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Big Data: Market on Target to Exceed $50 billion by 2019
Big Data, particularly Big Data software, is on target to become a $50 billion business by 2019. IDC reports that Big Data as an industry is growing at a 23 percent growth rate.
A forecast from International Data Corporation (IDC) sees the big data technology and services market 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.
Despite the rapid growth, there are still factors that are holding back adoption. Barriers to adoption include:
- Security and Privacy
- Difficulty of collecting and managing data
- Changes in the regulatory industry
Jessica Goepfert, Program Director at IDC, said that “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… Line of business and IT executives will need to approach these ongoing challenges with awareness, flexibility, adaptability, and responsibility.”
Vertically, the industry segments where the largest spend for Big Data are currently happening (2014 figures) include:
- $2.1 billion – Discrete Manufacturing
- $1.8 billion – Banking
- $1.5 billion – Process Manufacturing
