC. But that doesn’t include some market segments like analytics and SaaS products. Derrick Harris on GigaOm comments that when analytics and SaaS are thrown in to the calculation that Big Data may be closer to a $51 billion market.
Highlights of the IDC Big Data report include:
- Big Data as a whole is growing rapidly, but there is a fairly wide variation in the growth numbers across the different segments of the market. Big Data services, for example, are expected to grow at a rate of 21.1 percent, while the Big Data storage market is expected to grow at 53.4 percent.
- A lack of Big Data technology skills will drive many buyers to outsource both Big Data services and technology. Big Data cloud solutions and appliances are also expected to benefit from this trend.
- Machine-generated Big Data is currently a small part of the whole Big Data market, but this area is expected to see growth soon.
Typically Big Data projects involve data that exists in at least two or more formats. IDC uses one of two criteria to identify a Big Data project:
- The volume of the data must exceed 100 terabytes
- The volume of data must be growing at least 60 percent annually
Koby Amedume, director of EMEA marketing at Kaseya, said that “Handling the data is no easy feat and can represent a huge undertaking for IT departments if its full potential is going to be realized. Though commonly thought to only effect large organisations, the reality is that most businesses, whether large or small, will have Big Data on their hands. This, combined with the worrying skills shortage within the Big Data arena pointed out by IDC, means companies need to get to grips with the data and begin automating their processes to ensure it is dealt with as productively and efficiently as possible.”
